Press release
Global Automotive Semiconductor Market to Reach $106.76 Billion by 2029, Growing at 12.2% CAGR
Automotive Semiconductor Market Insights
The growth of the automotive semiconductor market is likely to be fueled by the rising demand for electric and hybrid vehicles. The economic impact of COVID-19 has negatively influenced the demand for petrol and diesel cars, but the demand for electric and hybrid vehicles has seen a surge. The global drive towards emission-free driving, spurred by climate warming and the ambition to reach net-zero emissions, encourages this shift. This transition towards electric and hybrid vehicles has economic benefits as it reduces fuel costs and shifts consumption away from petroleum products towards more locally manufactured power vehicles. For example, the International Energy Agency, an intergovernmental organization based in France, reported exponential growth in the electric car market in March 2023, with sales exceeding 10 million in 2022. About 14% of all new cars sold in 2022 were electric, marking a notable rise from around 9% in 2021. This increasing demand for electric and hybrid vehicles is anticipated to augment the demand for automotive semiconductors during the forecast period.
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What Is the projected market size and growth rate for the automotive semiconductor market?
The rapid expansion of the automotive semiconductor market has been notable in recent years. With its market size predicted to escalate from $60.59 billion in 2024 to $67.42 billion in 2025, it reflects a compound annual growth rate (CAGR) of 11.3%. The surge during the historic period is due to factors such as higher demand for electric and hybrid vehicles, an increase in disposable income, and the growing prevalence of electronic components in the automotive sector.
The size of the automotive semiconductor market is predicted to experience a notable expansion in the upcoming years, projected to escalate to $106.76 billion by 2029 with a compound annual growth rate of 12.2%. The progress during the prediction timeframe is mainly due to the growing preference for self-driving cars, heightened government measures promoting automotive semiconductors, and a surge in the demand for passenger vehicles. Crucial trends projected for the future period encompass resistive ram technology (r-ram), innovative product introductions, technological progressions, strategic collaborations, and creation of novel products targeting automotive satellite camera modules.
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What new trends are reshaping the automotive semiconductor market and its opportunities?
The adoption of technological advancements has been steadily increasing, securing a position as a main trend in the automotive semiconductor market. To bolster their share in the landscape, top players in the market are focusing on delivering superior technological solutions. Innovations such as algorithmic chips, AI, IoT, ICs, transistors, intelligent sensors, and computing are being merged into their merchandise, rendering the gadgets and applications reliable, compact, and cost-effective. SiFive Inc., a semiconductor corporation based in the US, is one case in point. In September 2022, the company unveiled the E6-A series, S7-A, and X280-A, new chip blueprints for digital management in automobiles. These chips operate on machine learning technology, augmenting fail-safe features for a more autonomous driving experience.
What major market segments define the scope and growth of the automotive semiconductor market?
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
Subsegments:
1) By Processor: Microcontrollers, Microprocessors
2) By Analog IC: Voltage Regulators, Operational Amplifiers
3) By Discrete Power: MOSFETs, IGBTs
4) By Sensor: Temperature Sensors, Pressure Sensors, Proximity Sensors
5) By Memory: RAM (Random Access Memory), Flash Memory
6) By Other Components: Communication ICs, Gate Drivers, Interface ICs
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Which region dominates the automotive semiconductor market?
Asia-Pacific was the largest region in the automotive semiconductor market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the automotive semiconductor industry growth?
Major companies operating 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., MosChip Semiconductor Technologies, Enkris Semiconductor Inc, Sanan Integrated Circuit, Navitas Semiconductor, Cypress Semiconductor Corp, 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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What Is Covered In The Automotive Semiconductor Global Market Report?
•Market Size Forecast: Examine the automotive semiconductor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive semiconductor market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive semiconductor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive semiconductor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive semiconductor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive semiconductor market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive semiconductor market.
•Competitive Landscape: Review strategic developments in the automotive semiconductor market, including expansions, agreements, and new product launches.
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