Automotive semiconductor market size to grow by USD 26,676.35 million between 2022 and 2027 | APAC will account for 62% of the market growth - Technavio
NEW YORK , Dec. 5, 2023 /PRNewswire/ -- The automotive semiconductor market size is set to grow by USD 26,676.35 million during 2022 and 2027, progressing at a CAGR of 8.8% during the forecast period, according to Technavio Research. APAC will account for 62% of the market growth during the forecast period. The region has a strong presence of automotive manufacturers, and automotive technologies are witnessing rapid adoption across all vehicle categories in APAC. In addition, the strong economic growth of developing countries such as India and China and the rising disposable income among consumers have led to growth in the sales of passenger cars equipped with advanced automotive components. All these factors are driving the growth of the automotive semiconductor market in APAC.The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. For more invaluable market insights on CAGR, YOY growth rate and much more, Download a Sample Report
Although the rising adoption of advanced driver assistance system (ADAS) features in vehicles, increasing electrification in vehicles, and governing bodies mandating safety regulation will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this automotive semiconductor market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Frequently Asked Questions:
Automotive Semiconductor Market 2023-2027: Segmentation
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Automotive Semiconductor Market 2023-2027: Vendor Analysis and Scope
The global automotive semiconductor market is fragmented. The market is characterized by the presence of numerous large and medium-sized manufacturers. Most large and established players have extensive sales and distribution networks globally. Small players are concentrated in regional markets. Vendors compete based on parameters such as price, quality, technology, brand identity, and distribution. Key vendors have a vast geographical presence and large-scale production facilities. There are a few small regional vendors with significant market shares. Rivalry among vendors is moderate. Therefore, vendors opt for pricing and marketing strategies to retain their existing market shares and seize new market opportunities. Some of the key vendors covered in the report include:
Automotive Semiconductor Market 2023-2027: Driver
The market is driven by the rising adoption of advanced driver assistance system (ADAS) features in vehicles. Technological advances in terms of software algorithms, processors, and sensors have increased the application of ADAS in vehicles. In addition, the imposition of stringent safety norms by governments has pushed automobile manufacturers to incorporate ADAS technologies in their vehicles. For instance, in 2015, the European Commission made it mandatory to install a vehicle telematics system in all new vehicles from April 2018. Such factors are increasing the penetration of ADAS in vehicles, which is expected to drive the growth of the market in focus.
Automotive Semiconductor Market 2023-2027: Challenge
The lack of standard protocols is identified as the major challenge in the market. Every country or region has its own regulations regarding the adoption of safety measures in vehicles. The presence of many such government standards that govern the production of automobiles restricts the engineers' and designers' creativity. However, vehicle manufacturers are compelled to adapt to the production standards set by regulatory authorities in a particular region. For instance, most vehicles sold in Asia have right-hand drive. But in North America, they have left-hand drive. Thus, the lack of standard protocols challenges the growth of the market.
Automotive Semiconductor Market 2023-2027: Key Highlights
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