Press release
Exponential Growth in Automotive Semiconductor Market: Key Players, Trends, and Projections for 2024-2029
Automotive Semiconductor Market Size
What Is The Projected Market Size Of The Global Automotive Semiconductor Market And Its Growth Rate?
•The automotive semiconductor market size is expected to grow from $60.59 billion in 2024, to $67.42 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.3%. This growth can be attributed to an increase in demand for electric and hybrid vehicles, a rise in disposable income, and the increasing use of electronic components in the automotive industry.
•By 2029, the market size is expected to reach $106.76 billion, growing at a CAGR of 12.2%. Trends contributing to this growth include the increasing popularity of autonomous vehicles, government initiatives for automotive semiconductors, and increasing demand for passenger cars.
What Is Driving The Growth In The Automotive Semiconductor Market?
The surge in demand for electric and hybrid vehicles is a major driver for the growth of the automotive semiconductor market. While the COVID-19 pandemic dampened demand for petrol and diesel cars, it increased the demand for EV and hybrid vehicles. Climate change concerns and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV and hybrid vehicle shifts reduce fuel costs and promote a shift in consumption from petroleum products to locally produced power. For instance, the International Energy Agency reported that the electric car market saw exponential growth as sales surpassed 10 million in 2022, a considerable increase from approximately 9% in 2021 to 14% of all new cars sold. This trend is expected to continue, boosting demand for automotive semiconductors in the forecast period.
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Who Are the Key Players Driving Automotive Semiconductor Market Growth?
Key players in the automotive semiconductor market include:
•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.
What Are The Key Trends In The Automotive Semiconductor Market?
Key trends in the market include:
•Resistive RAM technology (r-ram)
•Product innovations and technology advancements
•Strategic partnerships
•Development of new products for automotive satellite camera modules
What Are The Segments Of The Global Automotive Semiconductor Market?
The automotive semiconductor market includes:
•By Component: Processor, Analog IC, Discrete Power, Sensor, Memory, Other Components
•By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Medium And Heavy Commercial Vehicle
•By Propulsion Type: Internal Combustion Engine, Electric, Hybrid
•By Application: Powertrain, Safety, Body Electronics, Chassis, Telematics And Infotainment
Which Region Leads The Automotive Semiconductor Market?
In 2024, Asia-Pacific was the largest and is expected to be the fastest-growing region in the automotive semiconductor market. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Automotive Semiconductor Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Semiconductor Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Semiconductor Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Semiconductor Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Semiconductor Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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