NEW YORK , Dec. 5, 2023 /PRNewswire/ — The automotive semiconductor market size is set to grow by USD 26,676.35 million during 2022 and 2027, progressing at a CAGR of 8.8% during the forecast period, according to Technavio Research. APAC will account for 62% of the market growth during the forecast period. The region has a strong presence of automotive manufacturers, and automotive technologies are witnessing rapid adoption across all vehicle categories in APAC. In addition, the strong economic growth of developing countries such as India and China and the rising disposable income among consumers have led to growth in the sales of passenger cars equipped with advanced automotive components. All these factors are driving the growth of the automotive semiconductor market in APAC.The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. For more invaluable market insights on CAGR, YOY growth rate and much more, Download a Sample Report
Although the rising adoption of advanced driver assistance system (ADAS) features in vehicles, increasing electrification in vehicles, and governing bodies mandating safety regulation will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this automotive semiconductor market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Frequently Asked Questions:
- Based on segmentation by application, which is the leading segment in the market?
By application, the market will observe maximum growth in the telematics and infotainment segment.
- What are the major trends in the market?
Increased developments in semi-autonomous and autonomous vehicles are identified as the key trend in the market.
- At what rate is the market projected to grow?
The market growth is projected to grow at a CAGR of 8.8% during the forecast period.
- Who are the top players in the market?
Allegro MicroSystems Inc., Analog Devices Inc., BorgWarner Inc., Continental AG, DENSO Corp., Elmos Semiconductor AG, Infineon Technologies AG, Intel Corp., Microchip Technology Inc., Micron Technology Inc., NXP Semiconductors NV, ON Semiconductor Corp., Qualcomm Inc., Renesas Electronics Corp., Robert Bosch GmbH, ROHM Co. Ltd., Samsung Electronics Co. Ltd., STMicroelectronics NV, Texas Instruments Inc., and Toshiba Corp. are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by the rising adoption of advanced driver assistance system (ADAS) features in vehicles. However, the lack of standard protocols will challenge the growth of the market.
- How big is the APAC market?
APAC will account for 62% of the market growth during the forecast period.
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Automotive Semiconductor Market 2023-2027: Segmentation
- Application
- Telematics and Infotainment
- Powertrain
- Safety
- Body Electronics
- Chassis
- Vehicle Type
- Passenger vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Geography
- APAC
- North America
- Europe
- South America
- Middle East and Africa
The market growth in the telematics and infotainment segment will be significant over the forecast period. Semiconductors are the vital components of vehicle telematics and infotainment systems. The increasing focus on improving passenger safety has led to the development of vehicle telematics that is combined with telecommunications and information technology. In addition, the benefits of the use of telematics and infotainment systems such as real-time fleet monitoring, enhanced fleet efficiency, lesser fuel consumption, and the use of cloud computing technology in vehicles are driving the growth of the segment.
To learn more about all market segments that affect the entire market environment, download a sample report
Automotive Semiconductor Market 2023-2027: Vendor Analysis and Scope
The global automotive semiconductor market is fragmented. The market is characterized by the presence of numerous large and medium-sized manufacturers. Most large and established players have extensive sales and distribution networks globally. Small players are concentrated in regional markets. Vendors compete based on parameters such as price, quality, technology, brand identity, and distribution. Key vendors have a vast geographical presence and large-scale production facilities. There are a few small regional vendors with significant market shares. Rivalry among vendors is moderate. Therefore, vendors opt for pricing and marketing strategies to retain their existing market shares and seize new market opportunities. Some of the key vendors covered in the report include:
- Allegro MicroSystems Inc.
- Analog Devices Inc.
- BorgWarner Inc.
- Continental AG
- DENSO Corp.
- Elmos Semiconductor AG
- Infineon Technologies AG
- Intel Corp.
- Micron Technology Inc.
- NXP Semiconductors NV
- ON Semiconductor Corp.
- Qualcomm Inc.
- Renesas Electronics Corp.
- Robert Bosch GmbH
- ROHM Co. Ltd.
Automotive Semiconductor Market 2023-2027: Driver
The market is driven by the rising adoption of advanced driver assistance system (ADAS) features in vehicles. Technological advances in terms of software algorithms, processors, and sensors have increased the application of ADAS in vehicles. In addition, the imposition of stringent safety norms by governments has pushed automobile manufacturers to incorporate ADAS technologies in their vehicles. For instance, in 2015, the European Commission made it mandatory to install a vehicle telematics system in all new vehicles from April 2018. Such factors are increasing the penetration of ADAS in vehicles, which is expected to drive the growth of the market in focus.
Automotive Semiconductor Market 2023-2027: Challenge
The lack of standard protocols is identified as the major challenge in the market. Every country or region has its own regulations regarding the adoption of safety measures in vehicles. The presence of many such government standards that govern the production of automobiles restricts the engineers’ and designers’ creativity. However, vehicle manufacturers are compelled to adapt to the production standards set by regulatory authorities in a particular region. For instance, most vehicles sold in Asia have right-hand drive. But in North America, they have left-hand drive. Thus, the lack of standard protocols challenges the growth of the market.
Automotive Semiconductor Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist automotive semiconductor market growth during the next five years
- Estimation of the automotive semiconductor market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive semiconductor market across APAC, North America, Europe, South America, and Middle East and Africa
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive semiconductor market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Vehicle Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
