Pune, India, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global automotive semiconductor market size is projected to hit USD 103.85 billion by 2029 and exhibit a CAGR of 8.4% during the forecast period. The market size stood at USD 53.06 billion in 2021 and USD 59.22 billion in 2022. The soaring adoption of hybrid electric and electric vehicles will augur well for the industry outlook. Besides, a growing development of autonomous driving vehicles to bolster safety will encourage leading companies to invest in semiconductors, such factors to boost overall growth of automotive semiconductor market.
Industry participants expect strong demand for hybrid and electric vehicles to foster automotive semiconductor market share, states Fortune Business Insights in its report titled Automotive Semiconductor Market Outlook 2022-2029.
Industry Development
October 2021: Infineon Technologies AG announced the introduction of the SLI37 automotive security controller to boost automotive application.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.4% |
| 2029 Value Projection | USD 103.85 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 59.22 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 165 |
| Segments covered | By Component, By Vehicle Type, By Propulsion, By Application |
| Growth Drivers | Soaring Demand for Hybrid and Electric Vehicles to Foster Industry Growth |
| Asia Pacific to Provide Lucrative Opportunities with Bullish Adoption of Electric Cars |
Regional Insights
Asia Pacific to Provide Lucrative Opportunities with Bullish Adoption of Electric Cars
Strong penetration of electric vehicles in China could boost the Asia Pacific market during the forecast period. According to the China Passenger Car Association, the passenger electric vehicle sales in China rose by 169.1% from 2020 to nearly 2.99 million in 2021. The rising footfall of commercial electric vehicles across China, Japan, South Korea, and India will encourage major players to invest in the region.
The North America automotive semiconductor market growth will witness a notable gain due to robust sales of electric commercial and passenger vehicles. Besides, an increased emphasis on the commercialization and development of electric autonomous vehicles will foster regional growth.
Europe could account for a considerable share of the global market following the implementation of vehicular emissions and the trend for autonomous vehicles. The rising demand for electrification could also encourage leading companies to invest in the landscape.
Market Drivers-
Soaring Demand for Hybrid and Electric Vehicles to Foster Industry Growth
Some factors, such as strict pollution laws, including the Kyoto protocol and the prevalence of subsidies on purchasing hybrid electric vehicles will augur well for the industry growth. To illustrate, PWC claimed that the global sales of battery electric vehicles (processors) surged by 121% in 2021 compared to the preceding year. With the soaring demand for EVs and the need for sensors to boost engine operation, demand for automotive semiconductors witnessed a notable uptick. However, high costs and security risks could impede the industry growth.
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Market Segmentations-
Processor Segment to Remain Dominant with Growing Use of Electronics Components
In terms of component, the market is segregated into memory device, processor, discrete power device, analog IC, sensor, and others. The processor segment could dominate the global market due to the rising use of electronic components.
Passenger Cars to Lead the Market due to Integration of Entertainment Systems
On the basis of vehicle type, the market is classified into commercial vehicles and passenger cars. Stakeholders expect the passenger cars segment to lead the global market on the back of the integration of entertainment systems.
Soaring Fuel Prices to Propel Electric Propulsion
With respect to propulsion, the market is segregated into electric and ICE. Electric propulsion could be the fastest growing segment due to rising fuel prices and low operating cost of electric vehicles.
Safety Segment to Dominate with Growing Implementation of Rigorous Regulations
With regard to application, the market is divided into safety, telematics & infotainment, powertrain, chassis, and body electronics. The safety segment will remain dominant in the wake of the implementation of rigorous regulations.
| Segmentation | By Component
|
By Vehicle
| |
By Propulsion
| |
By Application
|
COVID-19 Impact
COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Automotive Semiconductors amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.
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Competitive Landscape-
Stakeholders Invest in Organic and Inorganic Strategies to Boost Portfolios
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, significant companies could invest in innovations and product offerings in the ensuing period.
Companies Profiled in the Cloud Security Market Research Report:
- Robert Bosch GmbH (Germany)
- Infineon Technologies AG (Germany)
- STMicroelectronics (Switzerland)
- NXP Semiconductors (Netherlands)
- Toshiba Corporation (Japan)
- On Semiconductor Corporation (U.S.)
- ROHM Co., Ltd. (Japan)
- Texas Instruments Incorporated (U.S.)
- Renesas Electronics Corporation (Japan)
- Denso Corporation (Japan)
FREQUENTLY ASKED QUESTIONS
- How big is the cloud security market?
Fortune Business Insights says that the global market size was USD 59.22 billion in 2022 and is projected to reach USD 103.85 billion by 2029.
- Which region held the highest share in the market?
Asia Pacific dominated the market share in 2021.
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Mergers, Acquisition and Partnerships
4.2. PORTER's Five Forces
4.3. SWOT Analysis
4.4. Automotive Semiconductor Value Chain
4.5. A Typical Semiconductor Production Journey
4.6. Distributor Analysis For Major Players
4.7. Technological Developments
4.8. Impact of COVID-19 on Automotive Semiconductor Market
5. Global Automotive Semiconductor Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Component
5.2.1. Processor
5.2.2. Analog IC
5.2.3. Discrete Power Device
5.2.4. Sensor
5.2.5. Memory Device
5.2.6. Others
5.3. Market Analysis, Insights and Forecast – By Vehicle Type
5.3.1. Passenger Car
5.3.2. Commercial Vehicles
5.4. Market Analysis, Insights and Forecast – By Propulsion
5.4.1. ICE
5.4.2. Electric
5.5. Market Analysis, Insights and Forecast – By Application
5.5.1. Powertrain
5.5.2. Safety
5.5.3. Body Electronics
5.5.4. Chassis
5.5.5. Telematics & Infotainment
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Rest of The World
Continued…
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