New York, US, Oct. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR)," Automotive Semiconductor Market Research Report Information By Component, Application, Vehicle Type, by Vehicle Propulsion, Forecast 2030”, the global market will reach USD 85,727.8 million at an 8.8% CAGR by 2030.
Automotive Semiconductor Market Analysis
Electric vehicles have been quite expensive in recent years due to high production costs. The rise of new start-ups in the electric vehicle market provided fresh inventive ideas and technology, which aided in lowering vehicle electrification production costs. As a result, buyers' attention has shifted to the electric vehicle category. Fuel price increases have also accelerated vehicle electrification. Thus, the rising trend of vehicle electrification will boost market growth over the forecast period.
Key Players
Eminent market players profiled in the global automotive semiconductor market report includes,
- NXP Semiconductors
- Renesas Electronics
- Infineon Technologies
- STMicroelectronics
- Robert Bosch GmbH
- Texas Instruments
- ON Semiconductor
- ROHM
- Toshiba
- Analog Devices
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Increasing Development of Autonomous Cars to offer Robust Opportunities
The increasing development of self-driving vehicles to improve safety will push top firms to invest in semiconductors, which in turn will offer lucrative opportunities for the market over the forecast period.
Automotive Semiconductor Market Restraints and Challenges
Operational Failures to act as Market Restraint
The operational failures and high costs coupled with complex structure of such automobile computer chips may serve as market restraints in the forecast period.
Automotive Semiconductor Market Segmentation
The global automotive semiconductor market has been bifurcated based on vehicle propulsion, vehicle type, application, and component.
By component, processor will lead the market over the forecast period.
By application, telematics and infotainment will dominate the market over the forecast period.
By vehicle type, passenger car will spearhead the market over the forecast period.
By vehicle propulsion, electric vehicle will have the lions share in the market over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 85,727.8 Million |
| CAGR during 2022-2030 | 8.8% |
| Key Market Opportunities | Growing Demand For EV |
| Key Market Drivers | Increasing Trend of Vehicle Electrification |
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COVID-19 Analysis
COVID-19 has had an impact on various industries around the world, resulting in travel bans, global lockdown, and delays and disruptions in various enterprises' and supply chains. The semiconductor industry has also been severely impacted by the ongoing unprecedented occurrence, with a dramatic drop in revenues. Despite the growing uncertainty, semiconductor manufacturers, particularly chipmakers, are attempting to keep operations running and formulate a long-term strategy.
Many semiconductor manufacturers interact with their partners and specific markets due of sustained commercial stability. Semiconductor manufacturers, for example, make continuing efforts in research, design, and manufacturing procedures while focusing on the health and safety of their employees. The semiconductor industry has felt compelled to maintain operations for end-users such as the electric vehicle industry.
Automotive Semiconductor Market Regional Analysis
North America to Head Automotive Semiconductor Market
North America is predicted to considerably contribute to the automotive semiconductor industry and have the greatest share of the global market throughout the forecast period. The region is hub to some of the world's largest automotive manufacturing nations, including the United States, Mexico, and Canada. Ford Motor Company, General Motors, Toyota Motor Corporation, and Chevrolet Motor Company are among the major automobile manufacturers in the United States. The largest automobile manufacturing countries in North America, like Mexico, the United States, and Canada, are primarily responsible for the market's growth. The North American automotive semiconductor market will increase significantly as a result of strong sales of electric commercial and passenger vehicles.
Furthermore, a greater emphasis on the commercialization and development of electric self-driving vehicles will promote regional growth. Depreciated oil costs, stringent government restrictions, quick technological innovation, and the consumption of primarily premium vehicles are the drivers that will propel North America to the top of the automotive semiconductor market during the projection period. North American consumption of automotive semiconductors is expected to lead the worldwide automotive semiconductor market in terms of share. Government measures to improve the automotive manufacturing industry, as well as the increasing usage of technologies such as IoT in a variety of cars, are likely to be major factors driving automotive semiconductor market potential in this year. This region's rapid adoption of new technologies in the automotive industry will raise sales of automobile computer chips through 2030. Canada and the United States are likely to be the region's most important markets.
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APAC to Have Favorable Growth in Automotive Semiconductor Market
The Asia-Pacific automotive semiconductor market is expanding rapidly. China, India, and Japan are among the main automotive manufacturing countries in the region. There is a high need for automotive semiconductors. Due to the availability of a low-cost labor force and strong government incentives for the growth of the automobile sector, foreign businesses are constructing production facilities and cooperating with local enterprises for joint ventures. Electric car uptake in China could increase the Asia Pacific market throughout the forecast period.
The growing popularity of commercial electric vehicles in China, South Korea, Japan, and India will entice large businesses to invest in the region. The region has developed as a major automotive hub, accounting for the majority of market share in terms of car production and sales. The key driver of this trend is the expanding Chinese car market. This market has evolved into the world's largest producer of vehicles and, as a result, the greatest consumer of automotive semiconductors. The expansion is primarily attributable to the expansion of automotive manufacturing hubs as well as direct agreements between semiconductor makers and car OEMs. One of the key reasons why the cost of fuel is no longer as significant to purchasers as safety is the growing demand for the comfort and luxury offered by various cars.
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Furthermore, the demand for premium and semi-luxury automobiles in the region is increasing, and the number of automotive Semiconductor components utilized in these vehicles is higher than in standard vehicles. As a result, the Asia-Pacific automotive semiconductor business represents a potentially lucrative market segment.
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