NXP Chief Executive Kurt Sievers mentioned the corporate meant to deal with key areas the place extra chips are going into automobiles and the place NXP believes it may well maintain a market place at the very least twice that of any competitor.
View PhotosChief Executive Kurt Sieversaid the corporate believes radar chips may hit $1 billion in gross sales by 2024.
Chipmaker NXP Semiconductors on Thursday mentioned it believes it should hit $15 billion in gross sales by 2024, with a lot of the enlargement coming from internet-connected electrical autos.
The Dutch firm already derives about half of its income, which it forecast will attain $11 billion this yr, from the automotive sector. Speaking with Reuters after holding a presentation for buyers, NXP Chief Executive Kurt Sievers mentioned the corporate meant to deal with key areas the place extra chips are going into automobiles and the place NXP believes it may well maintain a market place at the very least twice that of any competitor.
One of these areas is radar sensors, that are more and more being put into automobiles for security programs that may routinely brake earlier than a collision. NXP has 44% market share in that subject and $600 million in gross sales at the moment, and Sievers mentioned the corporate believes radar chips may hit $1 billion in gross sales by 2024.
NXP competes in opposition to Marvell Technology in promoting such chips, however Sievers mentioned NXP believes it has main market share.
But maybe probably the most profitable for NXP may very well be chips that assist join automobiles to the web to allow them to be up to date with new software program to unlock options or companies that carmakers can cost cash for. Tesla Inc pioneered the enterprise mannequin, and the automotive business is seeking to undertake it extra broadly.
NXP makes each the “gateway” chips that join the car to the web and the “domain controllers” that may distribute software program updates to varied subsystems within the automobile, such because the drivetrain.
NXP competes in opposition to Marvell Technology in promoting such chips, however Sievers mentioned NXP believes it has main market share.
“Tomorrow’s cars will be updated over their lifetime with fresh software in order to boost performance and allow new use cases on an existing piece of hardware. And the entry door for these downloads of new software has to be highly secure,” Sievers mentioned.
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With inputs from NDTV
