IMARC Group, a leading market research company, has recently released a report titled “Automotive IC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automotive IC market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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 the automotive IC?
An automotive integrated circuit (IC) represents an electronic component that is specifically designed to operate in harsh conditions, such as vibration, high temperatures, electromagnetic interference, etc. It generally comprises sensors, power management ICs, microcontrollers, communication ICs, etc.
An automotive integrated circuit assists in improving the overall performance of a vehicle by enabling more precise command of engine management and transmission control. It is used in navigation, infotainment, and communication systems to allow drivers to stay connected and access required information and services. In addition to this, an automotive IC is also utilized in safety-critical systems, including anti-lock brakes, airbags, traction control, etc., to ensure safe and reliable operations.
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What are the growth prospects and trends in the automotive IC industry?
The escalating demand for hybrid, autonomous, and electric vehicles, on account of the inflating levels of urbanization, is among the primary factors driving the automotive IC market. Additionally, the growing popularity of automation in automobiles, such as automated parking and self-driving, is bolstering the usage of this component to handle processing and control functions, which is further augmenting the market growth.
Besides this, the widespread adoption of automotive ICs in the advanced driver assistance systems (ADAS) for lane departure warnings, adaptive cruise control, and collision avoidance systems of vehicles is catalyzing the global market. Moreover, the rising need for driver and passenger safety, owing to the increasing number of fatal road accidents, is acting as another significant growth-inducing factor. Apart from this, extensive investments in R&D activities are anticipated to propel the automotive IC market over the forecasted period.
Automotive Integrated Circuit Market 2023-2028 Competitive Analysis and Segmentation:
Who are the key players operating in the industry?
The report covers the major market players including:
Automotive IC Key Companies:
- 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:
The report has segmented the global automotive IC market on the basis of type, application and region.
Type Insights:
- Monolithic Integrated Circuits
- Hybrid Integrated Circuits
- Analog IC
- Digital IC
- Mixed IC
Application Insights:
- Advanced Driver Assistance System (ADAS)
- In-Vehicle Networking
- Engine Management
- Transmission Control System
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- 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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