The global automotive semiconductor market is expected to reach USD 241.7 Billion by 2030, at a CAGR of 18% from 2021 to 2030. This growth is attributed to the increasing demand for advanced driver assistance systems (ADAS), rising vehicle production, and the growing trend of automation. The market is witnessing significant growth owing to the increasing demand for advanced safety and vehicle infotainment systems. Furthermore, the rising demand for electric vehicles, especially in developing countries, is expected to drive the growth of the automotive semiconductor market.
Restraints of the Automotive Semiconductor Market
- Intense Competition: The automotive semiconductor market is highly competitive with a large number of players, including global and regional players, competing for market share. This intense competition is likely to impede the market growth.
- Increasing Cost of Automotive Electronics: The increasing cost of automotive electronics is a major restraint for the market. The cost of semiconductor components is increasing due to the complexity of the design and the high cost of production.
- Technological Uncertainty: Technological uncertainty in the automotive semiconductor market is a major challenge for market growth. The rapid change in technology makes it difficult for automotive manufacturers to keep up with the latest trends.
- Lack of Standardization: The lack of standardization in the automotive semiconductor market is a major restraint for market growth. The lack of standardization makes it difficult for automotive manufacturers to keep up with the latest technologies and design requirements.
The report further highlights the key players in the automotive semiconductor market, such as NXP Semiconductor, Infineon Technologies AG, STMicroelectronics NV, Renesas Electronics Corporation, Texas Instruments, Robert Bosch GmbH, ON Semiconductor, Qualcomm Technologies, Inc., Denso Corporation, and Analog Devices, Inc.
The report also comprehensively analyzes the market by application, vehicle type, and region. By application, the market is divided into safety and control, powertrain, body electronics, infotainment and telematics, and ADAS. The market is divided into passenger and commercial vehicles by vehicle type.
Regionally, the automotive semiconductor market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to witness significant growth over the forecast period owing to the increasing demand for electric vehicles, the presence of key players in the region, and the growing adoption of advanced safety systems and infotainment systems.
The report also provides an in-depth analysis of the competitive landscape and key strategies adopted by the major players. The key strategies include product launches, partnerships, collaborations, mergers and acquisitions, and joint ventures.