The Global Automotive Semiconductor Market Assessed to Acquire $56.67 Billion in Revenue by 2028

According to Triton’s report, the global automotive semiconductor market, which attained $31.28 billion in 2020, is forecasted to register progress at 6.30% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Automotive Semiconductor Market’ entails the Global Analysis and Forecasts by Components (Processors, Discrete Power Devices, Analog ICs, Lighting Devices, Sensors [Temperature Sensor, Image Sensor, Position Sensor, LED, Pressure Sensor, Other Sensor Types], Memory Devices [Flash, DRAM]), Type of Vehicle (Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs), Passenger Cars), Application (Powertrain, Body Electronics, Advanced Driver Assistance Systems, Infotainment, Safety Systems), Type of Fuel (Diesel, Gasoline, Electric/Hybrid), and by Geography (Asia-Pacific, North America, Middle East and Africa, Latin America, Europe).

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Triton’s report predicts the global automotive semiconductor market to surge based on revenue at a CAGR of 6.30% through the years from 2021 to 2028. It is further estimated to attain revenue at $56.67 billion by 2028.

Semiconductor chips are gaining traction across industries as they are widely used in various systems, including advanced driver assistance systems.

In recent years, the demand for autonomous cars has gained traction across countries. These vehicles mainly rely on sensors, processors, and machine learning systems to function effectively. Additionally, semiconductor chips are widely used in autonomous cars, offering assistance through sensors and cameras. Therefore, the growth in demand for autonomous features and the rising adoption of connected vehicles are supplementing the progression of the automotive semiconductor market.

However, certain factors, such as the high cost of automotive vehicles and lack of semiconductor chips, are negatively impacting the growth of the automotive semiconductor market’s future growth.

The market for automotive semiconductors is broadly segmented into components, type of vehicle, application, and type of fuel. Based on components, it is divided into processors, discrete power devices, analog ICs, lighting devices, sensors, and memory devices. The sensors are further divided into temperature sensor, image sensor, position sensor, LED, pressure sensor, and other sensor types. Similarly, the memory devices section is bifurcated into flash and DRAM. Further, the type of vehicle is divided into heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), and passenger cars. The application segment includes powertrain, body electronics, advanced driver assistance systems, infotainment, and safety systems. Lastly, based on fuel, it is divided into diesel, gasoline, and electric/hybrid.

The Asia-Pacific region holds the largest market for automotive semiconductors and is anticipated to continue its stronghold till 2028. This is primarily because of the rising government support and increased research and development activities across major countries, including China and Japan. Furthermore, the region is assessed to have the largest market for semiconductors, with the majority of the share owned by China in global sales. Hence, the aforementioned factors are driving the growth of the automotive semiconductor market in the region.

Intel Corporation, ON Semiconductor Corporation, Renesas Electronics Corporation, Samsung Electronics Co Ltd, Rohm Co Ltd, Texas Instruments Incorporated, Robert Bosch GmbH, NXP Semiconductors NV, STMicroelectronics NV, Analog Devices Inc, Microchip Technology Incorporated, Toshiba Corporation, Qualcomm Technologies Inc, Micron Technology Inc, and Infineon Technologies AG are leading enterprises in the automotive semiconductor market.

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Question & Answer: Automotive Semiconductor Market

Question 1: What elements are contributing to the development of the high voltage cable (HVC) market?
Answer: In recent years, the demand for autonomous cars has gained traction across countries. These vehicles mainly rely on sensors, processors, and machine learning systems to function effectively. Additionally, semiconductor chips are widely used in autonomous cars, offering assistance through sensors and cameras. Therefore, the growth in demand for autonomous features and the rising adoption of connected vehicles are supplementing the progression of the automotive semiconductor market.

Question 2: What factors are restricting the progress of the HVC market?
Answer: The high cost of automotive vehicles and lack of semiconductor chips, are negatively impacting the growth of the automotive semiconductor market’s future growth.

Question 3: Which region is expected to observe the fastest growth rate in the HVC market?
Answer: The Asia-Pacific region holds the largest market for automotive semiconductors and is anticipated to continue its stronghold till 2028. This is primarily because of the rising government support and increased research and development activities across major countries, including China and Japan. Furthermore, the region is assessed to have the largest market for semiconductors, with the majority of the share owned by China in global sales. Hence, the aforementioned factors are driving the growth of the automotive semiconductor market in the region.

Question 4: Which are the leading enterprises in the automotive semiconductor market?
Answer: Intel Corporation, ON Semiconductor Corporation, Renesas Electronics Corporation, Samsung Electronics Co Ltd, Rohm Co Ltd, Texas Instruments Incorporated, Robert Bosch GmbH, NXP Semiconductors NV, STMicroelectronics NV, Analog Devices Inc, Microchip Technology Incorporated, Toshiba Corporation, Qualcomm Technologies Inc, Micron Technology Inc, and Infineon Technologies AG are leading enterprises in the automotive semiconductor market.

Related Report:

Global Advanced Driver Assistance Systems (ADAS) Market

The global advanced driver assistance systems market is estimated to grow in its revenue during 2019-2027 at a CAGR of 19.46% (revenue) and 21.66% (volume).

Advanced driver assistance systems are referred to as advanced technologies offering autonomous features to vehicles. Moreover, they provide varied features that either operate independently or together, maximizing efficiency.

The growth in vehicular products, along with the rise in automobile thefts, have augmented the development of the market globally. Furthermore, the increase in ADAS technology adoption and strict crash test regulations have opened new avenues for the ADAS market.

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This release was published on openPR.