Automotive SoC Market To Exceed US$ 26.8 Bn As Need For Automation In Passenger Vehicles Surges: Future Market Insights

An exhaustive study conducted by FMI on the automotive SoC market offers a deep-dive analysis of factors enabling sales globally. It unfolds key challenges posing threats and highlights prospects for growth in the market. The report also reveals key opportunities favoring the demand outlook of the market across various segments in terms of application and vehicle type in the forthcoming years. 

As per a detailed analysis by FMI, the global automotive System-On-Chip (SoC) market is estimated to top US$ 17.06 Bn in 2022. Increasing adoption of advanced features such as infotainment systems in modern cars is fueling the demand in the market. 

Automotive SoC’s are extensively being used to enhance automated structures for providing a state-of-the-art experience to the driver. With growing penetration of autonomous driving, automakers are increasingly integrating technologies such as SoC to improve the security posture of fleets. On account of this, the market is projected to total US$ 26.8 Bn by 2028.

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Also, government of several countries is implementing stringent regulations to mandate the incorporation of certain security features in autonomous vehicles such as advanced driver assistance systems (ADAS) to enhance the safety of pedestrians and drivers. 

Hence, increasing sale of autonomous vehicles is estimated to propel the demand at robust CAGR of 7.8% over the forecast period 2022-2028. 

Further, surging demand for automotive vehicles with advanced features such as speech recognition, GPS and radar capabilities, audio/video sensing, and image compatibilities are augmenting the sales of automotive SoC. 

Driven by this, the automotive SoC market is poised to account for around 20% of the overall share of the SoC market in 2022. 

In terms of application, the infotainment system segment is projected to dominate the market over the assessment period. Increasing incorporation of infotainment systems by automakers to provide features such as voice commands, calling, and touch screen displays in their vehicles are favoring the growth in the segment. 

“Growing demand for advanced connected cars and favorable government initiatives to promote electric & hybrid vehicles to curb the carbon emission across the U.S., China, and India is expected to accelerate the growth in the market,” says a FMI analyst. 

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Key Takeaways from Automotive SoC Market Study

• The U.S. is forecast to emerge as the most remunerative market in North America, creating an incremental opportunity of US$ 1.85 Bn through 2028. 
• China is estimated to account for a significant share in Asia Pacific market, expanding at 8.6% CAGR during the forecast period. 
• Germany is projected to register rapid growth in Europe automotive SoC market, surpassing US$ 522.1 Mn between 2022 and 2028. 
• India is expected to exhibit steady growth in the automotive SoC market, owing to growing demand for advanced passenger cars in the country.
• Based on vehicle type, the passenger car segment is anticipated to account for the maximum shares, growing at 8% CAGR over the assessment period.

Key Drivers

• Increasing use of automotive SoC for integrating innovative systems such as telematics, internet-of-things, and ADAS in vehicles is propelling the demand in the market. 
• Growing demand for advanced commercial vehicles for the application across construction, mining, and transport sectors is facilitating the growth in commercial vehicle segment. 

Key Restraints

• High cost of incorporation and maintenance of automotive SoC is hindering the sales in the market. 
• Need to replace the complete car dashboard in case of any transistor or system damage is a primary factor hampering the growth in the market.

Competitive Landscape

Leading automotive SoC manufacturers are intensively investing in research and development (R&D) activities to diversify their product portfolios by launching innovative technology. Besides this, some of the player are aiming at strategic partnership acquisitions, mergers, and collaborations with automotive companies to expand their market share. 

For instance,

• In January 2018, ON Semiconductor, an American semiconductor supplier company, announced entering into a strategic partnership with a German automotive manufacturer, Audi AG. As per the partnership, ON Semiconductor will foster innovations and make latest technologies available for the automaker. The will assist the company to strengthen its position in the market. 
• In February 2018, Renesas, Japanese semiconductor manufacturer, announced launching its new R-Car V3H system-on-chip (SoC), which delivers artificial intelligence processing and high computer vision performance to automotive from cameras in Level 3 and Level 4 automotive cars. 

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Some of the key players operating in the market profiled by FMI are:

• Texas Instruments Incorporated
• Infineon Technologies AG
• Intel Corporation
• NVIDIA Corporation
• Qualcomm Technologies, Inc.
• STMicroelectronics
• NEC Corporation
• NXP Semiconductors
• ON Semiconductor Corporation
• Renesas Electronics Corporation

More Valuable Insights on Automotive SoC Market

The latest report by FMI provides a detailed analysis of the global automotive SoC market, providing exclusive insights into key factor driving the market between 2022 and 2028. The study also discloses sales projections on in automotive SoC market with detailed segmentation:

 By Application

• Infotainment Systems SOCs
• ADAS SOCs
• Others

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• China
• Japan
• SEA and other of APAC
• Middle East & Africa

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 Key Questions Covered in the Report

• The report offers insight into automotive SoC market demand outlook for the forecast period 2022-2028
• The market study also highlights projected sales growth for automotive SoC market between 2022 and 2028
• Automotive SoC market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 
• Automotive SoC market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others 

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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