The global automotive semiconductor market is set for substantial growth, with forecasts indicating a steady compound annual growth rate (CAGR) of 7% from 2023 to 2033. Starting at a valuation of USD 58,770.1 million in 2023, the market is anticipated to reach USD 115,609.68 million by the end of 2033.
Key drivers propelling this growth include the increasing demand for electric components and hybrid vehicles worldwide. As sustainability becomes a focal point in transportation, there is a rising need for advanced semiconductor technologies powering electric powertrains, battery management systems, and microcontrollers. These components are crucial for enhancing the efficiency and performance of electric and hybrid vehicles.
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When the driver applies the brakes, the anti-lock braking system is activated because the sensors and semiconductor devices have detected an incident. As a result, semiconductors play a crucial role in the automotive sector, and the industry’s rapid expansion is anticipated to boost the automotive semiconductor market’s growth over the forecast period.
Demand for improved vehicle safety features continues to rise.
As the number of traffic accidents grows, so does the need for safety features like parking aids, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics. Numerous ADAS technologies rely heavily on automotive semiconductors, which improve the systems’ functionality and enable them to detect and classify objects in the path of the vehicle, alerting the driver to changes in the environment and the state of the road as necessary.
Furthermore, these systems can use semiconductors and associated components to automatically apply the brakes or bring the vehicle to a stop, depending on the road conditions. In recent years, there has been a dramatic rise in the number of people losing their lives in traffic accidents, making it one of the leading causes of death worldwide.
According to a 2021 report by the World Health Organization, for instance, nearly 1.3 million people worldwide lose their lives in traffic-related incidents annually. Teenagers also have a higher rate of fatal road traffic injuries. Due to these causes, there has been an uptick in interest in car safety features. Businesses in the auto industry are working to address consumers’ concerns by designing and releasing new products with enhanced safety functions. For instance, HELLA (a company that makes advanced lighting and electronics components) is expected to begin mass producing their newest 77 GHz radar system soon.
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Key Takeaways
- The automotive semiconductor market is expected to experience significant growth in the coming years due to increased demand for electric and hybrid vehicles.
- Advancements in ADAS technology are driving the demand for semiconductors that enable these features.
- The development of autonomous vehicles is driving the need for more advanced semiconductor technology, such as LiDAR, radar, and camera systems.
- The rise of connected car technology is driving demand for advanced semiconductor components that can support features like telematics, infotainment, and vehicle-to-vehicle communication.
- The adoption of Industry 4.0 technology is driving demand for more advanced semiconductor technology that can support IoT and AI systems.
- The United States is currently the largest market for automotive semiconductors due to its robust automotive industry and investment in emerging technologies.
- The Asia-Pacific region is expected to experience significant growth in the automotive semiconductor market due to its growing automotive industry and increasing demand for electric and hybrid vehicles.
Competitive Landscape
The competitive landscape in the automotive semiconductor market is highly fragmented and characterized by intense competition among key players. There are several global players, including NXP Semiconductors N.V., Infineon Technologies AG, and Texas Instruments Incorporated, who are investing heavily in research and development to improve the performance and functionality of their semiconductor products. These companies are also expanding their product portfolios through strategic partnerships, mergers and acquisitions, and collaborations with other companies in the value chain.
The automotive semiconductor market is seeing increased competition from new entrants and startups that are developing innovative semiconductor products to cater to the evolving needs of the automotive industry. These companies are leveraging emerging technologies like IoT, AI, and cloud computing to develop cutting-edge semiconductor solutions that enhance the functionality and performance of automobiles.
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Key Segments
Automotive Semiconductor Market by Component:
- Micro Components (Processors)
- Memory Devices
- Logic
- Optical & Sensors
- Analog ICs
- Discrete Devices
Automotive Semiconductor Market by Vehicle Type:
- Automotive Semiconductors for Passenger Vehicles
- Automotive Semiconductors for Light Commercial Vehicles
- Automotive Semiconductors for Heavy Commercial Vehicles
Automotive Semiconductor Market by Application:
- Body
- Safety
- Telematics & Infotainment
- Power Trains
- Chassis
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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