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Automotive Semiconductor Market to Reach $76.93 Billion by 2027
March 6, 2019 | PRNewswireEstimated reading time: 2 minutes
The global automotive semiconductor market accounted to $34.89 billion in 2017 and is expected to grow at a CAGR of 8.3% during the forecast period 2018 - 2027, to account to $76.93 billion by 2027.
Semiconductors have facilitated most of the latest innovations in automotive technology across the world. Demand for automotive semiconductors is continuing to rise steadily due to more complexity in car designs, which thereby provides a significant long-term growth scenario for the automotive semiconductor market.
Owing to this, several global automotive suppliers and automotive OEMs are focusing on introducing innovative sensors, connectivity platforms, mapping applications, and other new technologies along with the expansion of electric vehicles (EVs).Further, the semiconductor content in each vehicle is on a rise owing to the government regulations regarding safety, fuel efficiency, and emission standards.
The safety features in the automotive semiconductor market have evolved from passive to active systems with ADAS including radar & vision systems. Further, the demand for electronic stability control, tire pressure monitoring, ADAS, and other features is witnessing notable growth rate owing to regulatory mandates.
A significant rise in the automotive manufacturing has remarkably driven the automotive semiconductor market.The automobile manufacturers worldwide are experiencing significant demand for vehicles ranging from passenger vehicles, lightweight commercial vehicles, and heavyweight commercial vehicles.
Higher disposable income in the developed countries and increasing purchasing power capacity among the population in developing countries is significantly driving the automobile procurement.The constant pressure on automobile manufacturers to deliver a large number of vehicles to meet consumer demand is catalyzing the production statistics of vehicle manufacturing.
With the increase in automobile manufacturing, the demand for advanced technologies integrated on to the vehicles is simultaneously increasing among the end users.This factor has created a potential market space for various types of semiconductors.
In the current automotive market, major manufacturers are integrating their vehicles with technologically enhanced sensors, in order to improve the safety of the vehicles. Apart from sensors, several other types of semiconductors are also being integrated on the newer vehicles, which is paving the path for automotive semiconductor market players to generate substantial revenue.
The global automotive semiconductor market has been segmented into three major segments including component, application, and vehicle type.The component segment is fragmented by optical, sensors & actuators, memory, microcontrollers, analog ICs, and logic & discrete power devices.
The sensors & actuators segment is further segmented into LED, image sensor, position sensor, temperature sensor, pressure sensor, and others.The memory segment is sub-divided into DRAM and flash.
The application segment is categorized into advanced driver assistance systems, body electronics, infotainment, powertrain, and safety systems.The vehicle type segment is bifurcated into passenger cars, light commercial vehicle, and heavy commercial vehicle.
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