Automotive Semiconductor Market at a CAGR of 17.89% and Dominated by Top Competitors (Renesas Electronics, Infineon Technologies AG, STMicroelectronics, NXP Semiconductor NV, Robert Bosch GmbH) and Global Future Scope to 2023

The automotive semiconductor market was valued at USD 34.63 billion in 2017, and is expected to reach a value of USD 92.96 billion by 2023 at a CAGR of 17.89%, over the forecast period (2018 - 2023). The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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The automotive semiconductor market has witnessed faster growth rates compared to the larger segments of the semiconductor industry. With technology advancements, the need for more power systems in the automobiles has increased, which is one of the factors driving the growth of this market. This demands the production of more sensors, microcontrollers, and analog devices. Moreover, the growth in the automotive sector is also expected to drive the adoption of pressure sensors for different applications in the automobiles. Additionally, with the expected emergence of ADAS and connected cars in the future, automotive semiconductors are expected to witness immense potential for growth, as assisted driving and navigation systems have been increasingly using the semiconductors to achieve improbable tasks.

Key Developments in the Market

December 2017 - Toshiba America Electronic Components Inc. (TAEC), launched a new IC that is compliant with the Bluetooth Low Energy (LE)1 core specification 4.2, including support for a secure connection, LE privacy features, and extended packet length. It was designed for use in harsh automotive environments and extended temperature ranges.

April 2017 - Renesas Electronics Corporation launched the Renesas autonomy, a new advanced driving assistance systems (ADAS) and automated driving platform. As the first rollout under its Renesas Autonomy platform, Renesas released the R-Car V3M high-performance image recognition system-on-chip (SoC) optimized primarily for use in smart camera applications and surround view systems or even lidars.

Major Players:

Renesas Electronics Corporation, Infineon Technologies AG, STMicroelectronics, Freescale Semiconductor Inc., NXP Semiconductor NV, Robert Bosch GmbH, Texas Instruments Inc., ON Semiconductor Corporation, Toshiba Corporation, and Analog Devices Inc., among others.

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Increasing Vehicle Production to Propel the Market Growth

Due to several applications in automobiles, such as chassis, powertrain, electronic system, safety, comfort, infotainment and networking, semiconductors are increasingly being adopted in automobiles and vehicles. With the automotive industry flourishing with the increased automobile production year by year, the market for automotive semiconductors is also expected to witness growth.

Additionally, semiconductors have enabled most of the recent innovations in automotive technology, including vision-based, enhanced graphics processing units (GPUs) and application processors, sensors, and DRAM & NAND flash. Coupled with increasing numbers, as cars become even more complex, demand for automotive semiconductors will continue to rise steadily.

Sensors are Expected to Witness a Significant Growth Rate over the Forecast Period

The main applications of sensors in the automotive industry are engine optimization, emission control, and safety enhancement. Pressure sensors are used majorly in the automotive segment as they help achieve the optimal engine performance by determining MAP and BAP for the control unit. They are further installed to detect the air pressure in tires, clean soot, and control the hydrocarbon emission from the fuel tank. The gradual rise in the automotive industry and the increasing number of features in the luxury sector has led to a rise in the number of sensors being integrated into the automobiles to provide more advanced services to the consumers.

Asia Pacific is Expected to Dominate the Market during the Forecast Period

APAC is one of the world’s fastest-growing car markets. The increase in the region’s middle class income has helped this market to grow rapidly over the last 5 years. China has a strong presence in the ULCC (Ultra-low-cost car) segment of the market, which is gaining momentum in today’s economic crisis. Regulatory and market characteristics have made China one of the most promising markets to introduce electric cars. While the Indian market is slightly smaller, when compared to the Chinese market, the development of this market could have a significant impact on the global automobile market. Growth in the Indian market is mainly due to small cars. Further growth of this market depends on the innovation of the ultra-low-cost cars segment. For instance, Tata Motors launched their ULC cars, which have enabled the entry of millions of new consumers to the market. The concept of a ULC (ultra-low-cost) vehicle has already attracted the attention of global players, such as Nissan, Renault, and Ford toward the Indian market. This segment is expected to drive the automotive innovation, as carmakers and suppliers attempt to meet emission and safety standards in a low-cost package.

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