During the assessment period from 2022 to 2030, the worldwide automotive semiconductors market size is expected to develop at a healthy rate of about 8.8%. By the end of 2030, the market is expected to be valued at over USD 85,727.8 million, according to the analysis.
In recent years, automotive semiconductors have become increasingly popular all around the world. The global trend of growing vehicle electrification is the main driver of the market's growth. The car industry relies heavily on semiconductors to provide a range of features like as head-up displays, cell phone integration, autonomous driving assistance, improved performance, and more comfort for both drivers and passengers.
The growing complexity and sophistication of these services have resulted in a heightened demand for automotive semiconductors, making them a robust long-term growth engine for the industry. Additionally, the increasing integration of safety features in vehicles is expected to further drive market growth in the coming years. However, it is essential to note that the overall slowdown in the automotive industry may pose some limitations to the market's growth trajectory.
Automotive Semiconductor Market Segment Analysis
The global market for automotive semiconductors can be segmented into various categories based on application, components, vehicle types, vehicle propulsion, and geographical region.
Component-wise, the market includes logic components, sensors, analog integrated circuits (IC), memory devices, discrete power devices, and processors.
In terms of application, the market covers areas such as telematics and infotainment, body electronics, powertrain, chassis, and safety.
Vehicle types are categorized into heavy commercial vehicles, light commercial vehicles, and passenger cars.
Vehicle propulsion segments the market into internal combustion engine (ICE) vehicles and electric vehicles (EVs).
Automotive Semiconductor Market Regional Analysis
The global market for automotive semiconductors is analyzed across five key geographical regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East Africa.
According to research reports from MRFR, the North American region is expected to maintain a leading position in the global automotive semiconductors market over the review period. The region boasts significant growth contributors such as Mexico, Canada, and the United States. The presence of major market players in the region, including Chevrolet Motor Company, General Motors, Ford Motor Company, and Toyota Motor Corporation, plays a crucial role in supporting regional market growth.
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.
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.
The Asia-Pacific region is projected to experience the highest growth rate in the automotive semiconductors market during the assessment timeframe. Key growth contributors in this region include Japan, India, and China. There has been a recent surge in demand for automotive semiconductors in the region, and foreign organizations are establishing production facilities and entering joint ventures with local companies, capitalizing on the availability of a cost-effective labor force. Additionally, government initiatives in the region are expected to further catalyze market growth.
Read more:
Electric Vehicle Charging Station Market
