Global Automotive Semiconductor Market

Automotive Semiconductor Market Size, Share, Growth Analysis, By Component(Processors, Sensors, Memory, Discrete Power), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Application(Chassis, Powertrain, Safety, Telematics & Infotainment), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2174 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 162 | Figures: 77

Automotive Semiconductor Market Insights

Global Automotive Semiconductor Market size was valued at USD 43.26 billion in 2022 and is poised to grow from USD 46.8 billion in 2023 to USD 87.2 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031). 

Growing electrification of the automotive industry is setting the tone for automotive semiconductor demand outlook in the future. Automotive semiconductors are chips and integrated circuits made only to be used in vehicles. The growing use of advanced digital technologies in vehicles and the rising use of advanced sensors are contributing to the growing sales of automotive semiconductors. High investments in the development of new semiconductors specially made for automotive applications will also help automotive semiconductor market grow in the future. Moreover, advancements in semiconductor technology around the world are also expected to boost the demand for automotive semiconductors across the study period and beyond. Contrastingly, high costs of manufacturing and regulatory compliance concerns are estimated to hamper automotive semiconductor sales in the long run. 

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Global Automotive Semiconductor Market size was valued at USD 43.26 billion in 2022 and is poised to grow from USD 46.8 billion in 2023 to USD 87.2 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031). 

Automotive semiconductor companies should target the development of novel automotive silicon-on-chip (SoC) to maximize their business and stay relevant in the future. Collaborating or partnering with semiconductor manufacturers will also be a popular strategy for automotive semiconductor types of market players. Investing in the development and sales of automotive semiconductors for electric vehicles is also a lucrative opportunity for all automotive semiconductor providers going forward.  'Infineon Technologies AG (Germany) ', 'NXP Semiconductors N.V. (Netherlands) ', 'Renesas Electronics Corporation (Japan) ', 'STMicroelectronics N.V. (Switzerland) ', 'Texas Instruments Incorporated (USA) ', 'Robert Bosch GmbH (Germany) ', 'Analog Devices, Inc. (USA) ', 'ON Semiconductor Corporation (USA) ', 'Toyota Motor Corporation (Japan) ', 'Continental AG (Germany) ', 'DENSO Corporation (Japan) ', 'BorgWarner Inc. (USA) ', 'Allegro Microsystems, Inc. (USA) ', 'Micron Technology, Inc. (USA) ', 'Qualcomm Incorporated (USA) ', 'Microchip Technology Incorporated (USA) ', 'ROHM Co., Ltd. (Japan) ', 'Murata Manufacturing Co., Ltd. (Japan) ', 'Toshiba Corporation (Japan) ', 'Hyundai Motor Company (South Korea)'

High emphasis on sustainability and advancements in battery technology have helped the popularity of electric vehicles. Demand for automotive semiconductors is also projected to be driven by electric vehicles in the future.   

Cybersecurity: As digitization picks up pace the risk of cyber attacks also increases and this is also true for the automotive industry. Therefore, automotive semiconductor companies should invest in the development of automotive semiconductors with built-in security features to stay future-ready and stand out from the competition.

India, China, Japan, and South Korea are home to some of the biggest automotive semiconductor manufacturers countries in the world. Rising electrification of vehicles, evolving consumer preferences, and growing use of advanced safety and infotainment systems are also slated to help this region’s dominance going forward. This region also benefits from the already existing robust semiconductor manufacturing industry in countries such as Taiwan, China, and Japan.

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Global Automotive Semiconductor Market

Report ID: SQMIG45I2174

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