A study conducted by Grand View Research, Inc. indicates the global automotive chip market size is expected to reach $56.24 billion by 2025, exhibiting a CAGR of 10.7%. 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.
- 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.
- Soaring demand for connectivity and safety features is one of the key trends boosting market growth
- The passenger car vehicle type segment is anticipated to emerge as the fastest growing segment owing to burgeoning demand for SUVs
- Based on 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 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.
For more revelations, take a gander at the "Automotive Chip Market Size, Share & Trends Analysis Report By Component Type (Analog ICs, Logic ICs, Microcontroller, Memory), By Application Type, By Vehicle Type (Passenger, Commercial), And Segment Forecasts, 2018 - 2025" report.
Grand View Research, Inc.