The Automotive Semiconductor Market is expected to register a CAGR of 14.43% during the forecast period.
The automotive semiconductor market size is expected to grow from USD 71.62 billion in 2023 to USD 140.52 billion by 2028, at a CAGR of 14.43 percent during the forecast period (2023-2028). The market was evaluated by analyzing the sizes of components used in the automotive industry, including processors, sensors, memory devices, integrated circuits, and discrete power devices. The report's scope comprises analyzing various vehicle types, like light commercial vehicles, heavy commercial vehicles, and passenger vehicles, around the world.
The automotive semiconductor market is highly fragmented due to the presence of major players like NXP Semiconductor NV, Infineon Technologies AG, Renesas Electronics Corporation, STMicroelectronics NV, and Toshiba Electronic Devices& Storage Corporation (Toshiba Corporation), among others. Players in the market are adopting strategies such as partnerships, mergers, collaborations, innovations, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In July 2023, Renesas Electronics Corporation announced a development board for automotive gateway systems. The R-Car S4 Starter Kit is a low-cost, readily available development board for building software using the Renesas R-Car S4 system on a chip. (SoC).
In June 2023, Intellias announced its partnership with Elmos Semiconductor to reinforce Elmos with software engineering expertise and support development processes to create software for lighting, ranging, and optical sensors used in the most modern vehicles.
In August 2022, Onsemi opened a silicon carbide (SiC) facility in Hudson, New Hampshire. The facility is expected to increase the company's production capacity by five times yearly and almost quadruple the number of employees in Hudson by the end of 2022.
In July 2022, NXP Semiconductors NV collaborated with Foxconn for a new generation of intelligent connected vehicles. The primary focus of the collaboration is aimed at Foxconn's efforts in electric vehicle platforms, leveraging the company's system expertise and comprehensive portfolio. The collaboration would leverage NXP's portfolio of automotive technologies and its expertise in safety and security to enable architectural innovation and platforms for electrification, connectivity, and safe automated driving.
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