According to a recent report published by Allied Market Research, titled, “Automotive Semiconductor Market by Component, Vehicle Type, Propulsion Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global automotive semiconductor was valued at $37.99 billion in 2020, and is projected to reach $113.94 billion by 2030, registering a CAGR of 11.8% from 2021 to 2030.

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Automotive semiconductors are specially designed components that are used in numerous automotive electronic components and are designated for efficient performance of the associated component. Semiconductors used in automobiles are used to transfer electricity through them so that the semiconductor associated component performs its operations without any failure. In addition, continuous developments carried out by the key players operating in the automotive industry have introduced components related to advanced driver assistance system, telematics and others, creates ample opportunities for the growth of automotive semiconductor market during the forecast period.

Moreover, the key players operating in the global automotive semiconductor market has developed numerous components to be used in automobiles which leads to the growth of their market share in the global market. In addition, continuous developments towards the introduction of semi-autonomous autonomous vehicles and electric propelled vehicles has also supplemented the growth of automotive semiconductors among vehicles.

In addition, numerous developments have been carried out by key manufacturers such as Analog Devices, Infineon Technologies, NXP Semiconductors, Texas Instruments and others creates a wider scope for the growth of the market across the globe.

Factors such as rapid developments in the automotive industry, rise in demand for safety features in automobiles and intervention of innovative technologies for advanced user interface (UI) drives the growth of the market across the globe. In addition, factors such as operational failures in extreme climatic conditions and high initial cost complex structure acts as a barrier for the growth of the market across the globe. However, factors such as rise in demand for electric hybrid vehicles and increase in technological advancement innovation in ADAS creates ample opportunities for the growth of the market during the forecast period.

Key Findings Of The Study

• By component, the sensor segment is expected to register a significant growth during the forecast period.
• Depending on vehicle type, the light commercial vehicle segment is anticipated to exhibit significant growth in the near future.
• On the basis of propulsion type, the electric segment is projected to lead the global automotive semiconductor market owing to higher CAGR.
• On the basis of application, the telematics infotainment segment is projected to lead the global automotive semiconductor market owing to higher CAGR.
• Asia-Pacific is anticipated to register the highest CAGR.