Farmington, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Semiconductor Market Size Was Valued At USD 53.06 Billion In 2021. The Market Is Projected To Grow From USD 59.22 Billion In 2022 To USD 103.85 Billion By 2029, Exhibiting A CAGR Of 8.4% During The Forecast Period. The COVID-19 outbreak has been frightening and unprecedented on a worldwide scale. As a result, compared to levels prior to the pandemic, demand for automotive semiconductors is lower than anticipated in all areas. According to our analysis, the global market shrank by 8.7% in 2020 compared to 2019.
Sales of electric and hybrid cars are rising, and more are being developed to make driving safer. This is one of the key factors propelling the growth of the automotive semiconductor industry. The use of automotive semiconductors will increase as more electronics are added to cars and as they become increasingly digitally interconnected.
Request Sample Copy of Report “Automotive Semiconductor Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- February 2022: Uber announces that it is expanding its services in Egypt to include a world-first B2B service called "Uber Bus for Business". This service provides businesses with customized transportation programs for their employees' daily commutes. The service also solves Cairo's congestion problem by reducing traffic on the streets.
- May 2021: Uber announces a strategic partnership with Arrival, a global technology company that makes electric vehicles. Uber has entered into a partnership to develop and deploy electric vehicles on its ride-hailing platform. It will also support Uber's plan to become a completely emission-free platform by 2040.
Segment Overview
Component Insights
The processor segment held the biggest market share in 2021, and it is anticipated that this will continue throughout the projection period. The rising use of electronics in cars is one of the key factors fueling the segment's rise. On the other hand, discrete power devices are anticipated to have the highest CAGR of 10.3% during the projection period.
Vehicle Type Insights
Passenger automobiles dominated the market as of 2021, and this is anticipated to continue throughout the projection period. The increase is the result of more people's desire to purchase passenger automobiles globally. Additionally, the industry is expanding due to the adoption of hands-free phone connections, climate control, navigational services, voice control, two-way communication tools, parking assistance, and internet service in passenger vehicles.
Propulsion Insights
The ICE segment dominated the market in terms of sales in 2021 and is anticipated to do so once more in 2029. This is due to the widespread production and sale of Internal Combustion Engines (ICE). Additionally, to make ICE vehicles safer and cleaner, several automakers are incorporating various technological components, which is also assisting the segment's expansion.
Application Insights
The safety sector held the largest market share in 2021, and it is probable that this will continue during the following few years. Stricter regulations have been put in place to ensure that automobiles are safe as a result of an increase in accidents on the roads in several nations. Automakers equip vehicles with modern driver assistance systems and emergency braking systems to comply with safety laws. The market is expanding as a result of these factors.
Regional Outlook:
Asia-Pacific was the largest market in the world in 2021 with a market share of USD 21.5 billion. In upcoming years, it might maintain its market share. From 2022 to 2029, the region should also have the greatest CAGR. The market is expanding as a result of the fastest-growing car industries in nations like China, India, and Japan, as well as government support for the region's semiconductor industry. The significant increase in demand for electric vehicles in China has also aided the industry's expansion. Additionally, more people are purchasing commercial electric vehicles in countries like India, Japan, South Korea, and others. In the near future, this might aid in the market's expansion. For instance, according to the China Passenger Car Association, 169.1% more electric passenger car sales were made in China in 2021, totaling around USD 2.99 million.
North America may have the quickest pace of growth after Asia-Pacific. The market could expand as more electric automobiles and trucks are marketed in the United States. Additionally, the research and commercialization of electric autonomous vehicles and Robo-taxis are garnering more attention, which may present growth prospects in the years to come.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 8.4% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 59.22 Billion |
| By Component | Processor, Analog IC, Discrete Power Device, Sensor, Memory Device, Others, Others |
| By Vehicle Type | Passenger Cars, Commercial Vehicles, Others |
| By Propulsion Type | ICE, Electric, Others |
| By Application | Powertrain, Safety, Body Electronics, Chassis, Telematics & Infotainment, Others |
| By Companies | Robert Bosch GmbH (Germany), Infineon Technologies AG (Germany), STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), On Semiconductor Corporation (U.S.), ROHM Co., Ltd. (Japan), Texas Instruments Incorporated (U.S.), Renesas Electronics Corporation (Japan), Denso Corporation (Japan), Others |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
The automobile industry is using semiconductors more and more to enable artificial intelligence (AI) in vehicles to emulate, support, and improve human operations while simultaneously utilising the quicker response times and pinpoint accuracy of machine-based systems. The newest self-driving cars use AI to make them simpler, safer, and more practical for both drivers and passengers. The in-car assistants and powerful machine learning methods combined with Natural Language Processing (NLP) allow the car's systems to respond to voice instructions and make decisions about what to do on their own.
Driving Factors:
Alongside conventional internal combustion engine automobiles, electric and hybrid vehicles are rising in popularity. This is a result of stringent pollution regulations, including government subsidies and policies, the Kyoto Protocol, tax benefits for purchasing hybrid electric vehicles and batteries, as well as a greater understanding of the negative environmental consequences diesel and gasoline-powered vehicles have. For instance, sales of "processors," the batteries used in electric vehicles, increased by 121% globally in 2021 over the previous year, with China dominating the market with about 3 billion processors—a 172% increase over 2020. German, American, and British new electric vehicle registrations increased by 83%, 76%, and 62%, respectively, in 2021. Additionally, according to data from BloombergNEF, there may be 677 billion commercial and passenger ZEV vehicles in operation worldwide by 2040. Additionally, according to fresh estimates from BloombergNEF, sales of battery-electric and plug-in hybrid vehicles will account for 7.2% of all automobiles sold globally in 2021, up from 2.6% in 2019 and 4.3% in 2020. A lot of EVs are being produced by businesses. According to Ford, General Motors, and other automakers, sales of zero-emission vehicles will increase significantly by 2040.
Restraining Factors:
If a section of the car is broken, it might not function as well as it should. Component processors, such as microprocessors and SoCs, are complex, and the majority of the controls connected to one another have an impact on one another. Therefore, even one damaged or broken component could prevent the car from starting. The majority of vehicles with MCU-controlled features lack extra backups to account for human error because doing so would be expensive. Therefore, a damaged MCU poses a significant safety risk in critical applications. If a sophisticated semiconductor component, such as the SoC or MCU, requires repair or replacement, diagnostics must be performed. The new MCU must be reprogrammed after installation, and additional testing is required to ensure that it functions properly with the vehicle.
Key Segments Covered:
Top Market Players:
Robert Bosch GmbH (Germany), Infineon Technologies AG (Germany), STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), On Semiconductor Corporation (U.S.), ROHM Co., Ltd. (Japan), Texas Instruments Incorporated (U.S.), Renesas Electronics Corporation (Japan), Denso Corporation (Japan), and others.
By Component
- Processor
- Analog IC
- Discrete Power Device
- Sensor
- Memory Device
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Others
By Propulsion Type
- ICE
- Electric
- Others
By Application
- Powertrain
- Safety
- Body Electronics
- Chassis
- Telematics & Infotainment
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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- Automotive Semiconductor Market - The Global Automotive Semiconductor Market Size Was Valued At USD 53.06 Billion In 2021. The Market Is Projected To Grow From USD 59.22 Billion In 2023 To USD 103.85 Billion By 2029, Exhibiting A CAGR Of 8.4% During The Forecast Period.
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