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Automotive Semiconductor Market to Reach $48.78B by 2022
March 15, 2016 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Automotive Semiconductor Market - Global Forecast to 2020" report to their offering.
The automotive semiconductor market was valued at USD 32.46 Billion in 2015 and is expected to reach USD 48.78 Billion by 2022, at a CAGR of 5.8% between 2016 and 2022. Growth of the automotive semiconductor market is directly linked with the growth of the automotive industry.
The most significant factor driving the automotive semiconductor market is the increasing vehicle production which, in turn, is leading to rising demand for automotive semiconductors. Rising trend of vehicle electrification and growing demand for advanced safety, convenience, and comfort systems are the other factors driving the growth of the semiconductor content in the automobiles.
However, the requirement for better safety and advanced features in the automobile is giving rise to the necessity of more memory devices per vehicle to program the various control systems into an autonomous one.
The Asia-Oceania region accounted for the largest share of the total automotive semiconductor market in 2015. The region has emerged as a major automotive hub with majority of the market share in terms of vehicle production as well as sales. The primary reason behind this trend is the growing Chinese automotive market.
This market has evolved into the largest producer of vehicles and consequently the largest consumer of automotive semiconductor across the globe. Depreciated oil prices, strict government regulations, rapid technological advancement, and consumption of mainly premium cars are the factors making North America as the fastest-growing region of the automotive semiconductor market, at an estimated CAGR of 6.5% between 2016 and 2022.
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