A recent report on the global automotive integrated circuits market suggests that we can expect to see the market grow in the next few years. The report by Research and Markets provides an in-depth market analysis of IC within the automotive market during the period 2017-2021, finding that the global automotive IC market can be expected to grow at a compound annual growth rate of 6.61%.
The findings of the report suggest that one of the key trends contributing to the growth of the automotive IC market is the emergence and rapid progress of the Internet of Things, or IoT. In recent times, automotive companies have invested considerably in IoT technology as this is one of the key interests of not only vehicle buyers, but also big investors. As a result, IoT connected cars and other automobiles have considerable potential for growth in the next few years.
As technology currently stands, automotive manufacturers are currently integrating IoT through two approaches to connectivity:
Key applications of IoT that are contributing to the global market for automotive IC include the ever-growing adoption of safety sensors, real-time tracking and other safety applications.
A second major factor in the growth of the automotive IC market is the rapid electrification of vehicles, with an eye on a switch to a cleaner future and less reliance on environment-damaging fossil fuels. As the technology becomes more readily available, the price of ICs is dropping and the demand for electronics in vehicles is increasing. Connectivity enhanced driving and active safety innovations are beginning to be expected rather than huge luxuries. Whilst this technology was once found only in very high-end vehicles, it has now made its way into the much more affordable vehicle market.
One factor that is hampering the growth of the market is the complex nature of automotive IC design. Generally speaking, integrated circuits for vehicles is much more complicated than technology used for mobile phones and commonly used home appliances, so the design process is a somewhat difficult task, requiring specialist engineers. Needless to say, to overcome this hindrance, there will be a growing demand for engineers with a speciality in automotive IC.
At M-Tec, we are committed to finding engineering candidates the perfect opportunities to further their career, as well as selecting the best fitting candidates for businesses in all sectors. We specialise in suppling engineering and manufacturing professionals, particularly in the automotive sector.
If you are an engineering professional looking for opportunities in the automotive IC sector, or an automotive manufacturer looking for the right IC engineering candidate, call us today on +44 (0) 121 710 1800.