Automotive Semiconductor Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Automotive Semiconductor Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Semiconductor Market

The automotive semiconductor market size was valued at USD 65.55 billion in 2023, and the market is now projected to grow from USD 71.97 billion in 2024 to USD 123.04 billion by 2032, exhibiting a CAGR of 6.9% during the forecast period of 2024-2032.

The pandemic led to industry uncertainty and panic, instigating worldwide governments to enact strict procedures. Social isolation and lockdowns reduced automobile demand, disturbing making and supply chains. Semiconductor firms suffered income losses. The pandemic prompted interest in electric vehicles.

Electric and hybrid vehicles need expressively more electronic constituents compared to traditional inner combustion engine vehicles. Semiconductors are vital constituents in these electronic systems as the power battery management systems, power electronics, control units, and radars. Electric and hybrid automobiles are frequently equipped with progressive safety features. These structures depend on refined sensor arrays and semiconductor constituents to function efficiently, contributing to the augmented demand for automotive semiconductors.

The automotive industry is progressively using semiconductors to support automobile AI to mimic, boost, and upkeep the movements of individuals, while instantaneously leveraging the progressive response intervals and identifying exactness in machine-based systems. In self-driving vans, AI is used to make the car more appropriate and harmless for both car driver and travellers. Even though the technological prospective of both autonomous vehicles and in-car supporters, an plenty of attentiveness relating to safety concerns, and a need to certify that operators relish a smooth and glitch-free experience, these AI systems will expected be deployed progressively through smart semiconductors. Thus, the growing incorporation of artificial intelligence in automobiles is one of the prominent developments supporting the automotive semiconductor market growth.

Comprehensive Analysis of Automotive Semiconductor Market

The market can be segmented in various ways, depending on the focus of analysis such as by component, by vehicle type, by application and by propulsion. Based on the component, the market is segmented into processors, analog IC, discrete power device, sensor, memory device and others. Based on the vehicle type, the global market is segmented into passenger cars and commercial vehicles. Based on the application, the global market is segmented into powertrain, safety, body electronics, chassis, and telematics & infotainment. Based on the propulsion, the global market is segmented into two sub-segments, namely ICE and electric.

Asia Pacific region is dominating the automotive semiconductor market share due to expressively mounting automotive industry along with the associated government support for the development of the semiconductor industry.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Robert Bosch GmbH (Stuttgart, Germany), Infineon Technologies AG (Neubiberg, Germany), STMicroelectronics (Geneva, Switzerland), NXP Semiconductors (Eindhoven, Netherlands), Toshiba Corporation (Tokyo, Japan), On Semiconductor Corporation (Arizona, US), ROHM Co., Ltd. (Kyoto, Japan), Texas Instruments Incorporated (Texas, US), Renesas Electronics Corporation (Tokyo, Japan), Denso Corporation (Aichi, Japan) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In June 2023, Nidec Corporation and Renesas Electronics Corporation team up to progress semiconductor solutions for an progressive E-Axle (X-in-1 system) merging an EV drive motor and power electronics for electric vehicles (EVs).

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.9% from 2024-2032

Unit Value (USD Billion)

Segmentation By Component

Processor

Analog IC

Discrete Power Device

Sensor

Memory Device

Others

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Propulsion

ICE

Electric

By Application

Powertrain

Safety

Body Electronics

Chassis

Telematics & Infotainment

By Geography

North America ( By Component, By Vehicle Type, and By Application )

U.S. ( By Vehicle Type )

Canada ( By Vehicle Type )

Mexico ( By Vehicle Type )

Europe ( By Component, By Vehicle Type, and By Application )

U.K. (By Vehicle Type)

Germany (By Vehicle Type)

France (By Vehicle Type)

Rest of Europe (By Vehicle Type)

Asia-Pacific ( By Component, By Vehicle Type, and By Application)

China (By Vehicle Type)

India (By Vehicle Type)

Japan (By Vehicle Type)

South Korea (By Vehicle Type)

Rest of Asia Pacific (By Vehicle Type)

Rest of the World ( By Component, By Vehicle Type, and By Application)

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