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The global automotive IC market was valued at $43.24 billion in 2017, and is projected to reach at $89.14 billion by 2025, growing at a CAGR of 9.3% from 2018 to 2025.
At present, the North America region dominates the global automotive IC market, owing to increase in adoption of high-end vehicles in this region. Factors such as increase in vehicle production and improvement in vehicle standards with emerging technologies fuel the growth of the Asia-Pacific automotive IC market. Moreover, various technological advancements in electric vehicles have been in progress, owing to government initiatives, which propel the market growth. For instance, according to the Wall Street Journal, China is close to finalizing a $47 billion investment fund that would finance semiconductor research and chip start-up development, which is expected to assist in propelling the growth of the automotive IC market.
Key Findings of the Automotive IC Market:
- In 2017, the engine management segment generated the highest revenue in the global automotive IC market.
- In 2017, the hybrid or multichip integrated circuit segment generated the highest revenue among the other IC types in the global automotive IC market.
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