Automotive Semiconductor Market Size to Reach USD 42140 Million by 2027 at CAGR 3.8% - Valuates Reports
BANGALORE, India, Sept. 28, 2021 /PRNewswire/ -- The Automotive Semiconductor Market is Segmented by Type (Processor, Analog IC, Discrete Power, Sensor, Memory), Application (Passenger, LCV, HCV). The report covers global opportunity analysis and industry forecasts from 2021to 2027. It is published in Valuates Reports under Electronic Components Category.
The global Automotive Semiconductor market size is projected to reach USD 42140 Million by 2027, from USD 31430 Million in 2020, at a CAGR of 3.8% during the forecast period 2021-2027.
Major Factors Driving The Growth Of The Global Automotive Semiconductor
Increasing vehicle production is leading to the rise in demand for automotive semiconductors. Furthermore, the expanding trend of vehicle electrification is fueling the Automotive Semiconductor market growth.
Rising Demand for Advanced Safety and Comfort Systems is expected to further propel the Automotive Semiconductor market growth.
Cars are increasingly incorporating technology that improves their connectivity. Semiconductors allow cars to stay connected in real-time. Thus the increasing number of connected cars is expected to drive the Automotive Semiconductor market growth.
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Trends Influencing The Growth Of The Automotive Semiconductor Industry
The increasing manufacturing of electric vehicles around the world is one of the primary reasons driving the global automotive semiconductor industry. Furthermore, the increased automotive production is assisting market expansion. For example, the number of automotive users is fast expanding, which may contribute to an increase in semiconductor demand for vehicle production.
Moreover, the growing demand for safety and security requirements would boost the global automotive semiconductor market's growth over the forecast period. The integration of semiconductor technology enables intelligent features such as backup cameras, blind-spot detection, adaptive cruise control, lane change aid, airbag deployment, and emergency braking systems.
Cars are progressively adding connectivity-enhancing technology. New automobiles on the market include more advanced telematics (long-distance data transmission) and infotainment features that provide drivers with information on things like road closures, collision avoidance, and even available parking spaces at their destination. The onboard processors that process this data must process millions of lines of code each second. Semiconductors allow automobiles to communicate in real-time. As a result, the Automotive Semiconductor market is likely to benefit from the future of connected and autonomous vehicles.
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Automotive Semiconductor Market Share Analysis
The sensors segment is expected to be the most lucrative. Sensors are increasingly being used in car electrification, transmission systems, Light Detection and Ranging (LiDAR), engines, cameras, and safety systems. Furthermore, semiconductors make it easier to process data collected by automobile sensors so that real-time driving decisions can be made, which is projected to drive market expansion.
Passenger cars are expected to be the most lucrative during the forecast period. The high demand for passenger automobiles around the world, particularly in Asia-Oceania, is to blame for this growth. In nations such as China, India, Thailand, Indonesia, and Malaysia, for example, expanding middle-class populations and improved disposable income have driven demand for passenger automobiles
The Asia Pacific region is expected to be the most lucrative during the forecast period. With the majority of the market share in terms of car production and sales, the region has emerged as a key automotive hub. The key driver of this trend is China's expanding car market. This market has grown to become the world's largest vehicle manufacturer and, as a result, the greatest consumer of automotive semiconductors.
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Top Players in the Automotive Semiconductor Industry
- NXP Semiconductors
- Renesas Electronics
- Infineon Technologies
- STMicroelectronics
- Robert Bosch GmbH
- Texas Instruments
- ON Semiconductor
- ROHM
- Toshiba
- Analog Devices
- Others
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