Automotive Semiconductor Market Overview:
The automotive
semiconductor market size is poised for substantial growth, with the latest
report from Market Research Future (MRFR) projecting an impressive Compound
Annual Growth Rate (CAGR) of 8.6% during the forecast period spanning from 2022
to 2030.
Automotive Semiconductor Drivers
One of the primary drivers propelling this growth is
the increasing adoption of environmentally friendly alternative fuel vehicles,
particularly hybrid electric vehicles. This trend is expected to significantly
contribute to market expansion throughout the forecast period. Notably, the
International Council on Clean Transportation (ICCT) reported that global
electric vehicle production surpassed 2 million units per year in 2018, with
more than 80,000 electric vehicles sold annually.
Additionally, several other factors are enhancing the
value of the automotive semiconductor market. These include the expanding
production of automobiles, the growing utilization of automotive semiconductors
in active safety systems and autonomous driving technologies, in-vehicle
networking and connectivity solutions, LED lighting applications, efforts to
improve fuel efficiency and reduce emissions, advancements in vehicle
electrification, as well as innovations in powertrain, interiors, and vehicle
body systems. Furthermore, the development of connected cars equipped with
advanced electronics is also contributing to the market's growth.
Automotive Semiconductor Key Players:
Prominent companies featured in the global automotive
semiconductor industry report include:
·
NXP Semiconductor NV
·
Infineon Technologies AG
·
Renesas Electronics Corporation
·
STMicroelectronics N.V.
·
Toshiba Corporation
·
Texas Instrument Inc.
·
Robert Bosch GmbH
These key players are expected to play a crucial role
in driving innovation and growth within the automotive semiconductor market.
Automotive Semiconductor Opportunities
Policies
Imposing Perilous Safety Arrangements in Cars to offer Lucrative
Opportunities
Various policies imposing
greater perilous safety arrangements in cars like agile automotive proposals,
airbags, and lane departure warning for more efficacy, communication systems,
and directives for efficient route-finding will offer lucrative opportunities
for the market over the forecast period.
Automotive Semiconductor Restraints
Rising
Cost of Overall Vehicle to act as Market Restraint
The rising cost of overall
vehicle and maintenance between quality and cost of product may act as market
restraint over the forecast period.
Challenges
Constant
Optimization to act as Market Challenge
The continuous
optimization of component size, high regulations, and shortage of semiconductor
chips may act as market challenges over the forecast period.
Automotive Semiconductor COVID-19
Analysis
During the COVID-19
outbreak, the automotive semiconductor market experienced a negative impact as
the key automotive fabricating plants have totally stopped their production due
to the government imposed lockdown by numerous countries across the globe. Besides,
the crisis caused unrealistic disturbance in the supply chain network and
production. This essentially influenced on research and development investments
and capital. Further, restrictions imposed by the government on transportation
endured a boycott which impacted the Just in Time strategies that ended the
production plans prompting standing by and also plan closure.
Automotive
Semiconductor Market Segmentation
·
The global automotive
semiconductor market is segmented based on vehicle type, application, and
component.
·
By component, the integrated
circuits segment will lead the market over the forecast period at a high CAGR.
·
By application, the power
electronics segment will dominate the market over the forecast period and at a
significant CAGR.
By vehicle type, passenger
cars will spearhead the market over the forecast period at a healthy CAGR for
the high demand for passenger cars across the world. Improved disposable income
and rising middle-class population have boosted the need for passenger cars in
Malaysia, Indonesia, Thailand, India, and China among others.
Regional
Analysis
APAC to
Steer Automotive Semiconductor Market
The APAC region will steer
the market over the forecast period. The region being a major automotive hub
with the market share in terms of vehicle production and sales, growing Chinese
automotive market, the market has evolved into the largest producer of vehicles,
the region being the largest consumer of automotive
semiconductor across the globe, increasing growth
of automotive industry in China, Japan, and India, and the presence of leading
semiconductor manufacturers in the region are adding to the global automotive
semiconductor market share in the region.
North America is set to experience
significant development within the automotive
semiconductor market during the forecast period.
Several key factors are driving this growth in the region, including rapid
economic advancement, a rising demand for electric vehicles (EVs), increasing
adoption of intelligent transportation systems, the integration of automated
safety technologies, a surge in EV production, and the presence of numerous
prominent industry players.
In the United States, for instance, the
National Highway Traffic Safety Administration highlights the continuous
evolution of automotive technology, with a focus on delivering enhanced safety
benefits and Advanced Driver Assistance Systems (ADS). Notably, American
semiconductor pioneer Texas Instruments is currently at the forefront of the
industry, offering top-notch solutions for applications such as ultrasound,
Lidar, camera, radar, and sensor combinations. These advancements further
contribute to the robust growth of the automotive semiconductor market in North
America.
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