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.
Drivers
Growing Adoption of Electric Vehicles to Boost Market
Growth
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.
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.
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.
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.
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.
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.
Automotive Semiconductor Market Regional
Analysis
APAC to Steer Automotive Semiconductor Market
The APAC region will steer the market over the forecast period.
The region being a major automotive hub with the market share in terms of
vehicle production and sales, growing Chinese automotive market, the market has
evolved into the largest producer of vehicles, the region being the largest
consumer of automotive semiconductor across the globe, increasing growth of
automotive industry in China, Japan, and India, and the presence of leading
semiconductor manufacturers in the region are adding to the global automotive
semiconductor market share in the region.
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.
Automotive Semiconductor Market Key Players
Key Players
- 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
- Analog Devices Inc
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