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Automotive Semiconductor market size is projected to reach US$ 42140 million by 2027, from US$ 31430 million in 2020 at a Compound Annual Growth Rate (CAGR) of 3.8% during 2021-2027 - Valuates Reports
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Other factors contributing to the growth of the Automotive Semiconductor market include the introduction of the Advanced Driver Assistance Systems(ADAS), growing electronic components in automotive vehicle production, increase in technological advancements, and rise in demand for electric and hybrid vehicles. Semiconductors are special electrical components that possess the capability to transfer electricity through them under specific conditions. Semiconductors ensure that all the components of vehicles work efficiently, help enhance the security systems and regulate the air conditioning system of the vehicle.
An increase in demand for safety and security systems in vehicles will drive the growth of the market
The growing safety and security features in vehicles will boost the demand for semiconductors in the coming years. Due to growing road accidents, advanced technologies are being introduced in the form of parking assistance, lane departure warnings, electronic stability control, tire pressure monitors, airbags, etc. Moreover, ADAS technology can help detect and classify objects in front of the vehicle, alert drivers about nearby surroundings, road conditions, and also decelerate or stop vehicles based on calculations done by semiconductors. Hence growing need for safety and security features is boosting the demand for semiconductors in vehicle production ultimately fueling the growth of the Automotive semiconductor market during the forecast period.
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Increase in connectivity options and growing electrical components in cars will boost the growth of the Market
Cars of today contain more electrical components than they used to have over a decade ago. With the introduction of new and better technologies cars have now become faster, accessible, convenient, reliable, and safer. Also with the advent of the Internet of Things(IoT) cars can connect with other components or vehicles and create a network of connected automobiles with newer possibilities. Thus, the increase in the need for electrical components and the introduction of advanced technologies is fueling the need for semiconductors ultimately surging the growth of the Automotive semiconductor market during the forecast period.
Automotive Semiconductor Market by Type
➣Processor
➣Analog IC
➣Discrete Power
➣Sensor
➣Memory
Automotive Semiconductor Market by Application
➣Passenger
➣LCV
➣HCV
Automotive Semiconductor Market by Region
➣North America
➣U.S.
➣Canada
➣Europe
➣Germany
➣France
➣U.K.
➣Italy
➣Russia
➣Nordic
➣Rest of Europe
➣Asia-Pacific
➣China
➣Japan
➣South Korea
➣Southeast Asia
➣India
➣Australia
➣Rest of Asia
➣Latin America
➣Mexico
➣Brazil
➣Rest of Latin America
➣Middle East & Africa
➣Turkey
➣Saudi Arabia
➣UAE
➣Rest of MEA
Major Players in the Automotive Semiconductor Industry
➣NXP Semiconductors
➣Renesas Electronics
➣Infineon Technologies
➣STMicroelectronics
➣Robert Bosch GmbH
➣Texas Instruments
➣ON Semiconductor
➣ROHM
➣Toshiba
➣Analog Devices
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