Automotive Semiconductor Market Size, Industry Ana

Automotive Semiconductor Market - Global Outlook and Forecast 2018-2023

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This market research report on the global automotive semiconductor market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product (processor, analog IC, sensor, discrete power, and memory), by application (body electronics, telematics, powertrain, safety, and chassis), by vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), and by geography (APAC, Europe, North America, Latin America, and MEA).

Global Automotive Semiconductor Market 2023

Key highlights of automotive semiconductor market:

  • The major growth driver of the global automotive semiconductor market is the surge in demand for processors.
  • Increasing demand for body electronics, safety concerns and reduction in emissions are propelling the growth of global Automotive semiconductor market during the forecast period.
  • The high sales growth in the automotive semiconductor market is possible because of the constant product development in the automotive market, increasing adoption of electronics in passenger cars, and launching of new features.
  • Automotive manufacturers have moved to the next generation of connected car technology such as telematics, voice recognition, eCall, and vehicle-to-vehicle communication among others.
  • Due to increasing autonomous vehicles, the automotive semiconductor manufacturers will witness a growing demand for electronic systems for cybersecurity in vehicles.

Automotive Semiconductor Market - Overview

The emergence of new technologies in the automotive industry, rapid developments in emerging region, adoption of sustainable policies, and changing consumer preferences are propelling the growth of the global automotive semiconductor market. Semiconductors form the backbone of next-generation automotive technology. The increasing efforts to promote digitalization and rapid changes in business models are driving the need for innovative systems and car components in the global automotive semiconductor market. The growing demand for electrification, diverse mobility, autonomous driving, and rapidly evolving connectivity services will create new avenues for leading OEMs in the global automotive market over the next few years. The top manufacturers are increasing investments in green, sustainable and connected technologies to sustain the competition in the global automotive semiconductor market. The incorporation of stringent government mandates to restrict emission and improvement of passenger safety will lead to the widespread adoption of automotive safety electronics.  Companies such as NXP Semiconductors, Infineon Technologies, Renesas Electronics, Texas Instruments, and STMicroelectronics are introducing innovative products. The advancements in sensor technology used in ADAS such as LiDAR, radar, ultrasonic, and camera are expected to reduce the overall cost of ADAS during the forecast period. The rising demand for superior quality electric vehicles (EVs) is fueling the transformation of the automotive industry. The increasing advancement of automotive electronics and software that controls the systems will contribute to the revenues in the global automotive semiconductor market.

The increasing use of automotive electronics such as powerful microcontrollers, switches, and sensors will revolutionize the engine management and transmission control systems. The growing use of electronics such as collision avoidance systems, automotive infotainment system, connected systems, and drive-by-wire technologies will positively impact the market. The global automotive semiconductor market is estimated to generate revenues of around $52 billion by 2023, growing at a CAGR of approximately 7% during 2017-2023.