Press release
Automotive Semiconductor Market Outlook 2024: Exclusive Report By The Business Research Company
The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033The Business Research Company offers in-depth market insights through Automotive Semiconductor Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive semiconductor market size has grown rapidly in recent years. It will grow from $54.94 billion in 2023 to $61.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increase in demand for electric and hybrid vehicles, rise in disposable income, the increasing use of electronic components in the automotive industry.
The automotive semiconductor market size is expected to see rapid growth in the next few years. It will grow to $97.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the increasing popularity of autonomous vehicles, increasing government initiatives for automotive semiconductors and increasing demand for passenger cars . Major trends in the forecast period include resistive ram technology (rram), product innovations, technology advancements, strategic partnerships, and the development of new products for automotive satellite camera modules.
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Market Segmentation:
The automotive semiconductor market covered in this report is segmented -
1) By Component: Processor, Analog IC, Discrete Power, Sensor, Memory, Other Components
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle
3) By Propulsion Type: Internal Combustion Engine, Electric, Hybrid
4) By Application: Powertrain, Safety, Body Electronics, Chassis, Telematics And Infotainment
Major Driver - Surge In Electric And Hybrid Vehicles Drives Automotive Semiconductor Market Growth
The increase in demand for electric and hybrid vehicles is expected to propel the growth of the automotive semiconductor market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EV and hybrid vehicles has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, rising demand for electric and hybrid vehicles is expected to boost demand for automotive semiconductors during the forecast period.
Competitive Landscape:
Major companies operating in the automotive semiconductor market report are Infineon Technologies AG, STMicroelectronics N.V, Texas Instruments Inc., Renesas Electronics Corp, NXP Semiconductors N.V, Robert Bosch GmbH, Toshiba Corporation, Micron Technology, Analog Devices Inc., ROHM Co. Ltd., Bharat Electronics Limited, Applied Materials, TSMC India, Solex Energy Limited, Masamb Electronics, Semtronics Micro Systems, Anchor Electricals Pvt Ltd, Havells India Ltd, CG Power and Industrial Solutions Limited (Crompton Greaves), MosChip Semiconductor Technologies, Enkris Semiconductor Inc, Sanan Integrated Circuit, Navitas Semiconductor, Cypress Semiconductor Corp, Advanced Semiconductor Engineering Inc, Will Semiconductor, Zhixin Semiconductor, UNISOC, YTMC, GigaDevice, CR Micro, Saankhya Labs, ASM Technologies, CDIL, Hyundai Electric, Mitsubishi Electric Corporation, Meidensha, Fuji Electric, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Silan, GaN Systems, Exagan, UnitySC, Dialog Semiconductor Plc.
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Top Trend - Technological Trends Transforming The Automotive Semiconductor Market
Technological innovation is a key trend gaining popularity in the automotive semiconductor market. Major companies operating in the automotive semiconductor market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation automotive semiconductor technologies into their products, such as artificial intelligence, IoT, algorithmic chips, ICs, transistors, intelligent sensors, computing, and others, making devices and applications reliable, compact, and low-cost. For instance, in September 2022, SiFive, Inc., a US-based semiconductor company, introduced the E6-A series, S7-A, and X280-A, new chip designs for digital control in automobiles. These chips work on machine learning technology and enhance the failsafe capabilities to provide an autonomous driving experience.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Semiconductor Market Characteristics
3. Automotive Semiconductor Market Trends And Strategies
4. Automotive Semiconductor Market - Macro Economic Scenario
5. Automotive Semiconductor Market Size And Growth
…..
27. Automotive Semiconductor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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