As per Inkwood Research, the Global Automotive Semiconductor Market is projected to grow at a CAGR of 9.84%, reaching $xx billion in revenue by the forecast period of 2024-2032.
“Browse 82 Market Data Tables and 66 Figures spread over 160 Pages along with an in-depth TOC on the Global Automotive Semiconductor Market Forecast 2024-2032.”
Automotive semiconductors, essential for various automotive systems like engine control units, infotainment, and safety systems, are seeing a significant rise in demand.
This surge is attributed to the increasing electrification of vehicles, the integration of advanced driver-assistance systems (ADAS), and the growing focus on connected and autonomous cars. With the rapid evolution of electric vehicles (EVs) and hybrid vehicles, semiconductors are playing a pivotal role in enhancing vehicle performance, safety, and intelligence.
Automotive Semiconductor Market Growth Fueled by Rising Demand for Electric and Hybrid Vehicles
The rising demand for electric and hybrid vehicles, driven by the need for cleaner and more efficient transportation options, is a major factor contributing to the expansion of the automotive semiconductor market. Advancements in semiconductor technologies, such as the use of silicon carbide (SiC) and gallium nitride (GaN) for more efficient power management, are propelling this growth. Furthermore, increasing investments in R&D by semiconductor manufacturers and collaborations with automotive OEMs are enhancing product offerings to meet evolving automotive needs.
In particular, the growing integration of ADAS, cybersecurity solutions, and autonomous driving technologies in vehicles is creating new opportunities for semiconductor manufacturers. These components are now indispensable for features like blind-spot monitoring, automatic emergency braking, and advanced navigation systems.
Electric/Hybrid: Key Fuel Type by 2032
In all-electric vehicles (EVs), also known as battery electric vehicles, an electric motor replaces the internal combustion engine. These vehicles require a connection to electric vehicle supply equipment (EVSE) or an outlet to charge the large traction battery pack that powers the motor.
Since EVs operate entirely on electricity, they produce no exhaust emissions and do not rely on traditional fuel components like fuel pumps, fuel lines, or fuel tanks. Connectivity plays a crucial role in modern EVs, allowing manufacturers to deliver essential software updates for systems such as braking and powertrain through the vehicle’s firmware.
Asia-Pacific: Fastest-Growing Region (2024-2032)
The Asia-Pacific region hosts some of the world’s largest and most advanced semiconductor manufacturing facilities, particularly in countries such as China, Taiwan, and South Korea. These facilities produce a significant share of the global supply of automotive-grade chips.
The region’s rapid urbanization and economic development are driving increased demand for vehicles equipped with advanced technologies like connected car systems, infotainment, and advanced driver assistance systems (ADAS), all of which rely heavily on semiconductors. Moreover, the growing adoption of electric vehicles (EVs) in the Asia-Pacific is further boosting the demand for specialized semiconductors used in electric motor control, power electronics, and battery management systems.
Some of the top companies operating in the market include Analog Devices Inc, Infineon Technologies AG, Intel Corporation, Microchip Technology Incorporated, etc.
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