Automobile production and the growth of autonomous vehicles are expected to drive demand for automotive SoCs.
Wilmington, Delaware, United States, Jan. 03, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The automotive SoC market was worth US$ 35.41 billion in 2020. A CAGR of 10.91% is expected from 2021 to 2031. Global automotive SoC sales are predicted to surpass US$ 77.14 billion by 2031.
Automotive SoCs are capable of incorporating AI and machine learning capabilities, enabling more intelligent and adaptive cars, improved sensor processing, and autonomous driving capabilities.
With the increasing connectivity in vehicles, the risk of cybersecurity threats is also on the rise. For vehicles to remain safe from cyber-attacks and to ensure onboard safety, SoCs with security features are essential.
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Key Findings of the Market Report
- Based on vehicle type, passenger vehicles will see a high demand for automotive SoCs.
- Based on components, analog ICs are expected to drive demand for automotive SoCs.
- The automotive SoC market is expected to be dominated by the Middle East & Africa and South America during the forecast period.
- Based on application type, sales of connected passenger vehicles drove revenue growth in the in-vehicle infotainment segment in 2020.
- The Asia Pacific automotive SoC market dominated the global market.
Global Automotive SoC Market: Key Players
Manufacturers of automotive SoCs are developing new products to expand their product portfolios. Through acquisitions, partnerships, joint ventures, and collaborations, the companies also expand their global market share.
- Infineon Technologies AG
- Intel Corporation
- NVIDIA Corporation
- Qualcomm Technologies, Inc.
- Texas Instruments Incorporated
- Telechips, Inc.
- Renesas Electronics Corporation
- STMicroelectronics N.V
- NEC Corporation
- ON Semiconductor Corporation
- Marvell Technology
- Robert Bosch GmbH
- Denso Corporation
- Cadence Design Systems Inc.
- Microchip Technology Inc.
- NXP Semiconductors N.V.
Global Automotive SoC Market: Growth Drivers
- Electric vehicles (EVs) and the growing demand for connected cars have significantly transformed the automotive industry. ADAS, infotainment, and connectivity features are all enabled by automotive systems on chips (SoCs). A major driver of automotive SoCs has been the demand for safety features. The adaptive cruise control and lane departure warning systems require a high-performance chip to process sophisticated information.
- Advanced processing capabilities are crucial to the development of autonomous vehicles. For autonomous driving scenarios involving real-time decisions, automotive SoCs are imperative. Electric cars are becoming more popular, so specialized SoCs are needed to handle the unique powertrain and battery management requirements.
- The automotive industry is seeking energy-efficient systems on chips (SoCs) that can reduce power consumption while maintaining performance to increase fuel efficiency and range in electric vehicles. Technological advancements occur rapidly in the highly competitive automotive industry. Adapting to the changing needs of vehicle manufacturers will require semiconductor manufacturers to meet high performance, scalability, and feature requirements.
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Global Automotive SoC Market: Regional Landscape
- A significant share of the market for automotive SoCs is expected to come from the Asia Pacific region. Several countries, including China, South Korea, Japan, and India, are major contributors to automotive manufacturing in Asia Pacific. As the number of vehicles produced in the region increases, new technologies will be required, such as automotive SoCs to enhance connectivity, electrify, and provide advanced driver assistance systems (ADAS).
- In the Asia Pacific region, a number of countries are focusing on reducing their reliance on fossil fuels by adopting electric vehicles. For electric vehicles to be developed and produced, specialized Automotive SoCs are needed to manage power distribution, batteries, and other EV-specific stuff.
- Several autonomous driving technologies are becoming increasingly popular in the Asia-Pacific region. China and other countries are investing heavily in developing autonomous vehicles. A high-performance sensor system and sophisticated processing are essential to autonomous driving, making Automotive SoCs an important component. Governments across the Asia Pacific have introduced regulations to reduce emissions and improve vehicle safety. Advanced technologies, including automotive SoCs, are often incorporated into vehicles that meet these regulations.
- Consumers in the Asia-Pacific region are demanding more advanced features in their vehicles. The automotive market relies heavily on powerful and efficient SoCs for smart infotainment, advanced safety features, and connected services. As urbanization develops in the Asia Pacific, smart city initiatives are taking center stage. Smart vehicles that are connected to the internet and autonomous, driven by modern automotive SoCs, will power the future of transportation.
Global Automotive SoC Market: Segmentation
By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Buses & Coaches
- Analog ICs
- Logic ICs
By Application Type
- Advanced Driver Assist Systems (ADAS)
- In-vehicle Infotainment
- Cockpit & Dashboard
- North America
- Asia Pacific
- Middle East & Africa
- South America
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