Inkwood Research predicts that the Global Automotive Semiconductor Market is evaluated to record a CAGR of 7.92% in terms of revenue during the forecasted period of 2021-2028.
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2021-2028.”
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A semiconductor’s properties lie between a conductor and an
insulator. Its primary role is to ensure control over an electric current.
Also, it facilitates most innovations in vehicle development.
Emergence
of Electric Vehicles propels Market Growth
Electric vehicles (EVs) have electric motors instead of internal
combustion engines. The common electric batteries’ reliance on dated technology
limits their performance. As a result, EVs suffer from short life spans and
high costs. At the same time, semiconductor innovations are capable of long and
efficient battery life. Semiconductor chemistries like Silicon Carbide (SiC)
and Gallium Nitride (GaN) enable EV batteries to operate at higher voltages
than conventional silicon wafers.
Furthermore, semiconductors are vital to vehicle efficiency,
intelligence, and safety. Also, features like emergency braking systems, backup
cameras, and blind-spot sensors depend on chip technology. With automakers
increasing electric integrations in vehicles, chip content expands, thereby
generating more opportunities for semiconductor players. Moreover, modern
electric cars need connectivity that enables the manufacturer to send important
software updates to the car’s firmware. Thus, with the growing demand for
electric vehicles, automotive semiconductors’ demand is set to rise.
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Memory Devices
are the Fastest-Growing Component
Processors include microcontroller units (MCUs), digital
signal processors (DSP), and microprocessor units. The use of different
microcontroller types to handle operations like applications, electrical
systems, automobiles, and processing needs has increased rapidly. Its
applications can be found in large equipment and smaller devices like air
conditioning units, airplane navigation systems, mainframe computers, cell
phones, etc.
Further, safety systems like airbags and ABS have become
common in cars. At the same time, features like stability-control and
traction-control systems. Each of these systems adds a new module, which
contains multiple microprocessors. Such factors boost the growth of the
processors segment.
North
America to fare the Highest CAGR
The growing automotive manufacturing and the emergence of
new carmakers drive the market growth. Also, the increasing demand for
commercial vehicles and electric vehicles offers growth opportunities.
Moreover, several market players are focusing on initiatives to enhance their
reach to rural areas and elevate their position in the automotive semiconductor
market.
The intensive competitive rivalry is attributed to the
established players trying to improve and expand their product portfolio to
strengthen their market position. Some prominent firms in the market include Renesas
Electronics Corporation, Infineon Technologies AG, Texas Instruments
Incorporated, NXP Semiconductors NV, etc.
About Inkwood Research
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research reports and consulting services. Market intelligence studies with relevant
fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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