Automotive Semiconductor Market Size to grow by USD 26676.35 million between 2023-2027
According to a research report “ Automotive Semiconductor Market” by Application (Telematics and infotainment, Powertrain, Safety, Body electronics, Chassis) Vehicle Type (Passenger vehicle, Light commercial vehicle, Heavy commercial vehicle) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 26676.35 million, at a CAGR of 8.8% during the forecast period. The automotive semiconductor market is poised for significant growth due to the increasing adoption of Advanced Driver Assistance Systems (ADAS) in vehicles. The integration of software algorithms, processors, sensors, cameras, and advanced technologies for mapping obstacles has significantly enhanced the capabilities of ADAS applications. Governments worldwide, including India and the European Union, have enacted stringent safety regulations, mandating automotive manufacturers to equip vehicles with ADAS features, such as co-driver airbags and vehicle telematics systems, to ensure passenger security and safety. These regulations are driving the market growth and increasing demand for automotive semiconductors.
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By Application, the Telematics and infotainment segment is projected to dominate the market size in 2024
The automotive semiconductor market is experiencing significant growth due to the increasing demand for advanced driver assistance systems (ADAS), electric vehicles (EVs), and connected cars. These technologies require sophisticated semiconductor solutions to enable features such as autonomous driving, battery management systems, and infotainment systems. Major players in the market include Infineon Technologies AG, Texas Instruments Incorporated, and Qualcomm Incorporated. The market is expected to reach USD100 billion by 2027, growing at a CAGR of 12% from 2020 to 2027.
By Vehicle Type, Passenger vehicle segment is expected to hold the largest market size for the year 2024
The automotive semiconductor market is experiencing significant growth due to the increasing demand for advanced driver assistance systems (ADAS) and electric vehicles (EVs). Manufacturers are integrating semiconductors to enhance vehicle safety, efficiency, and connectivity. The market is expected to reach new heights with the proliferation of autonomous driving technology and the shift towards sustainable mobility solutions. Key players are investing heavily in research and development to meet the evolving needs of consumers and regulatory bodies.
APAC is forecasted to hold the largest market size by region in 2024
The automotive semiconductor market is experiencing significant growth due to the increasing demand for advanced driver assistance systems (ADAS), electric vehicles (EVs), and connectivity solutions. Key players in this industry are investing heavily in research and development to meet the evolving needs of automakers and consumers. The market is expected to reach new heights, driven by the integration of semiconductors in safety systems, powertrain electronics, and infotainment applications.
The Automotive Semiconductor Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Automotive Semiconductor Market is experiencing significant growth due to the increasing demand for power electronics in various automotive applications. With harmful exhaust emissions being a major concern, emission norms have become stricter, leading to the widespread adoption of emission control devices and hybrid vehicles (HEVs) and electric vehicles (EVs) in the premium segment cars and luxury components. Environmental concerns have driven the market for EVs, including battery electric vehicles, electric vans, and solar-powered vehicles. These vehicles require advanced semiconductor technology for vehicle electrification, integrated electronics, and on-board infotainment systems. Moreover, safety features, vehicle handling, and advanced comfort systems have become essential in modern vehicles, leading to an increase in the semiconductor content. Telematics, telematics control units, and advanced safety systems such as lane departure warning, blind-spot detection, and collision avoidance systems are some of the key applications driving the market. The market for automotive semiconductors is expected to grow further with the increasing popularity of hybrid electric vehicles (HEVs) and electric vehicles (EVs), which require high power and energy-efficient semiconductors for motor control, power conversion, and battery management systems. The future of the automotive semiconductor market lies in the development of semiconductor technology for autonomous driving, connected cars, and electric vehicles, providing numerous opportunities for market growth.
Market Research Overview
The Automotive Semiconductor Market is a significant and growing sector, driven by the increasing demand for advanced electronics in automobiles. With the rise in vehicle production at automobile production units, there is a surge in the use of semiconductors for various applications. These include vehicle diagnostics, job dispatch, location tracking using GPS receivers, and telematics and infotainment systems. Gasoline-powered engines in cars like vans, hatchbacks, and sedans in the passenger car segment are being replaced with connectivity devices, logic ICs, power devices, and analog ICs. Network systems, cable harnesses, and automotive electronics are essential components of these advanced systems. Reliability, security, and accuracy are crucial factors in the automotive semiconductor market. Advanced sensors like image sensors, LiDAR, and Radar, along with microprocessors and advanced safety systems, are essential for autonomous cars. However, with the increasing use of semiconductors, there are concerns about poisoning attacks, evasion attacks, and spoofing. Tesla and other leading automotive companies are investing in power electronics and emission control devices to reduce harmful exhaust emissions and meet emission norms. The market for electric vehicles (EVs), including battery electric vehicles, electric cars, and solar-powered vehicles, is growing rapidly. Premium segment cars and luxury components are also driving the demand for semiconductors in the automotive industry. Vehicle electrification and integrated electronics are key trends in the automotive semiconductor market, driven by semiconductor technology and environmental concerns.
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