IMARC Group has recently released a new research study titled “Automotive IC Market Report by Type (Monolithic Integrated Circuits, Hybrid Integrated Circuits), Application (Advanced Driver Assistance System (ADAS), In-Vehicle Networking, Engine Management, Transmission Control System, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global automotive IC market size reached US$ 54.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 120.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9% during 2024-2032. The increasing demand for autonomous vehicles, rising automation, and the growing focus on driver and passenger safety represent some of the key factors driving the market.
Global Automotive IC Market Trends:
The increasing adoption of telematics for vehicle diagnostics and fleet management, the push for vehicle-to-everything (V2X) communication for improved traffic management, and the growing emphasis on cybersecurity to protect automotive systems from digital threats are impelling the market growth. Moreover, the rising demand for autonomous vehicle (AV) technology, advancements in wireless communication for seamless vehicle connectivity, and the integration of artificial intelligence (AI) for predictive maintenance and enhanced driving analytics are aiding the market growth. Besides this, the increasing use of smart sensors for real-time vehicle monitoring, the integration of advanced navigation systems for precision driving, and the demand for enhanced safety features like digital instrument clusters and head-up displays to improve driver awareness and experience are supporting the market expansions.
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Factors Affecting the Growth of the Automotive IC Industry:
The proliferation of advanced driver assistance systems (ADAS): ADAS technologies, such as adaptive cruise control, lane departure warning, automatic emergency braking, and parking assistance, rely heavily on various ICs to function effectively. These systems use a combination of sensors, cameras, and radar, all of which require sophisticated processing capabilities provided by ICs. The need for real-time data processing, high accuracy, and reliability in these safety-critical applications has led to increased demand for specialized automotive ICs, including microcontrollers, power management ICs, and application-specific integrated circuits (ASICs). As automakers strive to enhance vehicle safety and meet stringent regulatory standards, the integration of ADAS features in vehicles is becoming more widespread, thereby strengthening the market growth.
Growth of electric vehicles (EVs): EVs require a significantly higher number of ICs compared to traditional internal combustion engine (ICE) vehicles due to their complex powertrain systems. Key components of EVs, such as battery management systems, power inverters, and motor controllers, rely on ICs for efficient operation and energy management. The demand for power semiconductors, including insulated-gate bipolar transistors (IGBTs) and metal-oxide-semiconductor field-effect transistors (MOSFETs), is particularly high in EVs due to their role in controlling power flow and minimizing energy losses. Additionally, the development of autonomous EVs further amplifies the need for advanced ICs to support navigation, control, and communication systems. Governments worldwide promote EV adoption through incentives and stricter emission regulations, thus bolstering the market demand.
Increasing complexity and integration of in-car infotainment systems: The growing consumer demand for enhanced in-car entertainment and connectivity features is another significant factor driving the automotive IC market. Modern infotainment systems integrate a wide range of functionalities, including navigation, multimedia playback, smartphone integration, voice recognition, and internet connectivity. These systems require a variety of ICs, such as system-on-chips (SoCs), graphic processing units (GPUs), memory ICs, and connectivity ICs, to deliver seamless and high-quality user experiences. The trend towards connected cars and the advent of technologies like the fifth generation (5G) and the Internet of Things (IoT) are contributing to market growth.
Key Companies:
- Infineon Technologies AG
- NXP Semiconductors N.V
- Qualcomm Incorporated
- Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
- Rohm Co. Ltd.
- STMicroelectronics N.V.
- Texas Instruments Incorporated
Automotive IC Market Report Segmentation:
By Type:
- Monolithic Integrated Circuits
- Hybrid Integrated Circuits
Hybrid integrated circuits (analog IC, digital IC, and mixed IC) account for the majority of shares because they offer versatile functionality, integrating multiple types of circuits for comprehensive automotive solutions.
By Application:
- Advanced Driver Assistance System (ADAS)
- In-Vehicle Networking
- Engine Management
- Transmission Control System
- Others
Engine management dominates the market because it relies heavily on ICs for optimizing performance, fuel efficiency, and emissions control.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific enjoys the leading position owing to the automotive manufacturing base and rapidly growing vehicle demand.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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