According to the recent study the automotive semiconductor market is projected to reach an estimated $81.5 billion by 2028 from $52.0 billion in 2023, at a CAGR of 9.4% from 2023 to 2028. Growth in this market is primarily driven by growing trend of vehicle electrification, rising demand for advanced safety, convenience, and comfort systems, and increasing installation of ADAS (advanced driver assistance system).
A more than 150 – page report is developed to understand trends, opportunities and forecast in automotive semiconductor market by component type (microcontrollers, integrated circuits, sensors, discrete power, and others), vehicle type (small cars, compact cars, mid-size cars, large cars, SUVs and crossovers, MPVs, pickups, HCVs, electric vehicles, and others), application (powertrain, chassis, safety, networking/communication, body electronics, and driver information systems), engine type (ICE vehicles and electric vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Integrated circuits market is expected to remain the largest segment during the forecast period.”
Based on component type, the automotive semiconductor market is segmented into microcontrollers, integrated circuits, sensors, discrete power, and others. Lucintel forecasts that the integrated circuits market is expected to remain the largest segment due to rapid vehicle electrification, increasing demand for electronics, and growth in vehicle production.
“Within the automotive semiconductor market, the powertrain segment is expected to remain the largest application”
Based on application the powertrain segment is expected to witness the highest growth over the forecast period due to efficient operation of electric components and battery management systems.
“Asia pacific will dominate the automotive semiconductor market in near future”
APAC is expected to remain the largest region during the forecast period due to increasing penetration of electric vehicles in China and supportive government initiatives to boost semiconductor manufacturing.
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Major players of automotive semiconductor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. NXP Semiconductor. Renesas Electronics, ST Microelectronics, Infineon Technologies, Texas Instruments, Robert Bosch, On Semiconductor, Micron Technology, TOSHIBA, and Panasonic Semiconductor are among the major automotive semiconductor providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/automotive-semiconductor-market.aspx or helpdesk@lucintel.com