Automotive Semiconductors: Asia-Pacific Expected to Emerge as The Fastest Growing Market

- Advertisement -

One of the major factors driving the growth of global automotive semiconductor market is growing production of electric vehicle globally

Global demand for Automotive Semiconductor Market Size, in terms of revenue, was worth of USD 45.98 Billion in 2020 and is expected to reach USD 81.40 Billion in 2027, growing at a CAGR of 8.5 per cent from 2020 to 2027. Rising production of electric vehicles, high production volumes of automobiles and growing advanced safety and security needs are anticipated to drive the growth of global automotive semiconductor market.

“Asia-pacific is expected emerge as a fastest growing market over the forecast period owing to the increasing growth of automotive industry especially in emerging countries such as India, Japan and China. As per the NITI Aayog report; in India, about 7.35 million electric vehicles were extended in 2020 and expected to develop 26.52 million by 2030. Also, presence of leading semiconductors manufactures in this region is also fostering the market growth in this region,” read a report by Brandessence Market Research.

- Advertisement -

North America, on the other hand, is expected to dominate in the global automotive semiconductor market due to adoption of automated safety technologies, growing production of EVs and presence of key players in this region. According to National Highway Traffic Safety Administration; in the U.S. the continuing evolution of automotive technology is aiming to deliver greater safety benefits and automated driving systems (ADS)

One of the major factors driving the growth of global automotive semiconductor market is growing production of electric vehicle globally. According to The International Council on Clean Transportation (ICCT), global EV production surpassed 2 million per year in 2018 and sold over 80,000 EVs per year. In addition, elevated production of automobiles is also supplementing the market growth. For Instance; number of automobile users are rapidly increasing day by day which may lead to accelerate the demand for semiconductors for vehicles productions.

Furthermore, rising advanced safety and security needs are also augmenting the growth of global automotive semiconductor market in forecast period. For example; for self-driving cars, security began in semiconductors. The hundreds of composite chips within cars have to be protected against electrical faults that could damage the system following advanced features like accident avoidance and lane-change warnings.

Automotive applications are spawning the development of a host of sensor types and airbags for use in systems associated to rider safety and vehicle diagnostics or monitoring. Thus, the demand for advanced safety security needs is fostering the growth of the market during the forcaste peried.

However, high cost of vehicle along with continuous optimization of component size may hamper the global automotive semiconductor market growth. In spite of that, rising preference towards hybrid and electric vehicle along with adoption of advanced automotive semiconductors can offer more opportunities for the further growth of the global automotive semiconductor market.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Breathing Through “First-Time Silicon Success”

0
No one is born a leader, but the choices we make in life propel us to become a leader. For Chitra Hariharan, an innocent...

Buzz

JLR Commits Over 1 Lakh Crore To EVs In 5 Years

0
Tata Motors, which owns several British car brands, plans to introduce electric vehicles based on three distinct vehicle architectures within the next year. Jaguar Land...

Shriram Automall Announces Partnership With Volvo CE 

0
Volvo CE will have access to SAMIL’s app and auction platforms to handle its inventory of used construction equipment.  Shriram Automall India Limited (SAMIL), an...

Onsemi Invests $2 Billion In Czech Semiconductor Expansion

0
Onsemi invested $2 billion to boost semiconductor production in the Czech Republic, enhancing its European capacity amid the EU's drive for self-sufficiency in critical...

Important Sectors

JLR Commits Over 1 Lakh Crore To EVs In 5 Years

0
Tata Motors, which owns several British car brands, plans to introduce electric vehicles based on three distinct vehicle architectures within the next year. Jaguar Land...

Shriram Automall Announces Partnership With Volvo CE 

0
Volvo CE will have access to SAMIL’s app and auction platforms to handle its inventory of used construction equipment.  Shriram Automall India Limited (SAMIL), an...

Onsemi Invests $2 Billion In Czech Semiconductor Expansion

0
Onsemi invested $2 billion to boost semiconductor production in the Czech Republic, enhancing its European capacity amid the EU's drive for self-sufficiency in critical...

Epsilon Collaborates With Motovolt For Sustainable Employee Mobility

0
The employees and their families of Epsilon residing in Vijayanagar, Karnataka, will get subsidised e-mobility options from Motovolt.  Epsilon Group, a manufacturer specialising in carbon-based...

Vitesco Debuts Single-Module Rotor Lock Actuator For EVs

0
Integration of park lock, rotor position sensing, and brush system into a single module for electric axles simplifies design, reduces space requirements, and lowers...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...