Westford, USA, June 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Automotive Semiconductor Market will attain a value of USD 87.2 Billion by 2031, with a CAGR of 8.1% over the forecast period (2024-2031). The automotive sector is making greater use of semiconductors to enable artificial intelligence (AI) in vehicles, which mimics, augments, and supports human behaviours while also taking advantage of machine-based systems' superior reaction speeds and pinpoint accuracy. Furthermore, cutting-edge machine learning techniques, Natural Language Processing (NLP), together with in-car assistants mount to voice commands recognition and tasks determination within the vehicle such that systems of the car are able to react to voice instructions without necessarily involving human interaction.
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Browse in-depth TOC on the " Automotive Semiconductor Market "
- Pages - 157
- Tables - 162
- Figures – 77
Automotive Semiconductor Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $46.8 Billion |
| Estimated Value by 2031 | $87.2 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Vehicle Type, Fuel Type, and Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising consumer awareness and increased use of clean label products |
| Key Market Opportunities | Rising environmental concerns driving development of electric vehicles |
| Key Market Drivers | Increasing proliferation of advanced technologies |
Enhanced Vehicle Efficiency in Microcontrollers Component to help Hold Dominant Share
The world's dominance by automotive semiconductors is primarily due to microcontrollers' contribution of improving car functionalities, safety and fuel use efficiency. This dominance is fueled by the growing need for electrification, in-car connectivity, and advanced driver assistance systems (ADAS), all of which call for precise, low-power control and integration capabilities that microcontrollers effectively deliver.
Improving Vehicle Safety and Driving Convenience in ADAS Application to Propel Growth
Advanced driver assistance systems (ADAS) have taken over the automotive semiconductors market due to their importance in ensuring that cars are safe and easy to operate. In the current world safety has become a priority, the clients require top notch driving experiences, technological advancements have also contributed through sensors and artificial intelligence (AI) which has enabled increased automotive semiconductor integration.
Adopting Advanced Automotive Technologies Helps Asia-Pacific Maintain its Dominance in Global Landscape
In the global automotive sector, Asia Pacific is a powerhouse with South Korea, Japan and China leading the pack in terms of production. The reason why the region leads in this semiconductor market is that it has several major automobile producers and there are numerous cars assembled there as well. It is Asia Pacific that is now at the forefront in terms of development looking at the integration into modernity in the form of connected vehicle systems, self-driving capabilities and electric automobiles (EVs). Asia-Pacific is the market leader in automotive semiconductors thanks to its technological prowess.
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Automotive Semiconductor Market Insight
Drivers:
- Increasing Proliferation of Advanced Technologies
- Growing Shift Towards the Use of Electric and Hybrid to Reduce Vehicle Emissions
- Increasing Electronic Content in Automotive to Support the Market Growth
Restraints:
- High Ongoing Global Semiconductor Chip Shortage
- Increase in the Overall Cost of Motor Vehicle
- Varying Regulatory or Legal Challenges in Countries Across the World
Prominent Players in Automotive Semiconductor Market
The following are the Top Automotive Semiconductor Companies
- Borgwarner, (US)
- Allegro Microsystems (US)
- DENSO (Japan)
- Analog Devices (US)
- ELMOS Semiconductor (Germany)
- STMicroelectronics (Switzerland)
- TE Connectivity (Switzerland)
- Onsemi (US)
- Renesas Electronics (Japan)
- ROHM Semiconductor (Japan)
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Key Questions Answered in Global Automotive Semiconductor Market Report
- By 2031, how much is the global automotive semiconductor industry expected to be worth?
- What are the main causes behind microcontrollers' supremacy in the automotive semiconductor industry?
- Which region's embrace of cutting-edge automotive technologies is allowing it to continue to dominate the global automotive semiconductor market?
This report provides the following insights:
- Analysis of key drivers (The increasing integration of complex systems like ADAS, sophisticated infotainment systems, global automotive industry's evolution towards more energy-efficient and rising consumer expectations for safety), restraints (Disruption in production capacities of automotive manufacturers, ongoing global semiconductor chip shortage and complex components requires advanced technologies), opportunities (Advanced the development of HEVs & EVs, Hybrid vehicles fulfil the need for high power requirement whenever necessary and environmental benefits), and challenges (autonomous vehicles carry serious cybersecurity risks and multiple fatal incidents in Level 3 to Level 5 autonomous vehicles) influencing the growth of automotive semiconductor market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the automotive semiconductor market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the automotive semiconductor market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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Automotive Memory Chips Market
Automotive Microcontroller Units (MCUs) Market
Automotive Power Electronics Market
Automotive Cockpit Electronics Market
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