Press release
The Global Automotive Semiconductor Market to Gain CAGR of 6.30% by 2028
Global Automotive Semiconductor Market
As per Triton's research report, the global automotive semiconductor market is envisioned to witness growth, attaining 6.30% of CAGR during the period 2021-2028.
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A semiconductor is a material comprising silicon that conducts more electricity than an insulator like glass. Semiconductor chips are widely employed in various products, such as computers, smartphones, and automotive components.
The growing trend of electric vehicles and a major shift towards technology trends are creating several opportunities for the automotive semiconductor market. For instance, electric vehicles use a large traction battery pack to power the motor. Moreover, these charging systems must be plugged into an outlet known as electric vehicle supply equipment. Here, automotive vehicles are widely deployed; hence the rise in electric vehicles simultaneously boosts the studied market's growth.
However, the growing automotive costs, high regulations, and dearth of semiconductor chips restrict the progress of the automotive semiconductor market to a large extent.
Globally, North America is likely to witness the fastest growth rate in the automotive semiconductor market during the forecasted period. The rise in demand for these semiconductors is mainly due to the increasing need for commercial vehicles in the region, especially in the US. This is due to the rise in the adoption of automated safety technologies and growing EV production. Additionally, the increase in demand for light commercial vehicles has strengthened the need for autonomous features. Thus, these factors are estimated to open new avenues for the automotive semiconductor market.
The leading enterprises in the automotive semiconductor market include Qualcomm Technologies Inc, STMicroelectronics NV, Micron Technology Inc, Infineon Technologies AG, ON Semiconductor Corporation, Toshiba Corporation, Rohm Co Ltd, Texas Instruments Incorporated, Renesas Electronics Corporation, Analog Devices Inc, Microchip Technology Incorporated, Intel Corporation, Samsung Electronics Co Ltd, Robert Bosch GmbH, and NXP Semiconductors NV.
Several prominent players are striving to expand their global footing by incorporating various strategies, such as partnership and distribution agreements with other existing players. These steps are concentrated towards surging their market footprints across economies. Hence, the competition levels among current players are likely to be relatively moderate over the upcoming years.
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