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Surge In Electric And Hybrid Vehicles Drives Automotive Semiconductor Market Growth: An Emerging Driver Transforming The Automotive Semiconductor Market Landscape
Automotive Semiconductor
What Is the Projected Growth of the Automotive Semiconductor Market?
The rapid expansion of the automotive semiconductor market has been witnessed in recent years. Its value is projected to increase from $60.59 billion in 2024 to $67.42 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.3%. Factors that have contributed to this growth in the past include heightened demand for electric and hybrid vehicles, increased disposable income, and the growing incorporation of electronic elements into the automotive sector.
The size of the automotive semiconductor market is predicted to multiply rapidly in the coming years, reaching a valuation of $106.76 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 12.2%. The substantial growth expected over the prediction period can be ascribed to the rising trend of autonomous vehicles, governmental actions favorable to automotive semiconductors, and escalating demand for passenger vehicles. Also, the forecast period will witness significant trends like advancements in resistive ram technology (r-ram), innovation in products, technological evolutions, strategic collaborations, and catering to the demand for new products in the automotive satellite camera modules sector.
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What Are the Different Automotive Semiconductor Market Segments?
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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What Are the Primary Drivers Shaping the Automotive Semiconductor Market?
The automotive semiconductor market is anticipated to expand due to the rising popularity of hybrid and electric vehicles. The economic influence of the COVID-19 pandemic has reduced the demand for gasoline and diesel-powered cars, but interest in EV and hybrid vehicles has risen. The need to combat climate change and strive for net-zero emissions is motivating a global shift towards zero-emission driving. These changes to EV and hybrid vehicles are economically beneficial as they decrease fuel spending and divert consumption from petroleum products to more domestically manufactured power vehicles. For example, the electric vehicle market saw remarkable growth in March 2023, as per the International Energy Agency, an intergovernmental organization based in France. Electric car sales exceeded 10 million in 2022, a significant rise from around 9% in 2021, representing 14% of all new cars sold. Therefore, the escalating demand for hybrid and electric vehicles is expected to stimulate increased need for automotive semiconductors in the projected period.
Which Companies Are Leading in the Automotive Semiconductor Market?
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.
What Are the Major Trends Shaping the Automotive Semiconductor Market?
The proliferation of technological innovations is a prominent trend observed in the automotive semiconductor market. Firms prominent in this market are driving their efforts toward delivering high-tech solutions as a strategic move to cement their market presence. They have progressively integrated modern automotive semiconductor technologies, including artificial intelligence, IoT, algorithmic chips, ICs, transistors, intelligent sensors, computing, amongst others into their product lineup, thereby ensuring products that are compact, reliable, and cost-effective. As an example, SiFive, Inc., an American semiconductor firm, in September 2022 rolled out the E6-A series, S7-A, and X280-A, which are innovative chip designs for digital control in vehicles. Leveraging machine learning technology, these chips boost failsafe functionalities and facilitate autonomous driving experience.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Semiconductor Market?
2. What is the CAGR expected in the Automotive Semiconductor Market?
3. What Are the Key Innovations Transforming the Automotive Semiconductor Industry?
4. Which Region Is Leading the Automotive Semiconductor Market?
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