The growing adoption of eco-friendly alternative fuel vehicles like hybrid electric vehicles will boost market growth over the forecast period. According to the (ICCT), global EV production crossed over 2 million per year in 2018 and sold more than 80,000 EVs per year. The automotive semiconductor market size will grow at an 8.6% CAGR in the forecast period (2022-2030), states the latest Market Research Future (MRFR) report.
Additional
factors adding to the automotive semiconductor market value include the growing
production of automotive, increasing application of automotive semiconductors
in active safety and autonomous driving, in-vehicle networking and
connectivity, LED lighting, fuel economy and emissions reduction, vehicle
electrification, and powertrain, interiors, and body, and development of
connected cars with advanced electronics.
Key Players:
Eminent players profiled in the
global automotive semiconductor industry report include:
NXP
Semiconductor NV,
Infineon Technologies AG,
Renesas Electronics Corporation,
STMicroelectronics
N.V.,
Toshiba
Corporation,
Texas Instrument Inc.,
Robert
Bosch GmbH,
Micron Technology,
ON
Semiconductor Corporation, and Analog
Devices Inc.
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market
COVID-19 Analysis
During
the COVID-19 outbreak, the automotive semiconductor market experienced a
negative impact as the key automotive fabricating plants have totally stopped
their production due to the government imposed lockdown by numerous countries
across the globe. Besides, the crisis caused unrealistic disturbance in the
supply chain network and production. This essentially influenced on research
and development investments and capital. Further, restrictions imposed by the
government on transportation endured a boycott which impacted the Just in Time
strategies that ended the production plans prompting standing by and also plan
closure.
Opportunities
Policies Imposing Perilous Safety Arrangements in Cars to offer
Lucrative Opportunities
Various
policies imposing greater perilous safety arrangements in cars like agile
automotive proposals, airbags, and lane departure warning for more efficacy,
communication systems, and directives for efficient route-finding will offer
lucrative opportunities for the market over the forecast period.
Restraints
Rising Cost of Overall Vehicle to act as Market Restraint
The
rising cost of overall vehicle and maintenance between quality and cost of
product may act as market restraint over the forecast period.
Challenges
Constant Optimization to act as Market Challenge
The
continuous optimization of component size, high regulations, and shortage of
semiconductor chips may act as market challenges over the forecast period.
Market Segmentation
The
global automotive semiconductor market is segmented based on vehicle type,
application, and component.
By
component, the integrated circuits segment will lead the market over the
forecast period at a high CAGR.
By
application, the power electronics segment will dominate the market over the
forecast period and at a significant CAGR.
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market
By
vehicle type, passenger cars will spearhead the market over the forecast period
at a healthy CAGR for the high demand for passenger cars across the world.
Improved disposable income and rising middle-class population have boosted the
need for passenger cars in Malaysia, Indonesia, Thailand, India, and China
among others.
Regional Analysis
APAC to Steer Automotive Semiconductor Market
Besides,
limited adoptability of sophisticated automobiles, key vendors dealing in the
market, growing adoption of electric vehicles, growing automotive
manufacturing, and collaborations between automotive OEMs and semiconductor
manufacturers are also adding market growth. As per India’s NITI Aayog report,
more than 7.35 million electric vehicles had been extended in 2020 and likely
to develop 26.52 million by 2030. Toshiba for instance offers different
automotive semiconductor devices such as the image recognition processor that
is designed to develop driving security. The company offers leading-edge
semiconductor technologies from a future point of view to offer comprehensive
driver assistance solutions which imitate human eyes and other forms of
complicated human senses.
North America to Have Significant Development in Automotive
Semiconductor Market
North
America will have significant growth in the market over the forecast period.
Rapid economic development, growing need for electric vehicles, rising adoption
of intelligent transportation system, adoption of automated safety
technologies, growing production of EVs, and the presence of several key
players are adding to the global automotive semiconductor market growth in the
region. As per the National Highway Traffic Safety Administration, in the
United States, the constant evolution of automotive technology is aiming to
deliver greater safety benefits and ADS. Texas Instruments, for instance, is an
American pioneer in the semiconductor space presently providing best in class
solution for ultrasound applications, Lidar, camera, radar, and sensor
combination.
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