Automotive SoC Market

The automotive semiconductor market is expected to increase at a compound annual growth rate (CAGR) of 9.52% from 2023 to 2030, from its estimated valuation of $37.16 billion in 2022 to $70.24 billion by 2030. The study examines the factors driving growth, limiting it, and affecting demand in the worldwide automotive SoC market over the course of the projection period. Additionally, it will support exploration and navigation of the emerging opportunities in the Automotive SoC Industry.

Global Automotive SoC Market: Overview

System on a chip, or SoC, is a semiconductor product that eliminates the need to install multiple Integrated Circuits (ICs) in order to enable different compound improved features independently. One important market for SoC implementation is the automotive sector. Automotive SoCs have made it possible for automakers to implement more advanced automated systems and provide customers with cutting-edge experiences. Due to the many benefits of automotive SoCs and the growing need for improved driving experiences, significant growth in automotive SoCs is predicted in the near future in developing nations such as China and India.

                                                       Automotive SoC Market

Global Automotive SoC Market: Growth Factors

Several automakers of different kinds of cars use automotive SoCs to give their customers a seamless, cutting-edge driving experience. Furthermore, the main reason driving the global automotive SoC market’s growth is the introduction of electric and hybrid vehicles. In the upcoming years, the worldwide automotive SoC market is anticipated to grow rapidly. This is related to the rising demand for cutting-edge automotive connectivity chips, which enable large-capacity data networking, and sophisticated automobiles that protect both drivers and pedestrians.

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The future growth prospects for the global automotive SoC market will come from the development and marketing of completely autonomous cars, such as driverless taxis. High power automotive chips are expected to be heavily used in smart vehicles in the near future due to the requirement for concurrent data processing through a large number of sensors that are put on the vehicles for fully automated automobiles and other vehicles. Some significant corporations, including NVIDIA Corporation, have dubbed these SoCs pocket-sized supercomputers. It’s expected that they will soon be a standard feature of automatic automobiles. The adoption of advanced technology and the rapid economic growth of developing economies in Asia are the two main factors driving the advancement of the global automotive SoC market.

Global Automotive SoC Market: Segmentation

Segmenting the worldwide automotive SoC market based on component, vehicle, application, and geography is possible. Based on components, the market is divided into memory, logic ICs, microcontrollers & microprocessors, and analog ICs. The market is divided into passenger and commercial vehicles based on the kind of vehicle. The global automotive SoC market can be divided into four segments based on application: safety, chassis, body electronics, telematics & infotainment, and powertrain. One of the elements driving up the adoption of the ADAS framework is the growing awareness of the need for safety and support when operating a vehicle to ensure the user’s protection. For this reason, it is anticipated that in the near future, the safety application in the global automotive SoCs market would have a significant growth.

Global Automotive SoC Market: Regional Analysis

Due to the fact that over half of all automobile manufacturing occurs in this region, Asia Pacific is ranked #1. Conversely, Europe is the second-largest market in terms of market share. Because the European market is home to luxury automobile companies such as BMW, Porsche, Volkswagen, and AUDI, it is anticipated that the development of automotive SoCs would increase significantly. North America is predicted to maintain its position in the global automotive SoC market for the foreseeable future, contributing significantly to its current market share. It is anticipated that in the future, the automotive SoC market in this region will exhibit a notable gradual opportunity.

Global Automotive SoC Market: Competitive Players

The pre-eminent competitors in the global automotive SoC market include

 

Companies such as NVIDIA Corporation are targeting to develop large processing power chips and high network capacity chips for fully autonomous smart automobiles.

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The Global Automotive SoC Market is segmented as follows:

By Component

 

By Vehicle

 

By Application

 

By Region

 

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