The global automotive semiconductor market is estimated to be valued at $93,696.2 million by 2028, surging from $36,090.5 million in 2020, at a noteworthy CAGR of 12.2%.
Global Automotive Semiconductor Market Analysis
The rising demand for the luxury cars along with the growing necessity for the advanced safety features in the automobile industries is driving the growth of the automotive semiconductor market. For instance, in Jan 2022, Indian government passed an instruction to all the vehicle manufactures that all the cars manufactured in the year 2020 onwards should have 6 airbags.
The vehicle electrification further increases the cost of the vehicle which may lead to the decrease in the sale of vehicles in the near future. This factor may hamper the growth of automotive semiconductor market in the near future.
The growing demand for the electric and hybrid vehicles across the globe is anticipated to create better growth opportunities for the automotive semiconductor market. Additionally, electric vehicles play a vital role in controlling the carbon emissions caused by petrol and diesel. As the prices of the electric vehicles will decrease, the consumer demand will increase in the near future.
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Global Automotive Semiconductor Market, Segmentation
The global automotive semiconductor market is segmented based on component, vehicle type, propulsion type, application, and region.
The component segment is further classified into processor, analog IC, discrete power, sensor, memory, and others. The processor sub-segment is expected to grow at the fastest CAGR of 12.7% and is anticipated to reach $21,367.6 million by 2028, up from $7,941.90 million in 2020. The processor sub-segment is anticipated to drive the market growth, this is majorly due to the various functions that is being performed by the processor such as controlling the headlights, lamps, safety systems, and others.
On the basis of vehicle type, the market is divided into passenger car, light commercial vehicle, and heavy commercial vehicle. The light commercial vehicle sub-segment is anticipated to grow at fastest CAGR of 12.6% and reach $33,651.00 million by 2028. This growth is majorly due to the government initiations in order to increase the adoption of electric vehicles in import and export activities.
The propulsion type segment is further categorized into internal combustion engine and electric engine. The electric engine sub-segment is anticipated to grow at the highest CAGR of 12.9%, accounting for $36,720.10 million. This is majorly due to the number of governments across the globe supporting the adoption of electric vehicles in order to control the emissions released by the diesel and petrol vehicles and the green house effects. The electric engine vehicles have a greater number of semiconductor components when compared to the internal combustion engine vehicles. Thus, the electric engine automotive semiconductors are anticipated to drive the market growth.
The application are further classified into powertrain, safety, body electronics, chassis, and telematics & infotainment. The telematics & infotainment sub-segment is expected to have a dominant market share of $30,947.6 million by 2028, up from $11,449.8 million in 2020. The key factors offered by the telematics system are safety, security, navigation, vehicle health reports, internet connectivity, and concierge services. These are some of the key factors that are anticipated to drive the telematics & infotainment sub-segment over the forecast period.
The automotive semiconductor market for the Europe region is projected to have the largest market share. The market in Europe generated a revenue of $12,913.2 million in 2020 and is projected to reach up to $33,056.00 million by 2028. However, the automotive semiconductor market for the Asia-pacific region is anticipated to grow at the highest CAGR of 12.7% over the forecast period. This growth is majorly attributed towards the number of car manufacturers growing in this region as well as the rapid growth in the adoption of electric vehicles. Additionally, rapid expansion in the automotive semiconductor industries in Asia-pacific region is projected to boost the market growth in the near future.
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Key Players in the Global Automotive Semiconductor Market
Some of the leading global automotive semiconductor market players are
- STMicroelectronics N.V.
- Analog Devices, Inc.
- Texas Instruments, Inc.
- Micron Technology
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Renesas Electronics Corp.
- On Semiconductor Corp.
- Robert Bosch GmbH
- ROHM Co., Ltd.
Impact Analysis of COVID-19 on the Automotive Semiconductor Market
COVID-19 outbreak led to the complete lockdown across the globe which has led to the reduced purchasing powers. COVID-19 has also affected the various development factors of vehicles such as charging infrastructure got delayed.
The experts have predicted that global automotive semiconductor market will grow at a higher-level post COVID-19 situation. This is majorly due to the various initiative taken up the governments across the globe which are majorly concentrating on safety of the passengers as well as controlling the emission by pushing people to adopt electric vehicles.
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