The global automotive semiconductor market size was valued at USD 41.78 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. Increasing demand for electronic content per car is expected to bolster the market growth over the forecast period. Furthermore, increasing penetration of electronic components in luxury to mass produced cars is also expected to lead to steady market growth over the next few years.
According to the World Health Organization, approximately 1.24 million individuals die as a result of road traffic crashes each year. If this situation persists, road traffic crashes would become the seventh leading cause of death by 2030. This has triggered an increased focus on the prevention of accidents through the implementation of active safety measures. As a result, active safety features are increasingly being integrated into vehicles to help avoid collisions and accidents. Amongst the vehicle safety provisions, crash avoidance technology, including automatic emergency braking systems for passenger vehicles, is set to remain a standard feature for a majority of the new vehicles produced from 2022 to 2023. Thus, with the rise in the adoption of vehicle safety systems, the market for automotive semiconductors is expected to grow significantly over the forecast period.
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The outbreak of the COVID-19 pandemic and the consequent measures undertaken to control the infection rate created significant business volatility, which negatively impacted industries worldwide. Various industries have witnessed a major setback due to the pandemic, including the automobile semiconductor industry. Sales of semiconductors for automotive applications mainly depend on the vehicle sales volume and the level of vehicle electrification and digitization. Due to the outbreak of the COVID-19 pandemic, there has been a sharp decline in automotive sales.
Key Player Mentioned:
- Analog Devices, Inc.
- Infineon Technologies AG
- NXP Semiconductors
- Renesas Electronics Corporation
- Robert Bosch GmbH
- ROHM CO., LTD.
- Semiconductor Components Industries, LLC
- STMicroelectronics
- Texas Instruments Incorporated
- TOSHIBA CORPORATION
Application Segment Analysis:
- Chassis
- Powertrain
- Safety
- Telematics & Infotainment
- Body Electronics
Three key trends-namely, autonomy, electrification, and connected mobility-are expected to emerge as major revenue drivers. These trends will play a pivotal role in driving the demand for electronic content per car, subsequently driving the demand for semiconductors in the automotive space. For decades, ICE or internal combustion engine-driven cars have been the primary source of innovation in the automotive space. However, with the growing adoption of autonomy and electrification in the automotive industry, the demand for high-tech cars with improved functionality, backed by semiconductors and chips, is expected to gain momentum.
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Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
The market is moderately consolidated, with the presence of several global as well as regional players. In 2020, the market was dominated by Infineon Technologies AG, NXP Semiconductors, Renesas Electronics Corporation, Texas Instrument Incorporated, and STMicroelectronics.Organic growth remains the key strategy for the overall industry. The players in the market are focusing on product launches to expand product offerings and meet consumer demands. For instance, in November 2020, NXP Semiconductors developed the S32K3 microcontroller (MCU) family, the new addition to its S32K product line. The new S32K3 family was designed for emerging zone controllers, battery management, and automotive body electronics.
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