SAN FRANCISCO, June 12, 2023 /PRNewswire/ — The global automotive semiconductor market is expected to reach USD 77.76 billion by 2030, growing at a CAGR of 8.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing focus on vehicle safety systems and a significant increase in the adoption of engine control units (ECUs) in modern automobiles are anticipated to drive demand for automotive semiconductors. Moreover, emerging technologies such as 5G and IoT are expected to play an instrumental role in increasing the demand for automotive semiconductors. Additionally, electric vehicles and all levels of assisted driving technologies are expected to create considerable growth opportunities in the automotive semiconductor market over the forecast period.
Key Industry Insights and Findings from the report:
In terms of component, the discrete power segment accounted for the highest share in 2022 as it helps in enhancing vehicle electrification, connectivity, and shared mobility services.
In terms of vehicle type, the passenger vehicle segment emerged as the dominant segment in 2022 and is anticipated to retain its dominance over the forecast period. The adoption of advanced telematics and infotainment features is expected to boost the growth of the passenger vehicle segment.
In terms of application, the telematics & infotainment segment is projected to grow at the highest CAGR over the forecast period and is anticipated to hold a dominant share by the end of the forecast period. The demand for enabling connectivity to mobile devices, smart devices, and IoT devices is expected to propel the growth of this segment.
The Asia Pacific automotive semiconductor market emerged as the dominant region in 2022 and is projected to grow at the highest CAGR over the forecast period. The 5G technology is expected to play a crucial role in the development of autonomous driving technology which is expected to boost the adoption of semiconductors in this region.
Read full market research report for more latest industry insights, “Automotive Semiconductor Market Size, Share & Trends Analysis Report By Component (Processor, Sensor), By Vehicle Type (Passenger Vehicle, LCV, HCV), By Application, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Automotive Semiconductor Market Growth & Trends
Electrification in the automotive industry is growing rapidly owing to the rising need to reduce carbon emissions. Having realized the importance of electric vehicle business opportunities, several manufacturers are increasingly investing in smart technologies, electronics, and safety systems. Such components of electric vehicles comprise semiconductors equipped with advanced technologies to improve the functionalities of smart electronics. For instance, the application of shock sensors, MEMS accelerometers, MEMS gyroscopes, inertial sensors, tilt sensors, and MEMS microphones for rollover detection, electronic braking, dynamic head lighting, inertial navigation, and airbag safety systems. Hence, as the demand for hybrid and electric vehicles increases, the need for semiconductors is anticipated to increase over the forecast period.
Safety guidelines and regulations imposed by governments are expected to play a key role in driving demand in the North American and European automotive semiconductor markets. For instance, a special focus on accident avoidance through ADAS is expected to help drive the automotive semiconductor market growth in countries across these regions. Asia Pacific, led by China, is projected to emerge as the fastest-growing automotive market owing to rapid EV adoption and strong government support.
The Russia-Ukraine war had a significant impact on the automotive semiconductor market in Europe, primarily due to disruptions in the supply chain of critical components. Europe is a significant market for automotive semiconductors, with several leading automakers based in the region. The conflict between Russia and Ukraine has disrupted the supply chain of critical components, leading to shortages and price hikes. For instance, according to data released in 2022 by the International Energy Agency (IEA) stated that the price of lithium increased by two and a half times in 2021 along with cobalt, nickel, aluminum, and copper, which also witnessed an uptrend in the price due to the impact of Russia-Ukraine war.
Automotive Semiconductor Market Segmentation
Grand View Research has segmented the global automotive semiconductor market based on component, vehicle type, application, and region:
Automotive Semiconductor Market – Component Outlook (Revenue, USD Million, 2018 – 2030)
Processor
Discrete Power
Sensor
Memory
Others
Automotive Semiconductor Market – Vehicle Type Outlook (Revenue, USD Million, 2018 – 2030)
Passenger Vehicle
Light Commercial Vehicle (LCV)
Heavy Commercial (HCV)
Automotive Semiconductor Market – Application Outlook (Revenue, USD Million, 2018 – 2030)
Chassis
Powertrain
Safety
Telematics & Infotainment
Body Electronics
Automotive Semiconductor Market – Regional Outlook (Revenue, USD Million 2018 – 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa (MEA)
United Arab Emirates (UAE)
Saudi Arabia
South Africa
List of Key Players in the Automotive Semiconductor Market
Analog Devices, Inc.
Infineon Technologies AG
NXP Semiconductors
Renesas Electronics Corporation
Robert Bosch GmbH
ROHM CO., LTD.
Semiconductor Components Industries, LLC
STMicroelectronics
Texas Instruments Incorporated
TOSHIBA CORPORATION
Check out more market research studies published by Grand View Research:
Automotive Telematics Market – The global automotive telematics market size is expected to reach USD 170.43 billion by 2030 with a CAGR growth of 16.6% over the forecasted period, according to a new report by Grand View Research, Inc. Increasing emphasis on improving the fuel efficiency, improvement in tracking vehicle location & speed and, rising focus on the passenger safety & experience are factors driving the growth of the market.
Automotive Electronics Market – The global automotive electronics market size is expected to reach USD 468,165.7 million by 2030, expanding at a CAGR of 8.6% during the forecast period, according to a new report by Grand View Research, Inc. Increased safety and security concerns would fuel demand for car electronics as governments around the world try to reduce the number of road fatalities. The growing need for driverless automobiles, electric vehicles, and cutting-edge vehicle technologies is also anticipated to drive the automotive electronics industry. Some of the notable technologically cutting-edge features that are anticipated to fuel market expansion throughout the forecast period include alcohol ignition interlocks, emergency call systems, and accident data recorder systems.
Automotive Electronic Control Unit Market – The global automotive electronic control unit market size is expected to reach USD 156.0 billion by 2030, expanding at a CAGR of 5.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Hybrid and battery-powered vehicle sales are increasing due to rising consumer demand for commutes that release less carbon and reduce air pollution. Demand for electronic regulating devices like automotive electronic control units (ECUs) is driven by the growing adoption of automated driving, advanced driver assistance system (ADAS), infotainment, and other chassis electronics in internal combustion engine (ICE), hybrid and battery-powered vehicles.
Browse through Grand View Research Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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