Automotive Semiconductor Market Grow Registering a CAGR of 8.8% To Reach 85,727.8 million USD Global Worth Till 2030
Research Reports
Feb 14, 2023
According to the research reports by MRFR, the global automotive semiconductors market is predicted to bolster considerably during the review period from 2022 to 2030 at a healthy growth rate of approximately 8.8%. The report further anticipates the market to attain a valuation of approximately USD 85,727.8 million by the end of 2030.
Automotive Semiconductor Market Overview:
The growing demand for ADAS features, such as automated emergency braking, lane departure warning, and adaptive cruise control, is a major factor driving the growth of the automotive semiconductor market. In addition, the increasing popularity of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is also driving the demand for power electronics, such as inverters, DC-DC converters, and battery management systems, which are critical components in these vehicles.
Recent Developments
- November 2022- SK Hynix and Samsung Electronics are switching their eyes to automotive semiconductors as the global demand for high-performance sound chips for electric vehicles (EVs) is expanding exponentially. The two firms hold first and second place in the global market for memory semiconductors, but they do not have much impact on the automotive semiconductor market.
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Automotive semiconductors are gaining popularity across the globe in recent years. The primary aspect causing an upsurge in the market’s growth is the rising trend of vehicle electrification across the globe. The semiconductors adopted in the automotive industry provide heads-up displays, autonomous driving aids, cell phone integration, performance, and comfort. The complexity of these services has raised the demand for automotive semiconductors and offers a powerful long-term growth engine. Furthermore, the growing safety features in vehicles are also predicted to influence the market’s growth over the coming years. On the other hand, the slowdown in the automotive industry may limit the market’s growth.
Market Growth Driving Factors
- The electrification and automation of automobiles
- Increasing demand from customers for automatic control of operations
- Rising demand for safety features
- Rise in the number of sensors
Automotive Semiconductor Market Segment Analysis
The global market for automotive semiconductors has been segregated into several segments based on application, component, vehicle types, vehicle propulsion, and region.
Based on the component, the global market for automotive semiconductors is split into logic, sensor, analog IC, memory device, discrete power device, and processor.
Based on the application, the global market for automotive semiconductors is divided into telematics and infotainment, body electronics, powertrain, chassis, and safety.
Based on the vehicle types, the global market for automotive semiconductors is divided into heavy commercial, light commercial, and passenger cars.
Based on vehicle propulsion, the global market for automotive semiconductors is fragmented into ICE vehicles and electric vehicles.
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Automotive Semiconductor Market Regional Analysis
The global market for automotive semiconductors is analyzed across five critical geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is anticipated to hold the leading position across the global market for automotive semiconductors over the review era. The region has Mexico, Canada, and the US as the leading growth contributors. The presence of the leading market players across the region is considered the primary parameter supporting regional market growth. These players include Chevrolet Motor Company, General Motors, Ford Motor Company, and Toyota Motor Corporation.
The Asia-Pacific regional market for automotive semiconductors is anticipated to show the highest growth rate over the assessment timeframe. The region comprises leading growth contributors such as Japan, India, and China. The region has recently witnessed a rise in demand for automotive semiconductors. Foreign organizations are founding their production facilities and collaborating with local companies for joint ventures, given the availability of a low-cost labor force. Furthermore, vital government initiatives are anticipated to catalyze the regional market’s growth over the review era.
Automotive Semiconductor Market Competitive Analysis
The global market for automotive semiconductors is known to have a solid and competitive landscape. Players across the globe are implementing several new growth policies such as mergers, partnerships, product launches, etc. Furthermore, they are focusing more and more on research development activities to launch innovative and advanced products. The catalog for prominent participants across the automotive semiconductors includes players such as Analog Devices, Toshiba, ON Semiconductor, Robert Bosch GmbH, Infineon Technologies, NXP Semiconductors, ROHM, Texas Instruments, STMicroelectronics, Renesas Electronics, among various others.
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Automotive Semiconductor Market News:
In recent news, NXP Semiconductors announced a partnership with Tesla to supply chips for their electric vehicles. This partnership is expected to further strengthen NXP’s position as a leading supplier of automotive semiconductors.
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