The Global Automotive Semiconductor Market Growth to Elevate at 6.76% CAGR by 2027
“According to a new market research report published by Inkwood Research, the Global Automotive Semiconductor Market is growing at a CAGR of 6.76% throughout the forecasting years of 2019-2027.”
“Browse 24 market Data Tables and 69 Figures spread over 210 Pages, along with an in-depth TOC on global automotive semiconductor market forecast 2019-2027.”
The automotive semiconductor market encompasses the utilization of semiconductor components like processors, sensors, analog integrated circuits (ICs), memory devices, lighting devices and discrete power devices in the automotive industry. The semiconductor technology has enabled automobiles manufacturers to bring together multiple fuel types on a single chip by cutting down the board area, thereby optimizing vehicle performance. The surging adoption of semiconductors by auto manufacturers attributes to the greater integration of electrical components in vehicles and advancement in semiconductor technology.
Demand for Safety and Comfort Systems Drives the Automotive Semiconductors Market Globally
The surge in demand for safety features in vehicles along with comfort and convenience systems are developing the need for the automotive semiconductors. Also, the government and legislative regulations’ stress on compulsory safety features in passenger cars like Antilock Braking System (ABS), Electronic Brake-force Distribution (EBD), Tire Pressure Monitoring System (TPMS), and airbags grew the market for sensors, thereby fueling the growth of automotive semiconductors market on a global scale. Further, Advanced Driver Assistance Systems (ADAS), Electronic Stability Control (ESC) systems, electronic steering systems, brake-by-wire systems, and others are popular worldwide due to their safety benefits.
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Analog ICs Component holds the Largest Share of the Automotive Semiconductor Market
Analog integrated circuits dominate the component segment of the automotive semiconductor market in terms of revenue. The component is widely used in electronic devices and optically connecting displays in automobiles due to their power management function. The analog ICs used in vehicles are amplifiers, infotainments, regulators, logic ICs, interfaces and others. The growing electrification of the powertrain, increasing the need for high-performance analog in digital systems and other factors attribute to the growth of the analog ICs components.
Asia-Pacific: Prime Region of the Global Automotive Semiconductors Market
In terms of revenue, the Asia- Pacific region is the highest contributor to the automotive semiconductors market. The growth in the region attributes to the factor such as flourishing automotive industries in emerging economies of India, China, Japan and others. Also, the growing demand for comfort, control & safety features and infotainment applications drive the market development in the region. Further, the favorable policy of India for automobile manufacturers wanting to shift their production units, and booming automobile sectors of China & Japan makes the area an automotive hub, in turn boosting the growth of semiconductors market at a significant pace.
The prominent players in the global market are namely, Analog Devices Inc., NXP Semiconductors N.V., Robert Bosch, STMicroelectronics N.V., Infineon Technologies AG, ON Semiconductor Corporation, ROHM Co. Ltd., Texas Instruments Inc., Melexis N.V., Renesas Electronics Corporation, Sensata Technologies Holding N.V., and Toshiba Corporation.
The dominant firms focus on strategies like acquisition & mergers, new product/services development, contracts, expansions and corporate agreements. The high capital investments and continuous research and development requirements pose entry-level barriers for many new entrants in the market.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.