Published Date : 15 Dec 2022
The global autonomous vehicle chips market size is projected to hit around USD 29 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 38.1% over the forecast period 2022 to 2030.
Autonomous Vehicle Chips Market Report Scope
|Market Size By 2030||USD 29 Billion|
|Growth Rate from 2022 to 2030||CAGR of 38.1%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Application, By Vehicle, By ADAS Technology|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
The North American region dominates the global autonomous driving chipset market. This region has dominated the market in the past with about 40% market share. There's an increasing demand for ADV chipsets in the autonomous driving market. This region has the largest market share in terms of revenue. As the government and these regions have made it mandatory to adopt many applications the market for chipsets is expected to grow in this region. In Canada and the US manufacturers of vehicles have to adopt and provide features like AEB and FCWS in order to ensure the safety of the passengers. North American region has the highest for capita income which has increased the purchasing power leading to a greater demand for autonomous vehicles. As a growing penetration of the ADAS system in the most basic vehicles in this region, the market for the chipsets is expected to grow in the coming years. The presence of the key market players or manufacturers in North American reason for the growth of the market. Apart from the North American region, the European region is also expected to have a good amount of share in the coming years. The increasing geriatric population and growing need for safety is creating a demand for autonomous vehicle chipsets in this region. Various nations in this region are adopting safety features in order to curb the casualties and fatalities due to accidents.
As a growing demand for safety features across many developed as well as developing nations the market for the chipsets is expected to grow in the coming years there's also a growing demand for having a comfortable driving experience and the adoption of the safety feature ensures Efficiency in terms of driving. There's a growing demand for autonomous vehicles in order to provide safer driving options for the population. Increasing per capita income in the developed nations as well as the developing nations is creating demand. Many governments across the globe or adopting many safety features as a standard in the vehicles manufactured in that region which is creating a demand for the chipsets. Increasing demand regarding the availability of such features in autonomous vehicles has created a change in the purchasing pattern of consumers. There's a growing preference of consumers to buy autonomous vehicles. The safety features provided by these vehicles are the most attractive factor for the growth of the chipsets market. The growing need for comfort in the American region and the increased need for safety in the European region will drive market growth in the coming years. Due to the introduction of the artificial intelligence best camera in the autonomous car, the market is expected to grow.
As there is a higher cost associated with the manufacturing of these chipsets and it leads to an increase in the price of the chipsets this happens to be your restraint in the growth of the market. Autonomous vehicles also require good infrastructure when it comes to roads. It needs good GPS connectivity.
Other nations in developing regions like India Mexico and Brazil are also improving their infrastructure add providing better connectivity in the urban areas. These governments are making it feasible the adoption of autonomous vehicles in the coming years.
Governments across the nations in the North American region and the European region are taking a keen interest in order to provide safety for the cars running on the roads. due to a large number of fatalities caused by human error and the casualties of auto growing concern which has led to the mandate of many safety features in all vehicles. Due to a large number of regulations which are imposed by Indonesians, there is a growing demand for these vehicles in the market. Growing awareness regarding the benefits of these safety features provided by advanced technology is gaining popularity in many regions.
The cost of developing the chips is high which happens to be a challenge for the growth of the market as it does not provide a lot of profit. companies are also focusing on providing these technologies in passenger vehicles that are not or luxury segment. This way the manufacturers will happen to have economies of scale which will help in increasing the profit of the companies. the defects in the autonomous chips are the failure may also be a major challenge. the growing demand for these chips he's also leading to an increase in its price as there is a shortage of these semiconductors. The lack of infrastructure in many developing countries is also expected to be a challenge in the growth of the market.
Key Market Players
By ADAS Technology
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