Global Automotive Semiconductor Market Outlook 2023-2028 - Growing Adoption of Silicon Carbide in the Automotive Semiconductor Industry
DUBLIN, Feb. 9, 2024 /PRNewswire/ -- The "Global Automotive Semiconductor Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive semiconductor market is expected to grow at a CAGR of 11.97% from 2022-2028. The rising development of autonomous vehicles increases the demand for automotive semiconductors for several reasons, mainly due to the rising need for sensors, processors, and communication.
The global automotive semiconductor market is highly fragmented, with many local and international players. The global automotive semiconductor market is fragmented due to local and international players. The leading global automotive semiconductor market vendors are Robert Bosch, Continental, Infineon Technologies, NXP Semiconductors, DENSO Corporation, Renesas Electronic Corporation, and others. The competition among these players is intense.
The rapidly changing technological environment can adversely affect vendors as customers expect continual innovations and upgrades in the automotive industry. The present scenario forces vendors to refine their unique value proposition to achieve a strong market presence.
Growing Electric Vehicle Industry
Shortage of Semiconductors
INSIGHTS BY COMPONENT
Some of the component segment's fundamental market dynamics include innovation and technological advancements, consumer demand & user experience, electric & autonomous vehicles, connectivity & IoT integration, regulatory standards & safety requirements, semiconductor industry, efficiency and environmental concerns, and market competition. Rapid technological advancements drive innovation in automotive semiconductor components.
This includes integrating various safety systems like adaptive cruise control, lane departure warning, automatic emergency braking, pedestrian detection, and more, all of which rely on semiconductor components. Also, the demand for body electronics in the automotive semiconductor industry will grow during the forecast period.
INSIGHT BY VEHICLE TYPE
As vehicles become more connected and automated, the demand for semiconductor technology in passenger vehicles continues to rise. Moreover, commercial vehicles, including trucks, buses, vans, and other vehicles for transporting heavy goods and passengers, depend on semiconductors due to powertrain control, telematics, fleet management systems, safety features, and in-cabin technologies. As the logistics and transportation industry evolves, there is an increasing need for advanced semiconductor solutions to improve efficiency and safety in commercial vehicles.
Market Opportunities & Trends
Market Growth Enablers
Key Company Profiles
Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/ls9bf6
Research and Markets
View original content:https://www.prnewswire.com/news-releases/global-automotive-semiconductor-market-outlook-2023-2028---growing-adoption-of-silicon-carbide-in-the-automotive-semiconductor-industry-302058524.html
SOURCE Research and Markets