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Automotive Semiconductor Market Will Reflect Significant Growth Prospects of US$ Mn during 2023–2032

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Automotive semiconductors are special type of electronic components used in vehicles for critical functions, such as safety features, sensing, power management, and control of the vehicle. These semiconductors are made of germanium and silicon as the basic components, which are essential for automotive electronics’ better working. Automotive semiconductors are used in vehicles to ensure the efficient operation of the associated component in all conditions. The advancements in vehicle-based technology, such as introduction of telematics & infotainment, advanced driver assistance system (ADAS) followed by the increased inclination towards the rising adoption of electric vehicles are responsible for the growth of the global automotive semiconductor market across the globe.

COVID-19 Impact on Automotive Semiconductor Market

The outbreak of COVID-19 across the globe has unfavorably impacted the global automotive semiconductor market growth. The negative impact on the market is majorly owing to the lockdown restrictions which influenced the import and export of the raw materials across the globe. Due to this, the semiconductor manufacturing organizations were hugely affected as they were not able to manufacture the required parts for the vehicles. Besides, the drop in the sales of vehicles and the slowing down in the development of the novel electric vehicles in the developing economies are other factors which have negatively impacted the market growth during the pandemic period.

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However, various governments across the globe are taking initiatives such as providing subsidies and several other advantages to people for adopting electric vehicles which is predicted to boost the growth of the global automotive semiconductor market post the pandemic period over the forecast period.

Automotive Semiconductor Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global automotive semiconductor market growth in the upcoming years.

For instance, in July 2023-, STMicroelectronics, the leading electronics and semiconductors manufacturer, entered into an anchor partnership with Autobahn with an aim to power innovation in the automotive industry by introducing dynamic new companies (selected) to established technology corporations. Along with STMicroelectronics’s support through semiconductors and Autobahn’s major car brands and vendors, the major emphasis will be given on smart mobility for smart and electric connected driving vehicles.

In September 2023-, ROHM, the leading designer and manufacturer of semiconductors, integrated circuits (ICs), and other electronic components, announced the development of novel SerDes ICs and PMIC majorly designed for the vehicle satellite cameras in order to support Advanced Driver Assistance Systems (ADAS). According to the company, these products will help in low electromagnetic noise, low power consumption, and compact the ADAS system modules.

In January 2022, Infineon Technologies AG, the global market specialist in automotive semiconductors, announced the launch AURIX TC4x to strengthen its automotive semiconductor offering. With this launch, Infineon is continuing its path to shape future mobility with technological advancements, such as eMobility, automotive E/E architectures, ADAS, and affordable AI applications.

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Forecast Analysis of Global Market

The global automotive semiconductor market is projected to witness an exponential growth over the forecast period, owing to the business expansion and acquisitions by key market players. Conversely, the increase in prices of vehicles across the globe is expected to hamper the market growth in the projected timeframe.

The increasing demand for safety features and the growing adoption of electric vehicles across the globe are the significant factors and automotive semiconductor market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global automotive semiconductor market is expected to garner $93,696.2 million during the forecast period (2023–2032). Regionally, the Asia-Pacific market is estimated to witness the fastest growth by 2032, owing to the growing automotive manufacturing hubs and the direct partnerships amongst the vehicle OEMs and semiconductor manufacturers.

The key players functioning in the global market include STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments, Inc., Analog Devices, Inc., Micron Technology, NXP Semiconductors N.V., Renesas Electronics Corp., Robert Bosch GmbH, On Semiconductor Corp., and ROHM Co., Ltd.

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