Automotive Semiconductor Market to Register Substantial Expansion by 2035
Research Nester published a report titled “Automotive Semiconductor Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global automotive semiconductor market in terms of market segmentation by propulsion type, component, vehicle type, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive semiconductor market is anticipated to grow with a CAGR of ~10% during the forecast period, i.e., 2023-2033. The market is segmented by propulsion type into internal combustion engine and electric. Out of these segments, the electric segment is anticipated to garner the largest market share over the forecast period, owing to the increasing demand of electric vehicles. In addition, rising initiative to penetrate electric cars is also expected to boost the growth of the segment in the coming years.
The global automotive semiconductor market is estimated to garner revenue of ~USD 115 billion by the end of 2033, backed by the increasing installation of advanced driver assistance systems organizations worldwide. Various features provided by automotive semiconductor, including electrification, communication and connectivity are also projected to boost sales of these tools in the coming years. Moreover, rising penetration of GPS systems as well as surge in the number of connected cars is also projected to propel the growth of the market during the forecast period.
Geographically, the global automotive semiconductor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific is estimated to garner the largest market share over the forecast period, owing to the rising sales of vehicles. Apart from this, the market in Europe is anticipated to register significant growth in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Number of Semiconductors Used in Automobiles to Drive the Market Growth
According to the data, modern vehicle may have more than 1,200 different semiconductor chips.
The surge in the number of semiconductor chips used is expected to accelerate the market growth in the coming years, as semiconductor devices aid in several critical functions such as power management, displays and control, sensing and safety features of the vehicle which will further enhance the overall automotive features. Moreover, the increasing technological advancements as well as the growing semiconductor manufacturing industry are also expected to drive the growth of the global automotive semiconductor market during the forecast period.
However, shortages of semiconductors as well fluctuating prices & availability of raw materials are expected to operate as key restraints to the growth of global automotive semiconductor market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the of global automotive semiconductor market which includes company profiling of Analog Devices, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Micron Technology, Inc., Robert Bosch GmbH, Semiconductor Components Industries, LLC, Renesas Electronics Corporation, Rohm Co., Ltd., STMicroelectronics International N.V. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global automotive semiconductor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.