The global automotive chip market is driven by factors such as an increase in demand for advanced driving assistance systems (ADAS), a rise in demand for electric vehicles, and a surge in demand for autonomous driving.
PORTLAND, Ore., Oct. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Chip Market by Component (processor, analog IC, discrete power, sensor, memory, others), by Vehicle type (passenger car, light commercial vehicle, heavy commercial vehicle), by Application (powertrain, body electronics, safety systems, chassis, telematics & infotainment systems), by Propulsion Type (ICE vehicles, electric vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global automotive chip industry generated $49.8 billion in 2021 and is anticipated to generate $121.3 billion by 2031, witnessing a CAGR of 9.6% from 2023 to 2032.
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Automotive chips, also referred to as automotive semiconductors or microcontrollers, are integrated circuits (ICs) specifically designed for automotive applications. Automotive chips are essential components of modern automotive systems, enabling the control and management of a variety of functions within a vehicle.
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