IMARC Group has recently released a new research study titled “Automotive IC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the automotive IC market?
The global automotive IC market size reached US$ 49.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 90.4 Billion by 2028, exhibiting a growth rate (CAGR) of 10.3% during 2023-2028.
What is an automotive IC?
An automotive integrated circuit or automotive IC is an electronic component specifically designed to operate effectively in the demanding conditions encountered within a vehicle, such as high temperatures, vibrations, and electromagnetic interference. It encompasses various essential components, including microcontrollers, sensors, power management ICs, and communication ICs. The incorporation of these automotive ICs contributes to enhancing the overall performance of vehicles by enabling more precise control of engine management and transmission systems. They are even incorporated with infotainment, navigation, and communication systems, allowing drivers to stay connected and access necessary information and services.
Automotive ICs also play a crucial role in ensuring the reliable and safe operation of critical systems, such as airbags, anti-lock brakes, and traction control, thereby improving overall vehicle safety. Consequently, they are extensively utilized across the globe.
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Automotive IC Market Trends and Growth Drivers:
The escalating demand for hybrid, autonomous, and electric vehicles, owing to rapid urbanization and inflating disposable incomes, is primarily driving the automotive IC market. Moreover, the shifting preferences toward adopting automated parking and self-driving capabilities are further fueling the market growth.
Additionally, the elevating integration of advanced driver assistance systems (ADAS) in vehicles reinforced with several innovative features, including lane departure warnings, collision avoidance, adaptive cruise control systems, etc., on account of the rising number of fatal road accidents, is acting as another significant growth-inducing factor. Besides this, the increasing usage of data analytics in the automotive industry, leading to higher demand for automotive ICs to support the processing and analysis of large amounts of data from sensors, cameras, and other sources, is also positively influencing the global market.
Furthermore, the growing emphasis on cybersecurity that offers secure communication and data protection, advancements in automotive infrastructure, and extensive research and development (RD) activities are some other factors that will continue to bolster the automotive IC market growth in the coming years.
Some of the Top Key Players Operating in the Market are Given Below:
Automotive IC Manufacturers:
- Infineon Technologies AG
- NXP Semiconductors N.V
- Qualcomm Incorporated
- Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
- ROHM Co., Ltd.
- STMicroelectronics N.V.
- Texas Instruments Incorporated
Market Segmentation:
Type Insights:
- Monolithic Integrated Circuits
- Hybrid Integrated CircuitsAnalog IC Digital ICMixed IC
Application Insights:
- Advanced Driver Assistance System (ADAS)
- In-Vehicle Networking
- Engine Management
- Transmission Control System
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Industry Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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