Electric Vehicle Growth favorable to Global Automotive Semiconductor Market Growth

Inkwood Research anticipates that the Global Automotive Semiconductor Market is projected to register a 9.47% CAGR in terms of revenue during the forecast period, 2022-2030.
"Browse 100 Market Data Tables and 57 Figures spread over 294 Pages, along with an in-depth TOC on the Global Automotive Semiconductor Market Forecast 2022-2030."

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A semiconductor's properties lie between a conductor and an insulator. Its primary role is to ensure control over an electric current. Also, it facilitates most innovations in vehicle development. Further, with advanced converging applications like the Internet of Things (IoT), Artificial Intelligence (AI), and 5G, in automotive, there is a growing demand for automotive semiconductors.

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Emergence of Electric Vehicles drives Market Demands
Electric vehicles (EVs) have an electric motor instead of an internal combustion engine. The common electric batteries' reliance on dated technology limits their performance. As a result, EVs suffer from short life spans and high costs. At the same time, semiconductor innovations are capable of longer and more efficient battery life. Semiconductor chemistries like Silicon Carbide (SiC) and Gallium Nitride (GaN) enable EV batteries to operate at higher voltages than conventional silicon wafers.
Furthermore, semiconductors are vital to vehicle efficiency, intelligence, and safety. Also, features like emergency braking systems, backup cameras, and blind-spot sensors depend on chip technology. With automakers increasing electric integrations in vehicles, chip content is set to expand, thereby generating more growth opportunities for semiconductor players. Moreover, modern electric cars need connectivity that enables the manufacturer to send important software updates to the car's firmware. Thus, with the growing demand for electric vehicles, the automotive semiconductors' demand is set to rise.

Memory devices are the Fastest-Growing Component
Processors include microcontroller units (MCUs), digital signal processors (DSP), and microprocessor units. The use of different microcontroller types to handle operations like applications, electrical systems, automobiles, and processing needs has increased rapidly. Their applications can be found in large equipment and smaller devices like air conditioning units, airplane navigation systems, mainframe computers, cell phones, etc.
Further, safety systems like airbags and ABS have become common in cars. At the same time, features like stability-control and traction-control systems. Each of these systems adds a new module, which contains multiple microprocessors. Such factors boost the growth of the processors segment.

North America is the Fastest-Growing Region
The growing automotive manufacturing and the emergence of new carmakers drive market growth. Also, the increasing demand for commercial vehicles and electric vehicles offers growth opportunities. Moreover, several market players are focusing on initiatives to enhance their reach to rural areas and elevate their position in the automotive semiconductor market.
The intensive competitive rivalry is attributed to the established players trying to improve and expand their product portfolio to strengthen their market position. Some prominent firms in the market include Renesas Electronics Corporation, Infineon Technologies AG, Texas Instruments Incorporated, NXP Semiconductors NV, etc.

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