New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reports Insights has published a new research report titled automotive semiconductors market is expected to achieve significant growth over the forecast period, with a compound annual growth rate (CAGR) of 11.6% from 2023 to 2030. The market, which was valued at USD 47.9 billion in 2022, is anticipated to reach USD 115.4 billion by 2030. The growth is attributed to the increasing demand for electric vehicles, advanced driver assistance systems (ADAS), and infotainment systems.
Automotive Semiconductors Market Size, Share & Trends Analysis, By Component (Processor, Analog IC, Discrete Power, Sensor, Memory, Others), Propulsion Type (Internal Combustion Engine, Electric), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Application (Powertrain, Safety, Body Electronics, Chassis, Telematics & Infotainment), By Region and Segment, Forecast Period 2023 – 2030.
The in-depth research report on the automotive semiconductors market is offered by Reports Insights Pvt. Ltd. The research has analyzed several growth factors that help manufacturers understand the current and potential future of the market circumstances. The factors range from the latest trends, market size, pricing analysis, value, and supply chain, along with the regulatory environment that influences the growth trajectory of the market. Moreover, several trends and opportunities in crucial segments such as component, propulsion type, vehicle type, application, and region are also explored by the research study.
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Favorable initiatives by governments to strengthen the supply chains of semiconductors through robust investments in terms of production and innovation are estimated to skyrocket the market for automotive semiconductors. For instance, in June 2021, the United States Senate approved legislation called the United States Innovation and Competition Act (USICA). The legislation aims to improve the country's competitiveness and includes a provision of USD 52 billion to strengthen domestic chip manufacturing, research, and design.
Automotive Semiconductors Market Growth Drivers:
- Rising demand in all propulsion types of automobiles, especially electric vehicles fuels the sales of automotive semiconductors. For instance, in terms of conventional cars, discrete (power electronics) account for a maximum of 10 percent of total automotive semiconductors used. On the other hand, in hybrid EVs, about 35 to 40 percent of automotive semiconductors are utilized in discrete along with other types of EVs comprising up to 50 percent of semiconductors usage in discrete.
- Favorable demand for connected cars among population due to shifts in consumer preferences, in terms of 5G and IoT, propels the market growth to support the efficient working of vehicle systems.
- Rising expenditures by OEMs to focus on fuel efficiency and reducing carbon emissions accelerate the demand for innovative automotive semiconductors to improve the efficiency of vehicle powertrains.
Restraints
- Expensive development costs of automotive semiconductors mainly limit the large-scale market expansion due to the extensive need for research and development along with testing and validation. Additionally, compliance with safety standards and emissions regulations also adds extra costs and complexity to the overall development and manufacturing process.
- A high rate of product recalls, typically due to faults in powertrains or transmission systems of vehicles due to outdated versions of components largely restricts the market growth due to constant changes in the vehicle models.
Competitive Landscape
As per the research, Infineon Technologies, Texas Instruments, NXP Semiconductors, and STMicroelectronics are leading market players that comprise market concentration with other notable players such as Renesas Electronics, Analog Devices, Inc., and ON Semiconductor. The market is driven by the rising demand for advanced driver assistance systems (ADAS), electric vehicles, and other advanced automotive technologies. Thus, the market is expected to witness sustainable expansion in the coming years due to the increasing adoption of electric vehicles and autonomous driving technologies. The market is also likely to witness increased consolidation as larger players acquire small companies to expand their product portfolios and gain market share.
A rapid increase in innovations and demand for connected cars will help several original equipment manufacturers (OEMs) to offer connected features as standard. Such connected cars have a high requirement for advanced semiconductors to power their communication systems, infotainment systems, and advanced driver assistance systems (ADAS), further propelling the market statistics.
Huge demand for automotive semiconductors in electric vehicles to support the effective management of electronics used in vehicle systems will witness a significant rise in the coming years. For instance, the total sales proportion of electric vehicles (EVs) ranged between 5 to 10 percent in 2020, which is expected to reach between 35 and 50 percent of EV sales by 2030, based on how well they adhere to emissions standards.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 115.4 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 11.6% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Infineon Technologies AG, Analog Devices, Inc., NXP Semiconductors, Renesas Electronics Corporation, Robert Bosch GmbH, Continental, ROHM CO., LTD, Semiconductor Components Industries, LLC (Onsemi), STMicroelectronics, Texas Instruments Incorporated, TE Connectivity, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Melexis, Valeo |
| By Component | Processor, Analog IC, Discrete Power, Sensor, Memory, and Others |
| By Propulsion Type | Internal Combustion Engine, Electric |
| By Vehicle Type | Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle |
| By Application | Powertrain, Safety, Body Electronics, Chassis, Telematics & Infotainment |
| Report Coverage | Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
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In recent years, several market players have started to focus on introducing innovative products to improve their market position. The scope of shifting their focus toward systems instead of individual chips is expected to offer opportunities for companies to avoid facing significant price pressures. For instance, NXP Semiconductors is one such example that has recently introduced a software-defined radio solution called SAF4000 for in-vehicle infotainment (IVI) systems. According to the company, this system is the world's first all-in-one chip solution that covers all audio broadcast standards worldwide, including AM/FM, DAB+, DRM(+), and HD.
To enhance the reliability of systems, certain leaders are opting to construct such systems as integrated unit that includes multiple MCUs, MEMS, and other sensors in terms of ensuring redundancy. In this context, the term redundancy refers to the replication of critical functions or components of a system that helps in creating a backup or fail-safe.
Additionally, Original Equipment Manufacturers (OEMs) also have chances to discover that specific redundancies can enhance performance, such as the addition of extra ECUs. Some market players have even explored the usage of x-by-wire (electrical or electromechanical systems that gain complete control over vehicle functions, typically managed by mechanical linkages) for steering or braking.
In the context of market dominance by China, automotive semiconductor companies located in this region have reasons to be positive as a market and a partner, owing to various initiatives launched by the Chinese government to bolster domestic manufacturing. One such policy, "Made in China 2025", offers subsidies and incentives to local businesses that invest in innovation and upgrade their facilities. The government has also shown deep interest in the promotion of technologies used for EVs and autonomous cars.
Key Market Takeaways
- The global automotive semiconductors market size is expected to surpass USD 115.4 billion by 2030 with an astonishing CAGR of 11.6% during the forecast period (2023-2030).
- Based on the component, the sensor segment is estimated to contribute substantial shares to the market growth in terms of value and volume due to demand for automotive features such as automatic parking functions, collision avoidance braking, and lane-change assistance.
- By propulsion type, the electric segment is anticipated to push the sales of automotive semiconductors. An electric propulsion type typically includes 50+ complex electronic control units, between 5 to 20 million lines of software code, 300 processors or micro-controllers, and miles of wire harnesses to connect all of them together with the vehicle system.
- In the context of vehicle type, the light commercial vehicle (LCV) segment contributed the largest market shares to the market growth in 2022 due to the high volume requirement of logistics to support the expanded demand for e-commerce among the population.
- Based on application, the telematics & infotainment segment will push the sales of automotive semiconductors. Automakers are facing a significant increase in demand for infotainment systems that involves wireless connectivity, allowing users to stream media content and utilize voice-activated digital assistants. Additionally, these systems provide access to other connected services offered by automakers.
- Asia Pacific is estimated to offer lucrative opportunities for market growth of automotive semiconductors. The dominance of China, especially in terms of manufacturing semiconductors due to the availability of raw materials at low costs mainly creates favorable opportunities for market growth in the Asia Pacific region.
- With over 45.4% of the global market demand by the U.S., North America is also anticipated to boost the market statistics during the forecast period.
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Recent Developments:
In May 2022, Toshiba Electronic Devices & Storage Corporation and Japan Semiconductor Corporation collaborated to develop a versatile and reliable analog platform that incorporates embedded non-volatile memory for use in automotive applications. The 0.13-micron analog platform is tailored to support analog integrated circuits and has been meticulously designed to offer an optimal blend of processes and devices. The platforms also take several factors into accounts such as the rated voltage, performance, reliability, and cost of analog circuits and eNVM used in the automotive industry, all on a single chip.
In November 2022, Infineon Technologies AG partnered with REE Automotive Ltd, a company specializing in automotive technology to design a modular electric vehicle platform. The platform serves as the foundation for a range of electric vehicles, including robot axis, commercial vans, and electric passenger shuttles.
List of Major Automotive Semiconductors Market Players
• Infineon Technologies AG
• Analog Devices, Inc.
• NXP Semiconductors
• Renesas Electronics Corporation
• Robert Bosch GmbH
• STMicroelectronics
• Continental
• ROHM CO., LTD
• Semiconductor Components Industries, LLC (Onsemi)
• Texas Instruments Incorporated
• TE Connectivity
• TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION,
• Melexis
• Valeo
Global Automotive Semiconductors Market Segmentation:
- By Component
- Processor
- Analog IC
- Discrete Power
- Sensor
- Memory
- Others
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Application
- Powertrain
- Safety
- Body Electronics
- Chassis
- Telematics & Infotainment
Key Questions Covered in the Automotive Semiconductors Market Report
What is the current market size of the automotive semiconductors market?
Which segment holds the maximum number of shares of the semiconductors market?
Who are the key players currently operating in market circumstances?
Which region is estimated to offer lucrative growth opportunities for the market of automotive semiconductors?
What are the important factors that influence or drives the market growth of automotive semiconductors from 2023 to 2030?
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