The global automotive chip market size is expected to reach USD 56.24 billion by 2025, according to a study conducted by Grand View Research, Inc., exhibiting a CAGR of 10.7% during the forecast period. Rising awareness regarding energy-efficient lighting systems and burgeoning sales of luxury vehicles equipped with navigation and infotainment systems are creating an upswing in the demand for automotive chips.
Spiraling
demand for commercial and passenger vehicles is driving the automotive chip
market. Automotive chip enhances a vehicle’s security system and in-vehicle
infotainment system. It also ensures the safety and comfort of occupants
including the driver. For instance, the SYNC technology of Ford enables the
driver to make hands-free phone calls and lets them control the entire
navigation and infotainment system using their voice. These benefits are
expected to stoke the growth of the market. However, complex and expensive
technology and network challenges in developing economies are estimated to
hinder the growth of the market over the forecast period.
In
the North America region, the automotive chip market is likely to expand at a
CAGR of 9.2% over the forecast period. Prominent vendors in the market include
Microchip Technology Inc.; Texas Instruments Incorporated; Robert Bosch GmbH;
NXP Semiconductors; and Infineon Technologies AG.
Full Research Report On Automotive Chip Market Visit Here:
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Automotive Chip
Market Report Highlights
- Soaring demand for
connectivity and safety features is one of the key trends boosting the
market growth
- The passenger car vehicle
type segment is anticipated to emerge as the fastest-growing segment owing
to the burgeoning demand for SUVs
- On the basis of application,
the body electronics segment is poised to hold a prominent position in the
market throughout the forecast period due to increasing digitization of
vehicles and rising awareness among individuals regarding vehicle
electronic accessories
- The safety application type
segment is likely to post the highest CAGR during the same period due to
the continuous strengthening of vehicle safety standards
- Some of the key companies in
the market are Microchip Technology Inc.; Texas Instruments Incorporated;
Robert Bosch GmbH; NXP Semiconductors; and Infineon Technologies AG.
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Automotive Chip
Market Segmentation
Grand View Research has segmented
the global automotive chip market based on component type, application type,
vehicle type, and region:
Automotive Chip
Component Type Outlook (Revenue, USD Million, 2014 - 2025)
- Logic ICs
- Analog ICs
- Microcontrollers &
Microprocessors
- Memory
Automotive Chip
Application Type Outlook (Revenue, USD Million, 2014 - 2025)
- Chassis
- Powertrain
- Safety
- Telematics &
Infotainment
- Body Electronics
Automotive Chip
Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
- Passenger Vehicles
- Commercial Vehicles
Automotive Chip
Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- The U.S.
- Mexico
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- India
- China
- Japan
- Rest of the World (RoW)
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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