Automotive Infotainment SoCs Market Trends
Growth Drivers
- Emerging Trend for Autonomous Cars – The rise in the demand for connected vehicles and the inclination of the automotive sector towards connected vehicle technologies such as V2I, V2V, V2D, and others is accelerating the implementation of features such as wireless charging capabilities, blind spot awareness, voice control and back-up cameras and much more. The increasing deployment of these features by automotive OEMs, electronic instrument manufacturers, telecom service providers, and IT service providers is anticipated to influence the market.
- Increasing Demand for Self-Driving Cars – is leading to the adoption of powerful processors to incorporate complicated technologies that assist self-driving vehicles including image identification and radar/LiDAR system to identify the objects on the road. Hence, this factor is reckoned to boost market success.
- Technological Advancements in Digital Cockpit and Advanced Driver Assistance Systems (ADAS) – For instance, in January 2023, Qualcomm Technologies, Inc. unveiled its recent incorporation to the product portfolio of Snapdragon Digital Chassis. The Snapdragon Ride Flex SoC is expected to allow the synchronization of the ADAS, digital cockpit, and AD functions on a single SoC.
Challenges
- High Cost of Investment Required for Research & Development
- Complicated Software Designs
- Possibility of Data Misuse
Global Automotive Infotainment SoCs Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.90% |
|
Base Year Market Size (2024) |
USD 18.61 billion |
|
Forecast Year Market Size (2037) |
USD 50.01 billion |
|
Regional Scope |
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