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.
Automobile manufacturers have harnessed the power of SoCs to create advanced and automated vehicle systems. The technological leap has led to a remarkable enhancement in the overall driving experience, aligning vehicles with the latest technological advancements.
Two of the world’s most populous developing nations, India and China, are poised to play a pivotal role in the production of automotive SoCs in the near future. The surge in demand for enhanced driving experiences and the multitude of benefits offered by automotive SoCs are driving this growth.
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The global automotive SoC market is set to experience significant expansion driven by several key factors. Notably, the increasing adoption of ADAS and infotainment systems in smart vehicles, self-driving cars, and semi-autonomous vehicles is spearheading this growth. Automotive OEMs and car manufacturers worldwide are incorporating advanced SoCs to revolutionize vehicle safety and the overall driving experience.
The application of SoCs in the automotive sector has led to substantial improvements in various aspects of vehicle functionality. ADAS technologies, such as adaptive cruise control, lane-keeping assist, and automatic emergency braking, rely on sophisticated SoCs to enhance vehicle safety and provide a superior driving experience.
Infotainment systems are becoming increasingly sophisticated, integrating advanced features like voice recognition, high-definition displays, and seamless connectivity and thus fueling the demand for powerful SoCs capable of handling complex multimedia tasks.
Key Takeaways from the Automotive SoC Market Report:
- The market valuation in 2022 was US$ 17,066.7
- Based on vehicle type, passenger vehicles are expected to dominate at a market share of 63.4% by 2033.
- Based on application type, Infotainment Systems SoCs will register at a market share of 43.5% by 2033.
- The automotive SoC market size expanded at 4.68% CAGR between 2018 and 2022.
- Japan is estimated to expand at a market share of 6.5% in 2023.
- Germany experiences significant growth, with a projected value share of 68.5% in 2023.
“The advancement and validation of autonomous vehicles and semi-autonomous cars are significantly gaining momentum within the automotive sector and is considered one of the key drivers of the automotive SoC market” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
The automotive SOC industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on the introduction of eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence. Some of the key developments are discussed below.
- Renesas introduced its latest R-Car V3H system-on-chip (SOC), designed to deliver exceptional computer vision and AI processing capabilities with unparalleled energy efficiency.
The SOC was specifically tailored for automotive front cameras, catering to the needs of Level 3 (conditional automation) and Level 4 (high automation) autonomous vehicles in mass production.
- ON Semiconductor had formed a strategic partnership with Audi AG, with a primary focus on driving innovation and ensuring top-tier quality. The collaboration aimed to provide Audi with cutting-edge technological solutions while bolstering ON Semiconductor’s market presence and influence.
- Intel CEO Pat Gelsinger coined a new term at the Intel Innovation event in San Jose, calling our current era of AI-fueled growth the “Siliconomy.” This denotes the economic power of silicon and software.
- Intel is poised to unleash America’s innovation boom, fueled by the CHIPS Act
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global automotive SoC market providing historical data between 2018 and 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive, SOC market is segmented based on major By Application- (Infotainment Systems SOCs, ADAS SOCs, Others), By Vehicle Type- (Passenger Cars, Commercial Vehicles), and by region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
Automotive SoC Market 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
- The Middle East & Africa
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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