The Integrated Circuit (IC) is a type of semiconductor device that is also known as a microchip, which usually is made consists of resistors, capacitors, and transistors. They have various applications, and one such utility is their functions as microcontrollers in the automobiles. Therefore, the Automotive ICs are customized for specific applications within the vehicle system.
The global market for Automotive ICs is expected to proliferate at a CAGR of 9.82% during the forecast period of 2019-2027. The market is expected to capture $XX million by the end of 2027, and it had procured a total of $XX million in the base year 2018.
Rapid electrification of vehicles, growing demand of advanced sensors in vehicles, the increased usage of electronic control units (ECU’s) in vehicles, the rising adoption of electric vehicles and the disruptive innovations such as ADAS, connected vehicle technology & autonomous vehicles are expected to drive the market growth at significantly strong rates.
However, factors such as design complexities, increasing cost pressure on vehicle manufacturers & the cyclic nature of the semiconductor industry are severely restricting the market advancement.
Geographically, Asia Pacific leads the global automotive IC’s market by capturing the largest market share in terms of revenue of XX% in 2018. The automotive IC’s market in the Asia Pacific region witnessed robust growth owing to the increasing demand & sales of SUVs. But North America is determined to be the fastest growing region in the global market during the forecast period, mainly due to the growth in public demand for security & safety in vehicles & widespread acceptance of advanced vehicles.
The other regions that are further analyzed for the market study are Europe and the remaining countries banding together to form the Rest of World regional segment.
Allegro Microsystems, LLC, Robert Bosch, GmbH, Microchip Technology, Texas Instruments Incorporated, On Semiconductor Corporation, Infineon Technologies AG, Sensata Technologies Holding N.V., Melexis N.V., Rohm Semiconductor, Renesas Electronics Corporation, STmicroelectronics N.V., NXP Semiconductors N.V., Qualcomm, Inc., Toshiba Corporation, and Analog Devices, Inc. are the major companies operating in the market.