Asia Tech Wire (May 16) -- Japanese chipmaker Renesas Electronics Corp. said Thursday it is taking steps to address competition in the automotive MCU market.

Speaking at its Capital Markets Day event on Thursday, Renesas executives said the latest market shows the company's lead in automotive MCUs is rapidly fading to rivals.

Renesas' overall share of the MCU market has slipped from 16.55% in 2022 to 15% in 2023, according to statistics.

In response, the company said it is taking steps to address the issues identified in its product portfolio, and will further strengthen R&D to provide better products for market growth.

And in the field of advanced driver-assistance systems (ADAS) for electric vehicles, Renesas said it offers an expandable computing product portfolio with different levels of AI integration, and expects significant growth in its fourth and fifth generation product portfolios.