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Jan 26, 2024

Explosive Growth Expected: Automotive Semiconductor Market to Reach US$ 115609.68 Million by 2033, with a Robust CAGR of 7%

The demand for automotive semiconductor is predicted to grow at a consistent

The demand for automotive semiconductor is predicted to grow at a consistent growth rate of 7%. It is projected that the worldwide automotive semiconductor market is likely to be worth approximately US$ 58,770.1 million in the year 2023 and is expected to increase to a value of US$ 115,609.68 million by the year 2033.

Innovations in the automotive sector are proceeding at a breakneck pace.

When an error occurs in the vehicle, such as with the accelerator, the anti-lock brake interface, or the lights, a semiconductor is used to control the fail-safe system, manage the electrical control unit's functions, and implement automotive fault tolerant systems, which alert the microcontrollers and safety systems installed in all vehicles.

By way of illustration, consider the situation in which a vehicle loses traction on icy roads; this would call attention to the system's ability to tolerate and recover from failure. When the driver applies the brakes, the anti-lock braking system is activated because the sensors and semiconductor devices have detected an incident. As a result, semiconductors play a crucial role in the automotive sector, and the industry's rapid expansion is anticipated to boost the automotive semiconductor market's growth over the forecast period.

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Demand for improved vehicle safety features continues to rise.

As the number of traffic accidents grows, so does the need for safety features like parking aids, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics. Numerous ADAS technologies rely heavily on automotive semiconductors, which improve the systems’ functionality and enable them to detect and classify objects in the path of the vehicle, alerting the driver to changes in the environment and the state of the road as necessary.

Furthermore, these systems can use semiconductors and associated components to automatically apply the brakes or bring the vehicle to a stop, depending on the road conditions. In recent years, there has been a dramatic rise in the number of people losing their lives in traffic accidents, making it one of the leading causes of death worldwide.

According to a 2021 report by the World Health Organization, for instance, nearly 1.3 million people worldwide lose their lives in traffic-related incidents annually. Teenagers also have a higher rate of fatal road traffic injuries. Due to these causes, there has been an uptick in interest in car safety features. Businesses in the auto industry are working to address consumers’ concerns by designing and releasing new products with enhanced safety functions. For instance, HELLA (a company that makes advanced lighting and electronics components) is expected to begin mass-producing its newest 77 GHz radar system soon.

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Key Takeaways

Competitive Landscape

The competitive landscape in the automotive semiconductor market is highly fragmented and characterized by intense competition among key players. There are several global players, including NXP Semiconductors N.V., Infineon Technologies AG, and Texas Instruments Incorporated, who are investing heavily in research and development to improve the performance and functionality of their semiconductor products.

These companies are also expanding their product portfolios through strategic partnerships, mergers and acquisitions, and collaborations with other companies in the value chain.

The automotive semiconductor market is seeing increased competition from new entrants and startups that are developing innovative semiconductor products to cater to the evolving needs of the automotive industry. These companies are leveraging emerging technologies like IoT, AI, and cloud computing to develop cutting-edge semiconductor solutions that enhance the functionality and performance of automobiles.

Key Segments

Automotive Semiconductor Market by Component:

Automotive Semiconductor Market by Vehicle Type:

Automotive Semiconductor Market by Application:

By Region:

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