PUNE, India, Aug. 22, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Automotive Semiconductor Market Size It is projected to reach USD 103.85 billion by 2029 and exhibit a CAGR of 8.4% during the forecast period. The market size was USD 53.06 billion in 2021 and USD 59.22 billion in 2022. The growing use of hybrid electric and electric vehicles will bode well for the industry’s outlook. Moreover, increasing development of autonomous driving vehicles to strengthen safety will encourage leading companies to invest in semiconductors, such factors will boost the overall growth of the automotive semiconductor market.
Industry participants expect strong demand for hybrid and electric vehicles to boost the automotive semiconductor market share, says Fortune Business Insights in a report titled Automotive Semiconductor Market Outlook 2022-2029.
October 2021: Infineon Technologies AG announced the introduction of the SLI37 automotive safety controller to boost automotive applications.
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Report Scope and Segmentation:
|Forecast period 2022 to 2029 CAGR||8.4%|
|2029 price projection||USD 103.85 billion|
|Market size in 2022||USD 59.22 billion|
|Historical data for||2018-2020|
|Number of pages||165|
|Sections covered||By component, by vehicle type, by propulsion, by application|
|Growth drivers||Growing demand for hybrid and electric vehicles drives industry growth|
|Asia Pacific’s bullish adoption of electric cars to provide profitable opportunities|
Asia Pacific’s bullish adoption of electric cars to provide profitable opportunities
Strong penetration of electric vehicles in China is likely to boost the Asia Pacific market during the forecast period. According to the China Passenger Car Association, the sales of passenger electric vehicles in China will increase by 169.1 percent compared to 2020 and reach about 299.9 million in 2021. Growing presence of commercial electric vehicles in China, Japan, South Korea and India will encourage key players. Invest in the area.
North America automotive semiconductor market growth will show significant gains due to strong sales of electric commercial and passenger vehicles. Also, increasing emphasis on commercialization and development of electric autonomous vehicles will boost regional growth.
Europe is likely to capture a large share of the global market following the implementation of vehicle emissions and the trend towards autonomous vehicles. The growing demand for electrification can also encourage leading companies to invest in the landscape.
market driver –
Growing demand for hybrid and electric vehicles drives industry growth
Certain factors such as the Kyoto Protocol and the introduction of subsidies on the purchase of hybrid electric vehicles, along with stricter pollution laws, will bode well for the growth of the industry. For example, PWC claimed that global sales of battery electric vehicles (the processor) will increase by 121% in 2021 compared to the previous year. With the increasing demand of EVs and the need for sensors to enhance engine operation, the demand for automotive semiconductors has seen a significant increase. However, high costs and security risks may hinder the development of the industry.
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market segmentation –
Processor segment to maintain dominance with increasing use of electronics components
In terms of components, the market is segmented into memory devices, processors, discrete power devices, analog ICs, sensors, and others. The processor segment is likely to dominate the global market due to the increasing use of electronic components.
Passenger cars to lead the market due to the integration of entertainment systems
On the basis of vehicle type, the market is segmented into commercial vehicles and passenger cars. Stakeholders expect the passenger car segment to lead the global market on the back of integration of entertainment systems.
Fuel prices rose to promote electric propulsion
In terms of propulsion, the market is segmented into electric and ICE. Electric propulsion is likely to be the fastest growing segment due to rising fuel prices and low operating costs of electric vehicles.
Security segment to dominate with increasing enforcement of strict regulations
In terms of application, the market is segmented into safety, telematics and infotainment, powertrain, chassis, and body electronics. The security segment will continue to dominate due to the implementation of strict regulations.
Impact of COVID-19
COVID-19 Pandemic: Falling Automotive Sales to Impede Growth
The outbreak of the COVID-19 pandemic has had a major impact on the automotive industry worldwide. This has forced various automakers to shut down their production processes. A decline in vehicle sales and production is likely to hamper demand for automotive semiconductors amid the pandemic. Our detailed research reports will help you choose the right strategy to come out of this dire situation.
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Stakeholders invest in organic and inorganic strategies to boost the portfolio
Prominent players can inject funds into mergers and acquisitions, product rollouts, technological advancements, and R&D activities. Also, significant companies can invest in innovation and product offerings in the coming period.
Companies Profiled in Cloud Security Market Research Report:
- Robert Bosch GmbH (Germany)
- Infineon Technologies AG (Germany)
- STMicroelectronics (Switzerland)
- NXP Semiconductors (Netherlands)
- Toshiba Corporation (Japan)
- In Semiconductor Corp. (US).
- ROHM Co., Ltd. (Japan)
- Texas Instruments Incorporated (USA)
- Renesas Electronics Corporation (Japan)
- Denso Corporation (Japan)
Frequently Asked Questions
- How big is the cloud security market?
Fortune Business Insights estimates the global market size to be USD 59.22 billion in 2022 and reach USD 103.85 billion by 2029.
- Which sector has the highest share in the market?
Asia Pacific dominates the market share in 2021.
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Table of Contents:
1.1. Research field
1.2. market segmentation
1.3. Research methodology
2. Executive Summary
3. Market dynamics
3.1. Market drivers
3.2. Market restrictions
3.3. Market opportunities
4. Key insights
4.1. Mergers, acquisitions and partnerships
4.2. Porter’s Five Balls
4.3. SWOT analysis
4.4. Automotive Semiconductor Value Chain
4.5 A typical semiconductor product journey
4.6. Distributor analysis for major players
4.7 Technological Developments
4.8. Impact of COVID-19 on the 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 Forecasts – By Component
5.2.2. Analog IC
5.2.3. Separate power equipment
5.2.5. memory device
5.3. Market Analysis, Insights and Forecasts – By Vehicle Type
5.3.1. passenger car
5.3.2. Commercial vehicle
5.4. Market analysis, insights and forecasts – by Propulsion
5.5 Market Analysis, Insights and Forecasts – By Application
5.5.3. Body Electronics
5.5.5. Telematics and Infotainment
5.6. Market analysis, insights and forecasts – by region
5.6.1. North America
5.6.3. Asia Pacific
5.6.4. rest of the world
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Automotive Semiconductor Market Share