According to the latest report released by IC Insights, the automotive IC market will show a strong annual average growth rate in the next few years, but the market share will still be less than 10% by 2024, and communications and computers will still be the largest market for ICs.
The report pointed out that from 1998 to 2019, the world's major IC application market mainly covers consumer electronics, automobiles, computers, industry, communications and other fields. Among them, the market share of PC-related ICs has declined significantly, while the demand for mobile communication ICs has gradually expanded until it declined in 2019. The automotive IC market is the only market that maintains positive growth.
IC Insights said that although the market share of computer ICs has decreased by 20% in the past 21 years, as the Internet of Things increases the demand for servers, it is expected that the field will be stimulated again in the next five years, and the rate of decline will slow down.
In addition, the automotive IC market has been showing steady growth. The report predicts that the market will have a compound annual growth rate of 9.7% from 2019 to 2024, which is the strongest growth among all application segments.
However, IC Insights also believes that considering the relatively small size of the automotive IC market, even such a high growth is not enough to significantly increase the overall IC growth rate in the next five years.