New York, United States , Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Semiconductor Market Size is to Grow from USD 40.58 Billion in 2022 to USD 90.07 Billion By 2032, at a Compound Annual Growth Rate CAGR of 8.3% during the forecast period.
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Automotive semiconductors are essential components powering modern vehicles. They enable advanced functionalities like engine control, ADAS, infotainment, and electric powertrain management. These semiconductors provide high-performance computing, robust communication interfaces, and efficient power management. Built to withstand harsh automotive conditions, they operate reliably in extreme temperatures, vibrations, and electromagnetic interference. As vehicles become more complex and connected, automotive semiconductors drive the development of autonomous driving, vehicle-to-vehicle communication, and improved user experiences. Their deployment plays a pivotal role in shaping the future of the automotive industry, enabling safer, more efficient, and connected vehicles.
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The light commercial vehicle segment is expected to grow at a CAGR of around 9.7% during the forecast period
Based on vehicle type, the global automotive semiconductor market is segmented into passenger vehicle, light commercial vehicle, and heavy commercial. The light commercial vehicle (LCV) segment is poised for significant growth in the forecast period within the automotive semiconductor market. Several factors contribute to this anticipated expansion such as the rising e-commerce industry and last-mile delivery services are driving the demand for LCVs, creating a need for advanced automotive semiconductors that enable efficient power management, connectivity, and safety features. Secondly, regulatory measures promoting emission reduction and fuel efficiency are pushing the adoption of electric and hybrid LCVs, which require specialized semiconductor solutions. Thirdly, the increasing focus on fleet management and telematics in the logistics sector is driving the integration of semiconductor-based technologies in LCVs.
The body electronics segment held the largest market share with more than 25.7% market share in 2022.
Based on end-use, the global automotive semiconductor market is segmented into chassis, powertrain, safety, telematics & infotainment, and body electronics. The body electronics segment has secured the largest market share in the automotive semiconductor market. This is primarily due to the growing demand for advanced electronic systems in vehicles, including features such as keyless entry, power windows, central locking, and lighting control. The integration of semiconductor-based solutions in body electronics enables enhanced comfort, convenience, and safety features in vehicles. Additionally, the increasing adoption of connected and autonomous technologies further drives the demand for semiconductor components in body electronics applications, solidifying its position as the largest market segment.
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Europe is predicted to grow at a significant CAGR of around 7.3% over the projected period
Europe is projected to experience significant growth in the forecast period within the automotive semiconductor market. Several factors contribute to this growth because European countries have stringent regulations and standards for vehicle safety and emissions, driving the demand for advanced automotive semiconductors. The region is witnessing a rapid adoption of electric vehicles (EVs) and hybrid vehicles, which require specialized power semiconductors. Europe is known for its strong automotive manufacturing base, with major automakers investing in research and development for advanced technologies, including autonomous driving and connectivity, further driving the demand for automotive semiconductors. Moreover, supportive government policies, incentives for EV adoption, and investments in charging infrastructure are expected to fuel the growth of the automotive semiconductor market in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global automotive semiconductor market include Analog Devices, Inc., Infineon Technologies AG, NXP Semiconductors, Renesas Electronics Corporation, Robert Bosch GmbH, ROHM CO., LTD., Semiconductor Components Industries, LLC, STMicroelectronics, Texas Instruments Incorporated, and Toshiba Corporation. Others.
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Recent Development
In May 2022, Continental, a German company, expanded its extensive sensor portfolio by introducing two novel sensors designed specifically for electrified vehicles. The recently launched Current Sensor Module (CSM) and Battery Impact Detection (BID) system aim to safeguard the battery and preserve critical battery parameters. These innovative solutions further enhance Continental's offerings in the realm of electric vehicle protection and ensure optimal battery performance and longevity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global automotive semiconductor market based on the below-mentioned segments:
Automotive Semiconductor Market, By Component
- Processor
- Discrete Power
- Sensor
- Memory
- Others
Automotive Semiconductor Market, By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial
Automotive Semiconductor Market, By Application
- Chassis
- Powertrain
- Safety
- Telematics & Infotainment
- Body Electronics
Automotive Semiconductor Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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