The global automotive semiconductor market is currently valued at $54.9 billion and is expected to reach $94.99 billion by the end of 2030. From 2022 to 2030, semiconductor shipments for the automotive industry are anticipated to grow at a CAGR of 7.1%.
The top market participants want to take advantage of the growing demand for electric vehicles and technological safety features like the Advanced Driver Assistance System (ADAS).
Vehicle semiconductor suppliers around the world should benefit from the growing use of electronic components in the automotive sector. Future sales of electric car chips are also anticipated to be boosted by the rapidly increasing popularity of electric automobiles.
Based on historic research and current data, the market is forecast to showcase steady growth as a result of the rising demand for electric vehicles, automotive safety standards and modern automotive technologies across various countries.
While the market growth is accelerating quite steadily, the COVID-19 pandemic has impacted the manufacturing sectors. However, despite disruptions witnessed in production, market players are expected to focus on research initiatives, which will enable growth in the market in the coming years. For instance, Broadcom Inc. has come up with a wide variety of automotive solutions like vehicle connectivity and networking, optical isolation and sensing, wireless communications and LED lighting in the current year.
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According to the report, the increasing production of vehicles and surging demand safety features have been resulting in the incorporation of electrical systems in the automotive industry. The overall growth curve of the market tends to remain upward during the forecast period.
Some of the key takeaways from the report are highlighted below:
- The global automotive semiconductor market will grow steadily at a CAGR of 7.0% during the forecast period of next ten years (2020 to 2030)
- Passenger vehicles to continue leading the market among vehicle type-wise segments
- The market value of the automobile semiconductors for the applications such as body, safety, power train and others to experience an overall growth by 7.0% CAGR during the forecast period
- The automobile semiconductors for the micro-components (processors) to remain the dominant component of the global automobile semiconductor market. As per the research, the segment is about to gain an accelerated growth of 7.0 % CAGR during the forecast period (2020-2030)
- Region-wise Europe and South East Asia to exhibit the highest growth. North America and Latin America to hold the leading market position
Who is winning?
In this report, Future Market Insights has thoroughly researched the various strategies which are being used by major businesses in the automotive semiconductor market. As the unlimited scope and opportunities subsides, the leading market players like Intel Corporation, NVIDIA Corporation, Samsung Semiconductor etc. is taking strategic actions in order to keep them in the top positions globally.
Some of the leading competitors in the global automotive semiconductor market-
- Intel Corporation
- Samsung Semiconductors
- NXP Semiconductors
- NVIDIA Corporation
- Broadcom Inc. (AVGO)
More Valuable Insights on Automotive Semiconductor Market
In its latest report, Future Market Insights offers an unbiased analysis of the global automotive semiconductor market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2022-2030.
Will Automotive Semiconductor Manufacturers Find Success in China?
“Automotive Semiconductor Consumption is Driven by the Presence of a Robust Automotive Manufacturing Industry”
The fact that China is the world’s largest producer of automobiles alone is expected to increase the country’s exports of automotive semiconductors in the years to come. Through 2030, the demand for automotive semiconductors will be mostly driven by supportive government measures to expand semiconductor manufacturing and the growing use of automobile computer processors.
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Key Segments of Automotive Semiconductor Industry Survey
Automotive Semiconductor Market by Component:
- Micro Components (Processors)
- Memory Devices
- Optical & Sensors
- Analog ICs
- Discrete Devices
Automotive Semiconductor Market by Vehicle Type:
- Automotive Semiconductors for Passenger Vehicles
- Automotive Semiconductors for Light Commercial Vehicles
- Automotive Semiconductors for Heavy Commercial Vehicles
Automotive Semiconductor Market by Application:
- Telematics & Infotainment
- Power Trains
Automotive Semiconductor Market by Region:
- North America Automotive Semiconductor Market
- Latin America Automotive Semiconductor Market
- Europe Automotive Semiconductor Market
- East Asia Automotive Semiconductor Market
- South Asia & Pacific Automotive Semiconductor Market
- Middle East & Africa (MEA) Automotive Semiconductor Market