Pune, India, Aug. 22, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Automotive Semiconductor Market Size is projected to reach USD 103.85 billion by 2029 and exhibit a CAGR of 8.4% during the forecast period. The market size was USD 53.06 billion in 2021 and USD 59.22 billion in 2022. Growing adoption of electric and hybrid electric vehicles will bode well for the industry outlook. In addition, an increasing development of autonomous driving vehicles to strengthen safety will encourage major companies to invest in semiconductors, such factors to drive the overall growth of the automotive semiconductor market.
Industry participants expect strong demand for hybrid and electric vehicles to drive automotive semiconductor market share, says Fortune Business Insights in its report titled Automotive Semiconductor Market Forecast 2022-2029.
October 2021: Infineon Technologies AG announced the introduction of the SLI37 automotive safety controller to enhance automotive application.
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Scope and segmentation of the report:
|Report coverage||The details|
|Forecast period 2022 to 2029 CAGR||8.4%|
|2029 Value Projection||103.85 billion dollars|
|Market size in 2022||59.22 billion dollars|
|Historical data for||2018-2020|
|number of pages||165|
|Segments covered||By component, by vehicle type, by propulsion, by application|
|Growth drivers||Growing demand for hybrid and electric vehicles to drive industry growth|
|Asia Pacific will offer lucrative opportunities with the bullish adoption of electric cars|
Asia Pacific will offer lucrative opportunities with the bullish adoption of electric cars
Strong penetration of electric vehicles in China is likely to drive the Asia-Pacific market during the forecast period. According to the China Passenger Car Association, sales of electric passenger vehicles in China increased by 169.1% from 2020 to nearly 2.99 million in 2021. Growth of commercial electric vehicles across China, Japan, South Korea and India will encourage major players to invest in the region.
The growth of the automotive semiconductor market in North America will witness a notable gain due to robust sales of commercial and passenger electric vehicles. In addition, an increased emphasis on the commercialization and development of autonomous electric vehicles will drive regional growth.
Europe can capture a significant share of the global market following the implementation of vehicle emissions and the trend towards autonomous vehicles. Growing demand for electrification may also encourage major companies to invest in landscaping.
Market leaders –
Growing demand for hybrid and electric vehicles to drive industry growth
Several factors, such as stricter pollution laws, including the Kyoto protocol and the prevalence of subsidies for the purchase of hybrid electric vehicles, will bode well for industry growth. To illustrate, PWC claimed that global sales of battery electric vehicles (the processors) increased by 121% in 2021 compared to the previous year. With the increase in demand for EVs and the need for sensors to enhance engine performance, the demand for automotive semiconductors witnessed a notable increase. However, high costs and security risks may hinder the growth of the industry.
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Market segments –
The processor segment will remain dominant with the increasing use of electronics components
In terms of component, the market is segmented into memory devices, processors, discrete power devices, analog ICs, sensors, and others. The processor segment may dominate the global market due to the increasing use of electronic components.
Passenger cars will lead the market due to the integration of entertainment systems
On the basis of vehicle type, the market is classified into commercial vehicles and passenger cars. Stakeholders expect the passenger car segment to lead the global market on the back of entertainment systems integration.
Rising fuel prices to push electric drive
In terms of propulsion, the market is divided into electric and ICE. Electric mobility may be the fastest growing segment due to rising fuel prices and the low cost of running electric vehicles.
The security segment will dominate with increasing enforcement of stringent regulations
In terms of application, the market is segmented into safety, telematics and infotainment, engine, chassis and body electronics. The security segment will remain dominant in the wake of the implementation of stringent regulations.
Impact of COVID-19
COVID-19 Pandemic: Auto Sales Decline to Hinder Growth
The spread of the COVID-19 pandemic has caused a huge loss to the automotive industry across the globe. It has forced various vehicle manufacturers to shut down their production processes. A decline in vehicle sales and production is likely to hamper demand for automotive semiconductors amid this pandemic. Our extensively researched reports will help you choose the right strategy to get out of this dire situation.
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Stakeholders invest in organic and inorganic strategies to grow portfolios
Prominent players can inject funds into mergers and acquisitions, product launches, technological advancements and R&D activities. In addition, important companies can invest in innovations and product offerings in the following period.
Companies Profiled in Cloud Security Market Research Report:
- Robert Bosch GmbH (Germany)
- Infineon Technologies AG (Germany)
- STMicroelectronics (Switzerland)
- NXP Semiconductors (Netherlands)
- Toshiba Corporation (Japan)
- On Semiconductor Corporation (USA)
- ROHM Co., Ltd. (Japan)
- Texas Instruments Incorporated (USA)
- Renesas Electronics Corporation (Japan)
- Denso Corporation (Japan)
FREQUENTLY ASKED QUESTIONS
- How big is the cloud security market?
Fortune Business Insights says the global market size was $59.22 billion in 2022 and is projected to reach $103.85 billion by 2029.
- Which region held the largest market share?
Asia Pacific dominated the market share in 2021.
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Table of Contents:
1.1. Research Area
1.2. Market segmentation
1.3. Research methodology
2. Executive summary
3. Market dynamics
3.1. Market leaders
3.2. Market restrictions
3.3. Market Opportunities
4. Key insights
4.1. Mergers, acquisitions and partnerships
4.2. PORTER’S Five Forces
4.3. SWOT analysis
4.4. The automotive semiconductor value chain
4.5. A typical semiconductor manufacturing journey
4.6. Distributor Analysis of Major Players
4.7. Technological Developments
4.8. Impact of COVID-19 on the Automotive Semiconductor Market
5. Global Automotive Semiconductor Market Analysis, Insights and Forecasts, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecasts – By Component
5.2.2. analog IC
5.2.3. Discrete electrical equipment
5.2.5. Memory device
5.3. Market Analysis, Insights and Forecasts – By Vehicle Type
5.3.1. Passenger car
5.3.2. Commercial vehicles
5.4. Market Analysis, Insights and Forecast – By Propulsion
5.5. Market Analysis, Insights and Forecasts – By Application
5.5.1. Power system
5.5.3. Body Electronics
5.5.5. Telematics and Infotainment
5.6. Market Analysis, Insights and Forecasts – By Region
5.6.1. North America
5.6.3. Asia Pacific
5.6.4. The rest of the world
To be continued…
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Automotive Semiconductor Market Share