The automotive semiconductor market is growing at a rapid rate. Despite the difficulties caused by the current pandemic, Future Industry Insights (FMI) expects the global automotive semiconductor market to grow at a 7.0 percent compound annual growth rate (CAGR) between 2020 and 2030. The major market participants plan to take advantage of the growing demand for electric vehicles as well as digital safety features such as the Advanced Driver Assistance System (ADAS). The market is expected to develop steadily as a result of increased demand for electric vehicles, automotive safety requirements, and new automotive technology across various countries, according to historical studies and current data.
While the market is continuously growing, the COVID-19 epidemic has had an impact on the manufacturing sector. Despite the production disruptions, industry players are likely to focus on research projects, which will allow the market to thrive in the next years. Broadcom Inc., for example, has released a wide range of automotive solutions this year, including vehicle connectivity and networking, optical isolation and sensing, wireless communications, and LED lighting.
Impact Analysis of Covid-19
As a result of the COVID-19 pandemic, there has been a global drop in automotive demand as a result of manufacturing plant closures, a drop in GDP, and other causes. In the following months, market growth is expected to slow even more.
Because electric and digital vehicles are the primary drivers of automotive semiconductor demand, the global automotive semiconductor industry is expected to contract by 5% by 2020. Despite the entire shutdown of manufacturing plants during the lockdown, the automotive semiconductor market is predicted to increase at a rate of 5% to 8% year over year by 2021.
Who is the victor?
Future Industry Insights has thoroughly examined the various strategies utilized by leading companies in the automotive semiconductor market in this report. As the seemingly limitless scope and potential fade, prominent industry companies such as Intel Corporation, NVIDIA Corporation, Samsung Semiconductor, and others are adopting deliberate steps to maintain their worldwide leadership positions.