The global automotive semiconductor market size is predicted to surpass around US$ 115.78 billion by 2030 and expand growth at a CAGR of 11.5% from 2022 to 2030.
Key Takeaway:
During the forecast period, the increased advanced driver assistance usage is expected to boost the automotive semiconductor market growth. The advanced driver assistance applications in automobile have increased due to the increasing use of software algorithms, computers, sensors, and enhanced technologies in mapping. In response to growing concerns about passenger safety and security, developing country governments have imposed strict safety standards on automobile manufacturers to build vehicles with advanced driver assistance systems. Over the forecast period, such factors are expected to boost the automotive semiconductor market.
Over the forecast period, rising demand for electronic content per automobile is likely to drive the growth of the automotive semiconductor market. Furthermore, as electronic components become more widely used in luxury and mass market vehicles, the industry is likely to rise steadily over the coming years.
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Report Highlights
| Report Coverage | Details |
| Market Size | US$ 115.78 Billion by 2030 |
| Growth Rate | CAGR of 11.5% from 2022 to 2030 |
| Largest Market | Europe |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Component, Vehicle Type, Application, Region |
Market Dynamics
Drivers
Surge in demand for electric vehicles
The electric and hybrid vehicles are becoming increasingly popular around the world. The decreasing cost of components such as lithium-ion batteries, sensors, and microcontrollers is expected to drive the development of an electrical vehicle mass market in the near future. Furthermore, because electric vehicles play an important role in reducing carbon emissions and combating air pollution, governments around the world are heavily promoting them. Currently, electric vehicles account for less than 1% of new vehicle sales, but as component costs fall, consumers and manufacturers are shifting toward electric vehicles. Thus, the surge in demand for electric vehicles is driving the growth of the automotive semiconductor market during the forecast period.
Restraints
Stringent government regulations
The stringent government regulations are imposed on the application and usage of the automotive semiconductors. The key market players need to follow specific guidelines while manufacturing and packaging automotive semiconductors. The labeling is also done with the proper guidelines provided by government agencies. If these regulations are not followed, then strict action is taken against this. As a result, the stringent government regulations are hindering the growth of the automotive semiconductor market during the forecast period.
Opportunities
Growing technological developments in the automotive industry
A semiconductor is used in the automotive industry to control and manage electrical control unit (ECU) functionsand automotive fault tolerant systems, where it handles and operates the error that occurs in the vehicle and informs the microcontrollers and safety systems installed throughout vehicles. For example, if a vehicle loses traction on snow-covered roads, it would highlight fault tolerance. In such cases, the incident is detected by sensors and semiconductor devices, which then activate anti-lock braking when the driver applies the brakes. As a result, the growing technological advancements in the automotive industry is creating lucrative opportunities for the growth of the automotive semiconductors market during the forecast period.
Challenges
Unstable climatic conditions
The automotive semiconductor market is hampered by operational failures in extreme climatic conditions such as extreme cold and extreme heat.When exposed to high temperatures, semiconductors tend to melt or break, causing the resistance to increase and the signal to become too weak, resulting in failures. When it is moved to an optimal temperature, the resistance decreases and the temperature becomes stable. Extreme cold, on the other hand, is not good for semiconductors because it causes them to fail. Its average operating temperature is -25°C, and its maximum temperature is +150°C. As a result, colder regions prefer fewer semiconductors. As a result, consumers are shifting toward the use of alternative electronic components such as microcontrollers, integrated circuits, and others, influencing the growth of the automotive semiconductor market. Thus, the unstable climatic conditions are a major challenge for the expansion of the global automotive semiconductor market over the projection period.
Read Also: Hydrogen Fuel Cells Market Size to Hit 131.06 billion by 2030
Segments Covered in the Report
By Component
By Vehicle Type
By Fuel Type
By Application
By Geography
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