CHICAGO, Dec. 16, 2022 /PRNewswire/ — The automotive semiconductor market is projected to grow from USD 42.9 billion in 2022 to USD 70.0 billion by 2027; it is expected to grow at a CAGR of 10.1% during the forecast period according to a new report by MarketsandMarkets™. A number of factors, including increased demand for safety features, and induction of EVs and HEVs globally, is making it complex for automotive semiconductor integrators to meet the demand from automotive OEM end users to meet their operational needs in various types of vehicles including passenger cars, LCVs, and HCVs. Government initiatives pertaining to EVs has led to the promoting the development and sales of EVs and related charging infrastructure worldwide.
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Browse in-depth TOC on “Automotive Semiconductor Market” 157 – Tables
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Discrete power device segment to account for the highest CAGR during the forecast period for the automotive semiconductor market
The growth and development of the electric HEVs and all EVs has received considerable growth in the recent few years. Hence, discrete power device is expected to be the fastest-growing segment during the forecast period. The reason behind this sharp growth in the market share of the discrete power devices is due to the shift towards electrification of the major applications of the automobile such as powertrain, which is generating more demand for power components such as MOSFET and IGBT. Hence, discrete power devices are likely to hold the largest market share by 2027.
Market for passenger cars to grow at highest CAGR during the forecast period
The market for passenger cars growth can be attributed to the huge demand for passenger cars across the globe, especially in APAC. The rising middle-class population and improved disposable income have accelerated the demand for passenger cars in countries such as China, India, Thailand, Indonesia, and Malaysia among others. Semiconductor electronics not only help improve the performance of the car but also enhance safety and reduce carbon emissions to a greater extent. Rapid improvements in road infrastructure, easy availability of cheap labor, increased purchasing power of consumers, and high demand for safer vehicles have propelled the growth of the market for automobiles in emerging economies. The increasing purchasing power also creates a high demand for automobiles with more safety and advanced features. The adoption of ADAS technology and autonomous cars helps the automotive semiconductors market to grow in developed nations such as the US, Germany, and the UK.
Market for EVs and HEVs to register the highest CAGR for automotive semiconductor market
The automotive semiconductor market for electric/hybrid-powered vehicles is estimated to grow at the highest CAGR during the forecast period. Consumer’s growing adoption of greener and cleaner technology, as well as government goals and mandates are expected to lead to a significant rise in the demand for more electric/hybrid fuel-based vehicles which, in turn, helps the semiconductor market for this segment to grow exponentially during the forecast period. Since EVs and HEVs demand more semiconductor content in the powertrain application due to electrification of the system, the average semiconductor content consumed by an EV/HEV is almost double than an internal combustion engine (ICE) vehicle which include both gasoline- and diesel-powered vehicles.
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Market in APAC is estimated to grow at the highest CAGR during the forecast period
Asia Pacific held the largest share of the overall automotive sensors market, followed by Europe, and North America, respectively. The automotive sensors market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026. Countries such as China, Japan, and India are considered major automotive manufacturing hubs in Asia Pacific, thereby propelling the growth of the automotive sensors market in the region. The growth of the automotive sensors market in Asia Pacific is attributed to the factors such as the increasing use of electric vehicles and the growing adoption of advanced driver-assistance systems (ADAS) and autonomous cars owing to the stringent vehicle emission standards. Moreover, major OEMs have invested in the Chinese market, which is inclined toward small and affordable passenger vehicles. This, in turn, is expected to drive the growth of the automotive sensors market in the region.
Major players profiled in this report are Robert Bosch (Germany), Continental (Germany), Infineon Technologies (Germany), NXP Semiconductors (Netherlands), Sensata Technologies (US), Borgwarner, (US), Allegro Microsystems (US), DENSO (Japan), Analog Devices (US), ELMOS Semiconductor (Germany), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Onsemi (US), Renesas Electronics (Japan), ROHM Semiconductor (Japan), Aptiv (Ireland), CTS (US), Autoliv (Sweden), ZF Group (Germany), Quanergy (US), Toshiba (Japan), Magna International (Canada), Melexis (Belgium), Amphenol (US), and Valeo (France).
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