Automotive Semiconductor Market worth USD 61.7 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Automotive Semiconductor Market by Product (Processor, Analogic, Sensor, Discrete power, and Memory), by Application (Body Electronics, Telematics, Powertrain, Safety, and Chassis), by Vehicle (Passenger Cars, Light commercial vehicles, and Heavy commercial vehicles), by Region – Global Share and Forecast to 2027". The global automotive semiconductor market size is expected to grow USD 61.7 billion by 2027 from USD 41.4 billion in 2021, at a CAGR of 6.9% from 2021 to 2027.  The rising consumer awareness about the ill effects of air pollution leads to the adoption of green and sustainable technology such as that used in electric cars. In earlier days, electric cars were seen as a science experiment due to the slow progress in battery technology. The performance of electric cars was never on par with IC engine vehicles. However, due to the rapid advancements in battery technology, electric vehicles have recaptured consumer attention. In 2017, the Global Electric Vehicle Market posted sales of 1.2 million units, where battery technology is considered the cornerstone for EVs' adoption. OEMs and manufacturers have shifted their focus to develop low-cost and faster-charging batteries.

Global Automotive Semiconductor Market Segmentation

The automotive semiconductor market has been segmented into component, waste type, method, application, and regions.

• By Product (Processor, Analogic, Sensor, Discrete power, and Memory)
• By Application (Body Electronics, Telematics, Powertrain, Safety, and Chassis)
• By Vehicle (Passenger Cars, Light commercial vehicles, and Heavy commercial vehicles)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

 Passenger cars, by vehicle, is estimated to hold the largest market share during the forecast period

The automation semiconductor market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles by vehicle type. In 2020, Passenger cars accounted for the largest share of 74.1%. The growing demand for automobiles in emerging markets is very crucial for higher passenger car sales. These markets are price-sensitive. Hence OEMs are not currently providing ADAS features in the economy car segment. Arizton expects that with continuous refinements in technology, economies of scale can soon be achieved, thereby enabling OEMs to include ADAS features in economy cars. Most of the ADAS features can be seen only in mid-priced and luxury cars, where people are more inclined towards luxury than safety. This allows OEMs the flexibility to offer ADAS features as a value-added proposition. Currently, ADAS features are limited to specific geographies since they require good road infrastructure.

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The Asia Pacific accounts for the largest market share in the automotive semiconductor market 2020

Based on the regions, North America, Asia-Pacific, Europe, South America, and the Middle East & Africa segment the global automotive semiconductor market. The Asia Pacific accounted for the largest market share of 39.9 % in 2020. The market share of the APAC region is expected to decline to 33.43% by 2023. In the APAC, China, Japan, India, and South Korea were the major revenue contributors to the market. There was a surge in automotive production owing to low operational costs and the growing global passenger vehicle demand. The availability of cheap labor and abundance of resources has made the APAC region the world's manufacturing hub. However, the rising safety and environmental concerns have forced the government in various countries in this region to implement stringent norms leading to the replacement of mechanical components with digital ones. This has helped generate huge demand from the automotive sector.

This research report includes a study on the development and marketing strategies and a survey of the product portfolios and winning strategies of the leading companies operating in the automotive semiconductor market. Some of the major companies in the market of automotive semiconductors worldwide are NXP Semiconductors, Renesas Electronics,  Renesas Electronics, Infineon Technologies, Texas Instruments, Bosch, Melexis, Allegro Micro System, Stmicro Electronics, Microchip Technology, On Semiconductor, Analog Devices, Delphi Technologies, Pansonic, Rohm Semiconductor, and Toshiba.

Browse complete report: https://www.marketstatsville.com/automotive-semiconductor-market

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