Automotive Chips Enter a New Round of Competition

After the shortage wave of automotive-grade chips in 2022, the industry experienced two years of deep downturn. By the second half of 2026, the destocking cycle is nearing its end, and the restocking cycle has officially begun. Overseas leading manufacturers have seen revenue recovery, inventories have fallen back to a healthy range, chip delivery lead times have lengthened, and price increases have taken effect—five dimensions confirm the certainty of the upward cycle. This recovery shows structural divergence, with the first tier—silicon carbide and high-voltage IGBTs—rising strongly, high-end MCUs and automotive storage recovering moderately, and low-voltage MOSFETs fluctuating steadily.