According to Future Market Research’s (FMI) updated research, the market for automotive SoC is anticipated to increase from US$17,066.7 million in 2022 to US$26,800.5 million in 2028. From 2022 to 2028, the Automotive SoC market would expand at a CAGR of 7.8%. Nearly 20% of the global System-On-Chip (SoC) market was accounted for by the automotive SoC market.
The increasing use of ADAS and infotainment systems in smart vehicles, self-driving cars, and semi-autonomous cars by automotive original equipment manufacturers (OEMs) and car manufacturers worldwide are just a few of the factors driving the global automotive SoC market’s significant growth in the upcoming years.
Competitive landscape
Many key automotive SoC manufacturers are inclined at investing heavily in innovation, research, and development practices to uncover increased applications of Automotive SoC. With the use of technology, players are also focusing on ensuring safety, quality, and customer satisfaction for captivating an increased customer base.
- In February 2018, Renesas announced its new R-Car V3H system-on-chip (SoC), that delivers high computer vision performance and AI processing at industry-leading low power levels, targeting automotive front cameras for use in mass-produced Level 3 (conditional automation) and Level 4 (high automation) autonomous vehicles. R-Car V3H is a part of the open and innovative Renesas autonomy platform for Advanced Driver Assistance Systems (ADAS) and automated driving (AD).
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Key Takeaways from Automotive SoC Market Study
- The U.S. is forecast to emerge as the most remunerative market in North America, creating an incremental opportunity of US$ 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.
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Automotive SoC Market Survey by Category
By Application
- Infotainment Systems SOCs
- ADAS SOCs
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- Japan
- SEA and other of APAC
- Middle East & Africa