The global automotive semiconductor market is estimated to grow at a CAGR of 9.47% during the forecast period, 2022-2030. The rising focus on connected cars, increasing autonomous features in cars, emerging electric vehicles, and growing demand for more functions in Electronic Control Unit (ECU) propel market growth.
Semiconductors are made of pure elements or compounds. Their properties can be changed by doping. Doping is the introduction of impurities. In automotive, they are compatible with technical and qualitative needs. Autonomous driving is set to result in an increasing number of semiconductor devices used in the automobile sector, supplemented by technological advancements.
Autonomous cars rely on complex algorithms, actuators, powerful processors, and machine learning systems to execute software. They create and maintain a map of their surroundings using different sensors situated on various vehicle parts. Therefore, with the growing demand for autonomous features like vehicle-to-vehicle communication, lane detection, backup cameras, etc., the demand for semiconductor chips is estimated to increase. The features with regard to semiconductor technology include cameras and sensors around the car’s exterior. Such aspects drive the global market growth. However, the growing automotive costs, shortage of semiconductor chips, and high regulations hinder the market growth.
The global automotive semiconductor market growth assessment includes the analysis of Europe, North America, Asia-Pacific, and Rest of World. Asia-Pacific is expected to harbor the largest revenue share in the global market with growing adoption of electric vehicles, rising automotive manufacturing, and collaborations between semiconductor manufacturers and automotive OEMs.
The market players are competing across several regions, trying to gain market shares by increasing new product developments and expansions. Microchip Technology Incorporated, Analog Devices Inc, Micron Technology Inc, Intel Corporation, Infineon Technologies AG, etc., are among the key players in the market.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
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- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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