The growth of the global automotive semiconductor market is driven by rise in adoption of electric and hybrid vehicles, surge demand for advanced vehicle safety and comfort systems, intervention of innovative technologies for advanced user interface (UI).
PORTLAND, Ore., Oct. 16, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Semiconductor Market by Component (Processor, Analog IC, Discrete Power, Sensor, Memory, Others), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Propulsion Type (Internal combustion engine, Electric) and Application (Powertrain, Safety, Body Electronics, Chassis, Telematics and Infotainment): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global automotive semiconductor industry generated $59.68 billion in 2022, and is anticipated to generate $153.86 billion by 2032, witnessing a CAGR of 10.1% from 2023 to 2032.
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The rise of autonomous vehicles is boosting the demand for automotive semiconductor. Semiconductors enable automakers to optimize performance, accelerate development, and make electric vehicles (EVs) more affordable for more people.
Leading Market Players in Automotive Semiconductor Industry: –
- Analog Devices, Inc.
- Infineon Technologies AG
- Micron Technology, inc.
- NXP Semiconductors
- Semiconductor Components Industries, LLC. (ON Semiconductor)
- Renesas Electronics Corporation
- Robert Bosch GmbH
- ROHM Co., Ltd.
- STMicroelectronics
- Texas Instruments Incorporated
The report provides a detailed analysis of these key players of the global automotive semiconductor market. These players have adopted different strategies such as partnership, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Prime determinants of growth
Factors such as Rise in adoption of electric and hybrid vehicles, surge demand for advanced vehicle safety and comfort systems, and intervention of innovative technologies for advanced user interface (UI) boost the growth of the automotive semiconductor market. However, operational failures in extreme climatic conditions and challenges posed by the worldwide chip shortage are anticipated to hinder market growth. On the other hand, increase in demand for advanced power semiconductors for enhanced performance and operational efficiency and rise of autonomous vehicles provide a remarkable growth opportunity for the market players operating in the market.
Automotive Semiconductor Industry Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$59.68 billion |
|
Market Size in 2032 |
$153.86 billion |
|
CAGR |
10.1 % |
|
No. of Pages in Report |
351 |
|
Segments covered |
Component, Vehicle Type, Propulsion Type, Application, and Region. |
|
Drivers |
Rise in adoption of electric and hybrid vehicles Surge demand for advanced vehicle safety and comfort systems Intervention of innovative technologies for advanced user interface (UI |
|
Opportunities |
Increase in demand for advanced power semiconductors for enhanced performance and operational efficiency Rise of the autonomous vehicle |
|
Restraints |
Challenges posed by the worldwide chip shortage Operational failures in extreme climatic conditions |
The Analog IC segment to maintain its leadership status throughout the forecast period
Based on component, the analog IC held the highest market share in 2022, accounting for more than one fourth of the global automotive semiconductor market revenue and is estimated to maintain its leadership status throughout the forecast period owning to its ability to fulfill wide range of automotive applications. However, the sensor segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032, as the advance automated features such as sleep detection, autonomous driving, and others installed in vehicle.
The Passenger Car segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the passenger car segment held the highest market share in 2022, accounting for nearly four-fifth of the global automotive semiconductor market revenue and is estimated to maintain its leadership status throughout the forecast period, owning to increased number of passenger EV and the development of advance technology for driver assistance entertainment and other purposes. However, the heavy commercial vehicle segment is projected to manifest the highest CAGR of 12.0% from 2023 to 2032, owing to the adoption of autonomous functions such as unloading, monitoring loaded goods, and others in heavy commercial vehicles.
The Telematics and Infotainment segment to maintain its lead position during the forecast period
Based on application, the telematics and infotainment segment accounted for the largest share in 2022, contributing to nearly one-third of the global automotive semiconductor market revenue, and is estimated to maintain its leadership status throughout the forecast period, owning to the rise of IoT and AI in automobile infotainment. However, the safety segment is projected to manifest the highest CAGR of 11.0% from 2023 to 2032, owing to the improvement of road safety standards legislation and consumer awareness.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global automotive semiconductor market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, same segment is projected to manifest the highest CAGR of 10.8% from 2023 to 2032. This is owning to the China’s remarkable growth through its rapid adoption of electric vehicles and autonomous driving technologies.
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