Automotive Semiconductor Market: Rising Demand and Future Scope till by 2030

Description

By 2027, The global automotive semiconductor market size is expected to grow USD 61.7 billion from USD 41.4 billion in 2021, at a CAGR of 6.9% from 2021 to 2027. A semiconductor is a solid chemical element or compound that conducts electricity under some conditions, making it a good intermediate for controlling electrical current. The conductance of semiconductors varies depending on the current or voltage applied to a control electrode or the intensity of irradiation by infrared (IR), visible light, ultraviolet (UV), or X-rays. Automotive semiconductors are used in various automotive applications, including interiors, safety, fuel efficiency, and connectivity.

The rise of new technologies, rapid developments in emerging markets, the adoption of sustainable policies, and changing consumer preferences are expected to increase the usage of semiconductors in vehicles exponentially. Moreover, digitization and change in business models have spurred a revolution in many industries, including automotive. Disruptive technologies such as electrification, diverse mobility, autonomous driving, and rapidly evolving connectivity services are driving the growth of the automotive semiconductor market worldwide in recent years.  

In recent years, the increasing consumer demand for vehicle performance and convenience, stringent government mandates to restrict emissions, and improvements in passenger safety have led to the widespread adoption of electronics in automobiles. Moreover, the increasing prices of memory components are expected to boost revenues of the global automotive semiconductor market during the forecast period.

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Global Automotive Semiconductor Market Dynamics

Drivers: Increasing use of ECUs

Automobiles were only seen as mechanical machines until the introduction of electronics in the automotive industry. The inherent limitations of mechanical systems made automobiles more prone to system failures, which, in turn, posed a serious threat to the drivers’ lives. To address this, manufacturers started to replace mechanical systems with digital systems. The first electronic control unit (ECU) was introduced in 1970, and since then, it has become an integral part of automobiles. A modern-day car has more than 100 ECUs that control various aspects of the automobile system. For instance, the BMW 7-series has more than 150 ECUs that regulate vital functions of the cars.

Restraints: Increasing risks of cyber attacks

The digitalization of new-age vehicles would mean that more and more functions are executed and controlled using electronic sensors and equipment. This would mean electronic actuation of the primary functions formerly managed by mechanical and hydraulic systems. These automobiles will also have a network of entertainment and information systems, and they will be linked to the internet cloud to communicate with each other. This network of connected cars would result in individual automobiles acting as nodes in a network infrastructure. The rapid development in automobile technologies poses a risk of malicious intrusion to the vehicle’s network, allowing hackers to gain control of the vehicle’s critical control functions and cause harm to the vehicle, its driver, and passengers.

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Opportunities: Increasing demand for connected vehicles

Currently, industries rely heavily on data from remote diagnostics and predictive maintenance, among others, to offer better customer services. This has influenced the digitization of numerous vehicle functions, such as monitoring metrics like speed, fuel efficiency, gas tank levels, heating, and air conditioning, among others. The digitization of cars has helped manufacturers continuously improve on the functionalities and deliver better products that adhere to stringent safety and emission norms. The data collected by various sensors offer a bird’s eye view of the car's performance, which allows the driver to make informed decisions to improve the car's performance.

Hands-free calling service and in-vehicle navigation have now become a standard across vehicles. With rapid advancements in mobile networks, automotive manufacturers have moved to the next generation of connected car technology such as telematics, voice recognition, eCall, and vehicle-to-vehicle communication.

Scope of the Report

The study categorizes the automotive semiconductor market based on product, application, vehicle, and regions.

By Product Outlook (Sales/Consumption, 2017-2027, USD Million)

• Processor
• Analogic
• Sensor
• Discrete power
• Memory

By Application Outlook (Sales/Consumption, 2017-2027, USD Million)

• Body electronics
• Telematics
• Powertrain
• Safety
• Chassis

By Vehicle Outlook (Sales/Consumption, 2017-2027, USD Million)

• Passenger Cars
• Light commercial vehicles
• Heavy commercial vehicles

By Region Outlook (Sales/Consumption, 2017-2027, USD Million)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The processor segment is projected for the largest market share by product

The global automotive semiconductor market by-product has been segmented as processors, analog ICs, sensors, discrete power, and memory products. Processor segment by-product accounted for the largest market revenue share of 30.1% in 2020. The Processor segment comprises microprocessor units, microcontroller units (MCUs), and digital signal processors (DSP) that help in offering optimal output with respect to inputs provided by sensors. Microprocessors contain an IC that includes only the CPU, i.e., they only have the processing power and don’t include RAM, ROM, and other peripherals on the chip. They are used to execute tasks optimally where the relationship between input and output is not defined. On the other hand, microcontrollers contain a CPU with a fixed amount of RAM, ROM, and other peripherals embedded on a single chip. These are designed to perform specific tasks where the relationship between input and output is predefined.

North America accounts for the highest CAGR during the forecast period

The global automotive semiconductor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa by region. Globally, North America is having the largest CAGR of 7.3% during the forecast period. The growth of the Automotive Semiconductor Market in North America depends on the regional political and economic scenario and the increasing demand for automotive. North America has a vibrant economy, with most of the population falling under the category of early adopters. However, after the recession, consumers have curbed their expenditure by spending only on necessities.

Consumers have also drastically cut down their spending on non-essentials and the replacement of existing products, leading to a slump in the market. The current political scenario also impacts the growth of the surrounding countries that are highly dependent on export activities in the region. The decision to withdraw from the North American Free Trade Agreement (NAFTA) is expected to have a negative impact on the Automotive Semiconductor Market in North America for a short duration. However, we expect the market to stabilize and grow during the forecast period.

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Key Market Players

The automotive semiconductor market is mildly concentrated in nature with few numbers of global players operating in the market such as NXP Semiconductors, Infineon Technologies, Renesas Electronics,  Renesas Electronics, Texas Instruments, Stmicro Electronics, Bosch, Melexis, Allegro Micro System, Microchip Technology, On Semiconductor, Rohm Semiconductor, Analog Devices, Delphi Technologies, Pansonic, and Toshiba. Every company follows its business strategy to attain the maximum market share.

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Article source: https://article-realm.com/article/Finance/20558-Automotive-Semiconductor-Market-Rising-Demand-and-Future-Scope-till-by-2030.html