Market Size of Automotive Special Purpose Logic IC Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Special Purpose Logic IC Market Analysis
Automotive Special Purpose Logic IC Market is expected to grow by 3.2% CAGR in the forecast period.
- New cars are being equipped with electronic technologies that improve vehicle performance, provide comfort and convenience, and warn, detect, and take remedial action to keep drivers safe and alert. The automotive IC industry is predicted to grow due to consumer demand and government mandates for many of these new systems, as well as growing pricing for many of the IC components used in them.
- The global special purpose logic IC market is growing due to the increasing use of logic ICs in industries other than electronics. Leading automotive firms such as Audi and Toyota are progressively requesting and offering electronic devices incorporated into their vehicles, moving the global automotive special purpose logic IC market forward.
- All new cars come with a slew of microchips aboard to control everything from window motors to navigation systems; however, the auto industry has been hammered hard by chip shortages, which have resulted in production delays. This means fewer new cars are available for eager buyers.
- Chips are now as important as steel, aluminum, and plastic in the production of automobiles. Every car includes at least a couple of dozen microchips that handle everything from the infotainment panels to the fuel management and stability control systems. Luxury vehicles and vehicles with high-tech features such as enhanced safety systems and driver assistance features may contain 100 or more CPUs.
- The COVID-19 pandemic has had a rapid and devastating impact on the global automotive sector. Chinese parts shipments are being disrupted, large-scale manufacturing disruptions are occurring across Europe, and assembly factories in the United States are closing. The pandemic also resulted in global chip and semiconductor shortage, disruption in the supply chain, shortage of raw material, delay in completion of fabrication plants due to imposed restrictions, and lockdowns resulting in a shortage in automotive chips and also increased the price of the systems.
