The automotive semiconductor market is expected witness a notable growth by 2028, owing to the rapid adoption of electric vehicles. The processor sub-segment is expected to be most profitable. The Asia-Pacific region is predicted to dominate the global market
NEW YORK, June 9, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Automotive Semiconductor Market by Component (Processor, Analog IC, Discrete Power, Sensor, Memory, and Others), Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), Propulsion Type (Internal Combustion Engine and Electric Engine), Application (Powertrain, Safety, Body Electronics, Chassis, and Telematics & Infotainment), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028″.
According to the report, the global automotive semiconductor market is expected to garner a revenue of $93,696.2 million by 2028, growing exponentially at a CAGR of 12.2% during the forecast period 2021-2028.
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Dynamics of the Automotive Semiconductor Market
Surging demand for advanced safety features and comfort in the automobiles is expected to drive the growth of the automotive semiconductor market during the forecast period. In addition, growing demand for vehicle electrification is further expected to bolster the growth of the market during the forecast period. Moreover, extensive initiatives taken by the government for rapid adoption of electric vehicle across the globe is predicted to create ample opportunities for the growth of the market during the forecast period. However, increase in the overall cost of the vehicle is expected to impede the growth of the automotive semiconductor market during the forecast period.
COVID-19 Impact on the Automotive Semiconductor Market
The outbreak of coronavirus has had an adverse impact on the growth of the global automotive semiconductor market, owing to the prevalence of lockdowns in various countries across the globe. Stringent import and export restrictions imposed by the government made it difficult for the semiconductor manufacturing organizations to gather raw materials to manufacture the required items. In addition, the demand of vehicles was profoundly affected due to the closure of automotive production units. Thus, COVID-19 has had a negative impact on the market.
Segments of the Market
The report has divided the global automotive semiconductor market into various segments based on component, vehicle type, propulsion type, application, and region.
- By component, the processor sub-segment is expected to be most profitable, and generate a revenue of $21,367.6 million during the forecast period. Extensive use of processors to control several parts of the vehicle and co-ordinate with numerous components present in the vehicle according to the situation is expected to accelerate the growth of the automotive semiconductor market sub-segment during the forecast period.
- By vehicle type, the light commercial sub-segment is expected to have the highest growth rate, surging rapidly at a CAGR of 12.6% during the forecast period. Growing initiatives taken by the government to subside carbon emissions due to diesel fuel ignition, and further adopt electric vehicles is expected to bolster the growth of the sub-segment during the forecast period.
- By propulsion type, the electric engine sub-segment is anticipated to have the highest CAGR of 12.9% during the forecast period. Growing usage of semiconductors in the highly demanded electric vehicles is expected to drive the growth of the automotive semiconductor market sub-segment during the forecast period.
- By application, the telematics and infotainment sub-segment is expected to be most lucrative, and generate a revenue of $30,947.6 million during the forecast period. The demand for wirelessly connected cars is rising, as these cars are integrated with telematics & infotainment features which can help to determine the location of the car in case of emergencies. This is expected to stimulate the growth of the sub-segment during the forecast period.
- By region, the Asia-Pacific region is expected to experience the fastest growth, surging rapidly at a CAGR of 12.7% during the forecast period. Growing demand for innovative features, safety, luxury, and comfort in cars among people living in this region is expected to drive the growth of the market during the forecast period. In addition, immaculate presence of automotive manufacturing hubs in this region is further expected to accelerate the growth of the regional automotive semiconductor market during the forecast period.
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Key Players of the Automotive Semiconductor Market
The major players of the market include on
1. Semiconductor Corp
2. Robert Bosch GmbH
3. STMicroelectronics N.V.
4. Analog Devices, Inc.
5. Texas Instruments, Inc.
6. ROHM Co., Ltd.
7. Micron Technology
8. Infineon Technologies AG
9. NXP Semiconductors N.V.
10. Renesas Electronics Corp
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in December 2021, Stellantis N.V., a leading global automaker and mobility provider, collaborated with Foxconn Technology Group, a Taiwanese multinational electronics contract manufacturer, to design and sell new flexible semiconductors for the automotive industry. The collaboration will also help Stellantis to significantly modernize their components, reduce complexity, and simplify the supply chain.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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