The global automotive SoC market is on the brink of reaching a substantial valuation, projected to reach US$ 18,141.9 million by 2023. The growth is primarily driven by the burgeoning interest and insights surrounding the automotive SoC market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 7.9% from 2023 to 2033. By 2033, the market is poised to soar to an estimated total valuation of around US$ 38,925 million.
One of the main factors propelling the global automotive SoC market’s significant growth in the upcoming years is the rising 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 globally.
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Automotive SoC is an in-house or outsourced function that can investigate, monitor, and help to improve the security posture of fleets. Automotive SoCs can be utilized in enhancing automated structures that offer a state-of-the-art experience to the driver or customer. Automotive SoCs help in multiple specialized processing units on a single chip that performs multiple simultaneous tasks such as body control, camera vision, and information display.
Which growth strategies are influencing the expansion of the automotive SoC market?
The demand for the automotive SoC market is anticipated to grow rapidly in the near future. This is ascribed to government initiatives, rules, and regulations that stimulate the development of hybrid and electric vehicles, as well as technological improvement in the automotive industry to improve the driving experience for customers.
With the aid of contemporary smart vehicles and cars, autonomous cars have high-tech automotive chips or ultra-modern automobile connectivity chips that guarantee the protection of pedestrians and the driver. The demand for the automotive SoC market is expected to be fueled by the ongoing investments made in automotive R&D by vehicle manufacturing businesses around the world.
Key Players in the Automotive SoC Market:
- Texas Instruments Incorporated
- Infineon Technologies AG
- Intel Corporation
- NVIDIA Corporation
- Qualcomm Technologies, Inc.
- STMicroelectronics
- NEC Corporation
- NXP Semiconductors
- ON Semiconductor Corporation
- Renesas Electronics Corporation
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Automotive SoC Market Segmentation:
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
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