Asia Pacific EV Semiconductor Market 2024

Asia Pacific EV Semiconductor Market 2024

The market size of the EV semiconductor market in Asia Pacific in terms of revenue is expected to reach USD 35,177 million in 2029, representing a CAGR of 35.2% from 2024 to 2029. The Asia-Pacific region holds significant potential for EV penetration, particularly in densely populated countries like India, China, and Japan. While Europe may lead in terms of EV penetration, Asia-Pacific is expected to regain its market dominance in terms of EV sales and revenue in the EV semiconductor market. The majority of the revenue in the Asia-Pacific market comes from China, which is the largest EV market globally in terms of vehicle sales.

China has received generous support from its government in establishing a comprehensive EV ecosystem, which has contributed to the growth of the EV market in the country. However, changes in incentive structures, government policies, and the impact of COVID-19 disrupted the EV market growth in China in 2020. To mitigate this, the Chinese government plans to extend the tax exemption policy for the purchase of new energy vehicles until the end of 2027. The intensity of the exemption will gradually decrease on an annual basis, with an estimated total of 520 billion yuan in vehicle purchase tax exemptions from 2024 to 2027. This policy has been extended multiple times since 2014, with the cumulative scale of tax exemptions exceeding 200 billion yuan by the end of 2022 and projected to surpass 115 billion yuan in 2023.

The Asia Pacific market for EV semiconductors is divided into product types, namely discrete, analog, logic, memory, and others. In 2023, the Asia Pacific revenue generated by discrete EV semiconductors is forecasted to reach a substantial $11,075 million, indicating an impressive incremental growth of $8,710 million and a CAGR of 36.2% from 2024 to 2029. Discrete semiconductors are critical components of EV powertrains and perform essential functions such as regulating voltage, reducing power consumption, and minimizing heat generation.

In terms of end-users, the EV semiconductor market can be classified into five segments: powertrain, chassis & safety, telematics & infotainment, ADAS, and body & others. The ADAS segment is projected to be the fastest-growing segment in the EV semiconductor market. The Asia Pacific ADAS segment are expected to reach $6,611 million by 2029, with a CAGR of 41.5% and incremental growth of $5,446 million from 2024 to 2029. ADAS encompasses a range of features including automatic emergency braking (AEB), park assist systems (PAS), adaptive front lights, blind spot detection, adaptive cruise control (ACC), forward collision warning system (FCWS), and night vision systems. These features are enabled by various semiconductors such as radar microcontrollers, LiDAR detectors, image sensors, memory ICs, digital signal processors (DSPs), LEDs, and ultrasonic sensors.

The Asia Pacific EV semiconductor market is dominated by the top five companies, namely Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics Corp., STMicroelectronics N.V., and Texas Instruments Inc. Together, they hold a market share of over 55-60% in 2023.

Additionally, there are several other notable players operating in the Asia Pacific EV semiconductor market. These include Allegro MicroSystems Inc., Ambarella, Inc., ams-OSRAM AG, Analog Devices, Inc., Broadcom Inc., BYD Semiconductor Co., Ltd., Cirrus Logic Inc., Diodes, Inc., Elmos Semiconductor SE, Fuji Electric Co., Ltd., Hon Hai Precision Industry Co., Ltd., indie Semiconductor Inc., Intel Corp., Littelfuse, Inc., LX Semicon Co., Ltd., Macronix International Co., Ltd., MaxLinear, Inc., MediaTek Inc., Melexis N.V., Microchip Technology Inc., Micron Technology, Inc., Mitsubishi Electric Corp., Monolithic Power Systems, Inc., Murata Manufacturing Co., Ltd., Nanya Technology Corp., Nuvoton Technology Corporation, NVIDIA Corp., ON Semiconductor Corp., Qorvo Inc., QUALCOMM, Inc., Robert Bosch GmbH, ROHM Co., Ltd., Samsung Electronics Co., Ltd., Semtech Corporation, Silicon Motion Technology Corporation, SK Hynix, Inc., Sony Semiconductor Solutions Corporation, Toshiba Electronic Devices & Storage Corporation, Vishay Intertechnology, Inc., VisIC Technologies Ltd., Western Digital Corp., Wolfspeed Inc., and Wolfspeed, Inc., among others.

This study aims to analyze the Asia Pacific market for various segments of EV semiconductor, including:

Product Type: Discrete, Analog, Logic, Memory, and Others.
EV Type: PHEV (Plug-in Hybrid Electric Vehicle) and BEV (Battery Electric Vehicle).
End-User: Powertrain, Chassis & Safety, Telematics & Infotainment, ADAS, and Body & Others.
Region: Asia Pacific