LONDON, Feb. 22, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Automotive Semiconductor Global Market Report 2024, the automotive semiconductor market has witnessed remarkable growth in recent years, with a promising trajectory set to continue. Projected to elevate from $54.94 billion in 2023 to $61.58 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.1%, the automotive semiconductor market is poised for expansion. Forecasts indicate further acceleration, with expectations of reaching $97.3 billion by 2028, underlining a consistent CAGR of 12.1%.
Driving Factors: The surge in demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) emerges as a pivotal driver for the automotive semiconductor market. EVs and HEVs, equipped with advanced driver assistance systems (ADAS) for safety and autonomous driving capabilities, heavily rely on semiconductor components. These include radar, LiDAR, cameras, and ultrasonic sensors, fostering increased demand for semiconductor solutions such as sensors, power management ICs, microcontrollers, and networking mechanisms.
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Resistive RAM Technology: The adoption of resistive RAM (ReRAM) technology augments the development of automotive semiconductors, enhancing their efficiency and performance. Major players like Infineon Technologies AG and TSMC have leveraged this technology to bolster semiconductor production, facilitating innovations in vehicle dynamics control, driver assistance, propulsion systems, and body applications.
Market Landscape: The automotive semiconductor market is characterized by concentration, with a few key players dominating the landscape. Notably, Infineon Technologies AG emerges as the largest competitor, followed by STMicroelectronics N.V., NXP Semiconductors N.V., and Renesas Electronics Corp., among others. Together, the top ten competitors accounted for 42.55% of the total market share in 2022.
Segmentation and Regional Insights: Segmented by component, vehicle type, propulsion type, and application, the automotive semiconductor market showcases diverse opportunities for growth.
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 leads the automotive semiconductor market, capturing 43.4% of the total revenue in 2023, followed by North America and Western Europe.
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The Automotive Semiconductor Market Report offers comprehensive insights into the industry's growth prospects and market dynamics. By leveraging the report's analysis and segmentation, industry players can capitalize on emerging trends, navigate competitive landscapes, and strategize for sustainable growth.
Automotive Semiconductor Global Market Report 2024 by The Business Research Company provides insights on the automotive semiconductor market size, automotive semiconductor market segments, automotive semiconductor market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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