Categories: Market Research

Automotive SoC Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive SoC Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive SoC Global Market Report 2024, The automotive SoC market size has grown strongly in recent years. It will grow from $24.99 billion in 2023 to $27.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to rising complexity in automotive electronics, advanced driver assistance systems (ADAS) adoption, infotainment systems integration, electric and hybrid vehicles development, safety and regulatory compliance.

The automotive SoC market size is expected to see strong growth in the next few years. It will grow to $38.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to autonomous vehicle technology, vehicle-to-everything (V2X) communication, e-mobility and battery management, connected car ecosystem, cybersecurity requirements. Major trends in the forecast period include integration of advanced sensor interfaces, advancements in heterogeneous computing architectures, emphasis on cybersecurity in automotive SoCs, adoption of functional integration and consolidation, focus on over-the-air (OTA) software updates.

Increasing demand for electric vehicles across the world is expected to propel the automotive SoC market’s growth going forward. Electric vehicles are vehicles that are powered fully on electric power or partially powered and operate on an electric engine instead of a conventional combustion engine. Automotive SoCs are used in electric cars to make them efficient, interactive, and safe, so an increase in electric vehicles will be required to propel market growth. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a record of 6.6 million, and the number of electric cars on the world’s roads by the end of 2021 was about 16.5 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing demand for electric vehicles is driving the growth of the automotive SoC market.

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The automotive SoC market covered in this report is segmented –

1) By Offerings: Hardware, Software, Services

2) By Vehicle Type: Passenger Cars, Commercial Vehicles

3) By Application: Infotainment System SOCs, Advanced Driver Assistance Systems (ADAS), Intelligent Transport System, In-Vehicle Networking System, Connected Vehicle Platform

Major companies operating in the automotive soc market are developing new products such as safe automotive high-performance computing platforms to gain a competitive edge in the market. A safe automotive high-performance computing (HPC) platform refers to a robust and secure computing architecture designed specifically for use in automotive applications. For instance, in January 2021, NXP Semiconductors N.V. a Netherlands-based semiconductor manufacturer and technology company, launched the bluebox 3.0 development platform. The NXP S32G processor is included in this platform to provide safe car networking as well as trustworthy safety processing and verification. It is an open platform that can be scaled and modularized, to improve traffic and sensor modeling and enable safe autonomous driving. Training sessions and NXP-provided informative resources go into detail about the hardware and software architecture of the platform as well as its applicable use cases. Prototyping different setups and connections to several ECUs and sensors is made possible by the broad expansion possibilities supported by BlueBox 3.0.

The automotive soc market report table of contents includes: