Press release
Comprehensive Automotive Semiconductor Market Forecast 2025-2034: Growth Trends and Strategic Shifts
Automotive Semiconductor Market
What Will the Automotive Semiconductor Industry Market Size Be by 2025?
The size of the automotive semiconductor market has seen a swift expansion in the past few years. It is anticipated to rise from $60.59 billion in 2024 to $67.42 billion in 2025, showcasing a compound annual growth rate (CAGR) of 11.3%. The historical growth can be credited to the surging demand for electric and hybrid vehicles, an increase in disposable income, and the escalated use of electronic parts within the automotive sector.
What's the Long-Term Growth Forecast for the Automotive Semiconductor Market Size Through 2029?
In the forthcoming years, the automotive semiconductor market is anticipated to experience a significant surge, escalating to $106.76 billion by 2029 with a compound annual growth rate (CAGR) of 12.2%. The rise in this forecast period can be ascribed to the growing affinity for self-driving cars, enhanced government efforts towards automotive semiconductors, and a surge in the demand for passenger vehicles. Dominant trends projecting in the forecast period encompass resistive ram technology (r-ram), product innovation, technological advancements, strategic alliances, and the creation of new products for automotive satellite camera modules.
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What Are the Key Growth Drivers Fueling the Automotive Semiconductor Market Expansion?
The surge in need for electric and hybrid cars is projected to spur the growth of the automotive semiconductor industry. The economic impact of the COVID-19 has constrained the demand for fuel-based vehicles but has amplified the requirement for EVs and hybrids. The drive to combat climate change and achieve carbon neutrality is steering the global transition towards zero-emissions transportation. These swings towards EVs and hybrid vehicles fuel economic prosperity by decreasing fuel-related expenses and shifting usage away from petroleum products towards vehicles powered by locally-produced energy. For example, in March 2023, as documented by France's International Energy Agency, the electric car market experienced a drastic expansion with sales crossing 10 million in 2022. About 14% of all new cars sold in 2022 were electric, marking a significant growth from nearly 9% in the previous year. Consequently, the escalating demand for electric and hybrid cars is predicted to stimulate the need for automotive semiconductors within the projected timeframe.
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What Are the Key Trends Driving Automotive Semiconductor Market Growth?
Rapid advancements in technology have been identified as a significant trend influencing the automotive semiconductor market's dynamics. To solidify their standing in the market, large-scale companies are concentrating on offering innovative technological solutions. They are incorporating cutting-edge automotive semiconductor technologies such as artificial intelligence, IoT, algorithmic chips, ICs, transistors, intelligent sensors, and computing into their goods, facilitating the development of dependable, compact, and cost-effective devices and applications. As an example, in September 2022, US semiconductor firm SiFive, Inc. introduced new chip designs - E6-A series, S7-A, and X280-A - for digital control in automotive applications. These chips, significantly leveraging machine learning technologies, enhance failsafe capabilities, presenting a new frontier in autonomous driving experiences.
How Is the Automotive Semiconductor Market Segmented?
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 Companies Are Leading the Charge in Automotive Semiconductor Market Innovation?
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.
Which Regions Are Leading the Global Automotive Semiconductor Market in Revenue?
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.
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