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