Automotive Chip Market Size, Status and Business Growth 2022 to 2030
Automotive Chip Market Highlights The Global Automotive Chip Market is expected to grow by approximately 12.87% CAGR during the forecast period. Automotive chips are mounted on a vehicle to ensure the smooth functioning of body electronics, telematics and infotainment, powertrain, and chassis and safety systems. These chips are employed in a vehicle to cater to automotive applications, such as blind-spot detection, advanced driving assistance system, lane-change assistance, and parking assistance. The factors that influence the demand for the automotive chip are automotive-semiconductor sales growth, a booming automotive industry coupled with the increasing registration of new cars, and stringent government regulations regarding automotive safety and emission. The global automotive chip market is estimated to register 12.87% CAGR during the forecast period, the market was led by Asia-Pacific with a 51.8% share, followed by Europe and North America with shares of 23.6% and 17.9%,