The growing disposable income across the globe has led to increased sales of vehicles. Automotive giants are launching affordable vehicles and striving to provide a great driving experience to customers. Hence, this aspect has led to a rise in the demand for automotive SoCs (System-on-Chips), leading to the expansion of the market. Companies in the automotive SoC market are unlocking revenue opportunities through innovations in ADAS (Advanced Driver Assistance Systems), infotainment systems, etc. Commercial vehicles and passenger cars are making use of automotive SoCs on a large scale.

The rising demand of consumers for tech-savvy vehicles is encouraging automobile manufacturers to introduce a plethora of features. Electrical technology is booming considerably. Hence, these aspects may further exacerbate growth opportunities in the automotive SoC market.

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Chip Shortage Dampening Market Growth amid COVID-19 Crisis

Many automotive businesses and its related sectors have suffered immense losses due to the advent of the novel coronavirus outbreak, owing to poor market sentiments. Nevertheless, decrease in restrictions at manufacturing facilities and production units are anticipated to boost economic growth in the automotive SoC market.

Companies are adapting to the new post-pandemic normal, which is anticipated for healthy market growth in the near term. Even though companies are making inroads into newer regions, aspects such as the U.S.-China trade war and global chip shortage, including automotive SoC chips are dampening market growth. Hence, automotive companies should adopt contingency planning to overcome uncertainties arising from the ongoing pandemic.

Next-gen Automotive Safety Technologies Turbocharging Demand for SoCs

Manufacturers in the automotive SoC market are increasing output capabilities in components such as logic ICs (Integrated Circuit), analog ICs, microcontrollers, and ECUs (Electronic Control Units). These components are gaining extensive application in automotive safety technologies.

For instance, embedded automotive SoCs are being utilized in safety applications such as Electronic Stability Programs (ESP) and Antilock Braking Systems (ABS). Government regulations in mature markets such as North America and Europe mandate the incorporation of ABS and ESP in all passenger vehicles sold in these regions. Such factors are contributing to the growth of the automotive SoC market.

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Automotive Industry in Asia, Africa, Middle East, and South America Benefitting Stakeholders

Asia Pacific is a prominent market, owing to the ever-expanding automotive industry in India, Japan, China, and South Korea. Moreover, the region also leads the global market for automotive SoCs, owing to rise in the demand for connected and autonomous vehicles.

Middle East & Africa and South America are expected to be emerging regions of the global automotive SoC market during the forecast period. This can be attributed to the emergence of the automobile industry in the past few years. Furthermore, the market in South America is witnessing expansion, owing to rise in vehicle sales and presence of large automobile manufacturing plants in the region.

Road Safety Concerns Drawing Impetus for ADAS, EVM, and Automotive SoCs

The growing acceptance of electric mobility solutions would not only repel the usage of conventional IC engine, but it would also boost the requirement for various microcontrollers and microprocessor units in the drivetrain of electric vehicles (EVs). For instance, the electric vehicle drivetrain is majorly regulated by the EVM (Electric Vehicle Motor) controller unit, which is a set or a combination of intelligent sensors, processors, and memory storage.

How Automotive SoC Market will recover after covid19-

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