Global Automotive Semiconductor Market Set to Reach US$141.5 Billion by 2030
The global automotive semiconductor market is on track for substantial growth, with a projected valuation of US$141.5 billion by 2030, marking a notable CAGR of 12.5% during the forecast period from 2023 to 2030. These semiconductors, integral to vehicle functions including safety, infotainment, advanced driver assistance systems (ADAS), and more, are witnessing increased demand due to advancements in smart car access and connectivity technologies.
While the COVID-19 pandemic temporarily affected the market, strong government support, favorable regulations, and growing semiconductor content per vehicle are poised to drive significant growth between 2023 and 2030.
Key Report Findings
- Staggering Growth: The global automotive semiconductor market is projected to surpass US$141 billion by the end of 2030, reflecting rapid expansion.
- Key Components: Discrete, memory, and sensor components are expected to play pivotal roles in the market’s growth.
- ADAS Dominance: ADAS applications are set to maintain a dominant position in the market due to increasing government regulations mandating their implementation.
- Passenger Vehicles Lead: Passenger vehicles account for the largest market share, driven by the demand for automotive infotainment systems and connectivity features.
- Asia Pacific’s Lead: Asia Pacific, led by China, is the fastest-growing region, with India showing exceptional potential for growth. Europe is also expected to see significant expansion.
Increasing Semiconductor Content Per Vehicle: Growing semiconductor content per vehicle, driven by safety regulations, standardization of advanced features, and consumer demand for efficiency and connectivity, is a primary growth driver.
Government Support and Investments: Governments worldwide are heavily investing in the semiconductor industry, encouraging growth. Initiatives in countries like China, India, Japan, and the United States are bolstering the automotive semiconductor market.
Impact of COVID-19 on the Market
The COVID-19 pandemic temporarily disrupted the automotive semiconductor market due to economic uncertainty and reduced consumer and business spending. A decline in vehicle sales led to decreased demand for integrated circuit products. However, government support and favorable regulations are poised to reignite growth in the coming years.
Overview of Key Segments
Discrete, Memory, and Sensor Components: These segments are instrumental in driving market growth, with discrete components experiencing the fastest growth.
Passenger Vehicles: Passenger vehicles dominate the market due to their high demand globally, fueled by infotainment systems and connectivity features.
ADAS Applications: Advanced driver assistance system applications generate the highest revenue, given government regulations mandating their implementation and growing awareness of safety and comfort.
Growth Opportunities Across Regions
Asia Pacific Leads the Growth: Asia Pacific, particularly China and India, is the fastest-growing region due to increasing vehicle production, government initiatives, and rising semiconductor content per vehicle.
Europe Shows Promise: Europe is expected to grow significantly, driven by the increasing demand for electric vehicles and a focus on designing autonomous vehicles.
Automotive Semiconductor Market: Competitive Landscape Analysis
Major players in the global automotive semiconductor market include NXP Semiconductors, Infineon Technologies, Renesas Electronics Corporation, STMicroelectronics, and TSMC. These companies are leveraging organic growth strategies such as partnerships, mergers, collaborations, and acquisitions to enhance their product offerings and maintain a competitive edge in the market.
Browse Global Automotive Semiconductor Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Component Coverage, By Vehicle Type Coverage, By Application Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/automotive-semiconductor-market
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This press release first seen on Brilad