Size of the automotive semiconductor market worth $65.27 billion, globally, by 2028 at a CAGR of 4.96%: Verified Market Research®
JERSEY CITY, NJ, March 10, 2022 /PRNewswire/ — Verified Market Research recently released a report, “automotive semiconductor market” By component (processors, memory devices, sensors), by vehicle type (light-duty vehicles (LCVs), heavy-duty vehicles (HCVs)), by fuel type (diesel, gasoline, electric and hybrid), by application ( chassis, automobile, comfort/entertainment unit) and by geography. According to verified market research, the global Automotive Semiconductor market size was valued at $44.33 billion in 2020 and is expected to reach $65.27 billion by 2028, growing at a CAGR of 4.96% from 2021 to 2028.
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Global Automotive Semiconductor Market Overview
Rising vehicle production in various countries has indirectly boosted the expansion of the market. As 92 million automobiles were produced globally in 2019, the curve is expected to increase over the forecast period, which will greatly benefit the global automotive semiconductor industry. The automotive semiconductor market is expected to grow as customers want more performance and best-in-class features in their automobiles. This is also the result of the increasing use of electric technologies in the automotive industry. An increase in security requirements is fueling the growth of the automotive semiconductor market. The demand for security measures in state-of-the-art automobiles has steadily increased.
Advanced Driver Assistance Systems (ADAS), which help drivers avoid accidents due to collisions, require the use of highly reliable automotive semiconductors. Also, the introduction of automated cars is expected to be one of the major factors for increasing the demand for automotive semiconductors. With sophisticated electronic systems continuing to impact the automotive industry today, the demand for semiconductors is expected to increase. Moreover, the rapid advancements in the automotive industry along with the introduction of innovative technologies for advanced User Interface (UI) is driving the market globally.
- June 2021, NXP Semiconductors NV’s S32R294 radar and S32G2 vehicle network processors are new S32 family systems for vehicle architecture. These processors are based on TSMC’s advanced 16nm FinFET process technology and enable over-the-air upgrades, secure cloud connectivity and vehicle health management, enabling automakers to develop fully programmable and connected automobiles. in the future.
- January 2021NXP Semiconductors NV announced a new AHPC (Automotive High-Performance Compute) development platform known as BlueBox 3.0.
- July 2021ON Semiconductor has released a new AutoX Gen5 standalone platform based on its LiDAR and image sensing technologies.
The major market players are NXP Semiconductors NV, Renesas Electronics Corp., Infineon Technologies AG, STMicroelectronics NV, Robert Bosch GmbH, Texas Instruments, Inc., ON Semiconductor Corp., ROHM Co., Ltd., Toshiba Corp. and Analog Devices, Inc.
Verified Market Research has segmented the global automotive semiconductor market on the basis of component, vehicle type, fuel type, application, and geography.
- Automotive Semiconductor Market, By Component
- Memory devices
- Integrated circuits
- Discrete Power Devices
- Automotive Semiconductor Market, By Vehicle Type
- Light commercial vehicles (LCVs)
- Heavy Duty Vehicles (HCV)
- Passenger vehicles (PV)
- Automotive Semiconductor Market, By Application
- Comfort/entertainment unit
- Body electronics
- Automotive Semiconductor Market, By Fuel Type
- Electric and Hybrid
- Automotive Semiconductor Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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Top 10 Semiconductor Manufacturers Are Transforming With Cutting-Edge Technologies
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