Automotive Semiconductor Market Growth Outlook Through 2024-2033

Overview and Scope
The automotive semiconductor refers to an automotive component that exploits the electronic properties of semiconductor materials, like silicon, germanium, gallium arsenide, and organic semiconductors. The primary purpose of automotive semiconductors is to be used in producing semiconductor devices, which are required for a wide range of automotive products. These semiconductors can alter their electrical conductivity by applying magnetic or electrical fields, which makes semiconductors useful in various applications and devices.

Sizing and Forecast
The automotive semiconductor market size has grown rapidly in recent years. It will grow from $54.94 billion in 2023 to $61.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increase in demand for electric and hybrid vehicles, rise in disposable income, the increasing use of electronic components in the automotive industry.

The automotive semiconductor market size is expected to see rapid growth in the next few years. It will grow to $97.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the increasing popularity of autonomous vehicles, increasing government initiatives for automotive semiconductors and increasing demand for passenger cars . Major trends in the forecast period include resistive ram technology (rram), product innovations, technology advancements, strategic partnerships, and the development of new products for automotive satellite camera modules.

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Segmentation & Regional Insights
The automotive semiconductor market covered in this report is segmented –

1) By Component: Processor, Analog IC, Discrete Power, Sensor, Memory, Other Components
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle
3) By Propulsion Type: Internal Combustion Engine, Electric, Hybrid
4) By Application: Powertrain, Safety, Body Electronics, Chassis, Telematics And Infotainment

Asia-Pacific was the largest region in the automotive semiconductor market in 2023, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increase in demand for electric and hybrid vehicles is expected to propel the growth of the automotive semiconductor market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EV and hybrid vehicles has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, rising demand for electric and hybrid vehicles is expected to boost demand for automotive semiconductors during the forecast period.

Key Industry Players

Major companies operating in the automotive semiconductor market report are Infineon Technologies AG, STMicroelectronics N.V, Texas Instruments Inc., Renesas Electronics Corp, NXP Semiconductors N.V, Robert Bosch GmbH, Toshiba Corporation, Micron Technology, Analog Devices Inc., ROHM Co. Ltd., Bharat Electronics Limited, Applied Materials, TSMC India, Solex Energy Limited, Masamb Electronics, Semtronics MicroSystems, Anchor Electricals Pvt Ltd., Havells India Ltd., CG Power and Industrial Solutions Limited (Crompton Greaves), MosChip Semiconductor Technologies, Enkris Semiconductor Inc., Sanan Integrated Circuit, Navitas Semiconductor, Cypress Semiconductor Corp, Advanced Semiconductor Engineering Inc., Will Semiconductor, Zhixin Semiconductor, UNISOC, YTMC, GigaDevice, CR Micro, Saankhya Labs, ASM Technologies, CDIL, Hyundai Electric, Mitsubishi Electric Corporation, Meidensha, Fuji Electric, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Silan, GaN Systems, Exagan, UnitySC, Dialog Semiconductor Plc.

The automotive semiconductor market report table of contents includes:

1. Executive Summary
2. Automotive Semiconductor Market Characteristics
3. Automotive Semiconductor Market Trends And Strategies
4. Automotive Semiconductor Market – Macro Economic Scenario
5. Global Automotive Semiconductor Market Size and Growth
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31. Automotive Semiconductor Market Other Major And Innovative Companies
32. Global Automotive Semiconductor Market Competitive Benchmarking
33. Global Automotive Semiconductor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Semiconductor Market
35. Automotive Semiconductor Market Future Outlook and Potential Analysis
36.Appendix

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