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New York, March 07, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Semiconductor Global Market Report 2023” – https://www.reportlinker.com/p06325413/?utm_source=GNW
The global automotive semiconductor market grew from $48.44 billion in 2022 to $55.14 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The automotive semiconductor market is expected to grow to $88.05 billion in 2027 at a CAGR of 12.4%.
The automotive semiconductor market consists of sales of microcontrollers (MCU), input and output devices, circuits, AD (analog and digital) conversion circuits, power supply components, in-vehicle communication circuits, and sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The automotive semiconductor refers to an automotive component that exploits electronic properties of semiconductor materials, like silicon, germanium, gallium arsenide, and organic semiconductors.The primary purpose of automotive semiconductors is to be used in producing semiconductor devices, which are required for a wide range of automotive products.
These semiconductors can alter their electrical conductivity by applying magnetic or electrical fields, which makes semiconductors useful in various applications and devices.
Asia-Pacific was the largest region in the automotive semiconductor market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of an automotive semiconductor include a processor, analog IC, discrete power, sensor, memory, and other components.The processors are part of the automotive conductors to conduct the majority of basic arithmetic, logic, I/O tasks and assign directives to other chips and components of in a vehicle.
They help control different parts of the vehicle and at the same time act as a coordinator between different actions of the user.The automotive semiconductors are used in vehicles with different fuel types including diesel, gasoline, electric and hybrid.
They are used for constant monitoring of different components in vehicles including powertrain, safety, body electronics, chassis, telematics and infotainment. The automotive semiconductors are supported for passenger vehicle, light commercial vehicle, heavy commercial vehicle, and other vehicle types.
The increase in demand for electric and hybrid vehicles is expected to propel the growth of the automotive semiconductor market.While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EV and hybrid vehicles have increased.
Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring.These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles.
According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs). Additionally, China has the greatest fleet size of electric vehicles with 4.5 million units and Europe experienced the largest annual growth, rising to 3.2 million in the year 2020. Therefore, rising demand for electric and hybrid vehicles is expected to boost demand for automotive semiconductor during the forecast period.
Technological innovation is a key trend gaining popularity in the automotive semiconductor market.Major companies operating in the automotive semiconductor market are focused on providing technologically-advanced solutions to strengthen their market position.
These companies are implementing next-generation automotive semiconductor technologies into their products, such as artificial intelligence, IoT, algorithmic chips, ICs, transistors, intelligent sensors, computing, and others, making devices and applications reliable, compactness, and of low-cost. For instance, in September 2022, SiFive, Inc., a US-based semiconductor company, introduced the E6-A series, S7-A, and X280-A, new chip designs for digital control in automobiles. These chips work on machine learning technology and enhances the failsafe capabilities to provide an autonomous driving experience.
In April 2020, Infineon Technologies, a Germany-based semiconductor manufacturing company, acquired Cypress Semiconductor Corporation for an undisclosed amount.With this acquisition, they aim to provide their customers with the most comprehensive portfolio in the business for connecting the physical and digital worlds with shaping digitalization.
Cypress Semiconductor Corporation is a US-based semiconductor manufacturing company.
The countries covered in the automotive semiconductor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive semiconductor market research report is one of a series of new reports that provides automotive semiconductor market statistics, including automotive semiconductor industry global market size, regional shares, competitors with a automotive semiconductor market share, detailed automotive semiconductor market segments, market trends and opportunities, and any further data you may need to thrive in the automotive semiconductor industry. This automotive semiconductor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06325413/?utm_source=GNW
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