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The global automotive semiconductor market is estimated to garner substantial revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors such as, growing automation and electrification of automobiles, increasing demand for safety features in automobiles, and escalating manufacturing of automobiles. As of 2020, about 50 million units of passenger cars were manufactured across the globe while around 15 million units of light commercial vehicles were produced globally. Additionally, rapid growth in car sales can be observed in recent decades. For instance, more than 65 million units of automobiles were sold internationally in 2021. Furthermore, a significant requirement for enhanced safety tools in automobiles is also driving the growth of the market. Based on a report published by the Association for Safe International Road Travel (ASIRT), it is stated that about 1.35 million people lose their lives due to road accidents annually while 3,700 people die per day. Additionally, the growth of the market is also interlinked with the growth of the automotive industry. As of 2021, the revenue of the automotive manufacturing industry was valued at approximately USD 2 trillion globally. Hence, all these factors are projected to influence the growth of the market positively over the forecast period.
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The market is segmented by vehicle type into LCV, HCV, and passenger, out of which, the passenger segment is anticipated to hold the notable share in the global automotive semiconductor market during the forecast period on account of the rising sales of passenger cars. These vehicles are used to transport passengers and are inexpensive to purchase. Such factors are estimated to boost the market growth.
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of the source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to a decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by the shutdown of numerous business operations impacting their growth. This also resulted in the decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas, and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environmental degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global automotive semiconductor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the exponentially growing automotive industry in the region. Automobiles production and sales are high in the Asia Pacific region. As of 2021, approximately 30 million units of passenger cars we sold in the region. Meanwhile, around 20 million units were sold solely in China in the same year. Hence a significant demand for automotive semiconductors emerges in the market of the region. Moreover, China and Japan are emerging as two of the leading manufacturers in the automotive industry. Additionally, rising investment in the automotive industry is also anticipated to hike the growth of the market in the region over the forecast period.
Furthermore, the global automotive semiconductor market is also anticipated to grow at a significant pace over the forecast period in the North America region. The growth of the market in the region is attributed to the increasing government initiatives, developing technologies, and high sales of premium cars. Moreover, people can afford more than one car, and demand luxury cars, backed by the higher disposable income in the region. Hence, such factors are projected to boost the market growth in the region during the forecast period.
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The global automotive semiconductor market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global automotive semiconductor market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing automation and electrification of automobiles, booming demand for safety features and automotive semiconductors, and increasing manufacturing of automobiles are the major factors driving the growth of the automotive semiconductor market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Analog Devices, Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Toshiba Corporation, Infineon Technologies AG, ROHM Co., Ltd., STMicroelectronics International N.V., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vehicle type, fuel, component, application, and by region.
The passenger segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The requirement for a higher initial investment is estimated to hamper the market's growth.
Asia Pacific region will provide more business opportunities for the growth of the automotive semiconductor market in the future on the back of growing automotive industry.
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