Automotive Semiconductors: Asia-Pacific Expected to Emerge as The Fastest Growing Market

- Advertisement -

One of the major factors driving the growth of global automotive semiconductor market is growing production of electric vehicle globally

Global demand for Automotive Semiconductor Market Size, in terms of revenue, was worth of USD 45.98 Billion in 2020 and is expected to reach USD 81.40 Billion in 2027, growing at a CAGR of 8.5 per cent from 2020 to 2027. Rising production of electric vehicles, high production volumes of automobiles and growing advanced safety and security needs are anticipated to drive the growth of global automotive semiconductor market.

“Asia-pacific is expected emerge as a fastest growing market over the forecast period owing to the increasing growth of automotive industry especially in emerging countries such as India, Japan and China. As per the NITI Aayog report; in India, about 7.35 million electric vehicles were extended in 2020 and expected to develop 26.52 million by 2030. Also, presence of leading semiconductors manufactures in this region is also fostering the market growth in this region,” read a report by Brandessence Market Research.

- Advertisement -

North America, on the other hand, is expected to dominate in the global automotive semiconductor market due to adoption of automated safety technologies, growing production of EVs and presence of key players in this region. According to National Highway Traffic Safety Administration; in the U.S. the continuing evolution of automotive technology is aiming to deliver greater safety benefits and automated driving systems (ADS)

One of the major factors driving the growth of global automotive semiconductor market is growing production of electric vehicle globally. According to The International Council on Clean Transportation (ICCT), global EV production surpassed 2 million per year in 2018 and sold over 80,000 EVs per year. In addition, elevated production of automobiles is also supplementing the market growth. For Instance; number of automobile users are rapidly increasing day by day which may lead to accelerate the demand for semiconductors for vehicles productions.

Furthermore, rising advanced safety and security needs are also augmenting the growth of global automotive semiconductor market in forecast period. For example; for self-driving cars, security began in semiconductors. The hundreds of composite chips within cars have to be protected against electrical faults that could damage the system following advanced features like accident avoidance and lane-change warnings.

Automotive applications are spawning the development of a host of sensor types and airbags for use in systems associated to rider safety and vehicle diagnostics or monitoring. Thus, the demand for advanced safety security needs is fostering the growth of the market during the forcaste peried.

However, high cost of vehicle along with continuous optimization of component size may hamper the global automotive semiconductor market growth. In spite of that, rising preference towards hybrid and electric vehicle along with adoption of advanced automotive semiconductors can offer more opportunities for the further growth of the global automotive semiconductor market.

- Advertisement -

Most Popular Articles

Infineon, Stellantis Partner To Advance Next-Gen Vehicle Power

0
With a dedicated Joint Power Lab and secured supply agreements, the partnership is set to drive transformative advancements in EV performance, cost-effectiveness, and the...

Audi Launches New EV Brand In China, Drops 4-Ring Logo

0
On Thursday, Audi introduced a new electric vehicle brand in China, branding the cars solely with the name 'AUDI' instead of its traditional four-ring...
IIT Bhubaneswar

IIT Bhubaneswar Partners MOSart Labs To Boost Engineering Skills In Chip Industry

0
The aim is to help students with essential skills in areas such as very-large-scale integration (VLSI), semiconductor technology, analog and digital design, validation, and...
Jaguar concept EV

JLR Highlights Its Biggest Reinvention With The Concept Car Jaguar Design Vision

0
The four-door GT is anticipated to be Jaguar's most powerful model to date. Its targeted range is approximately 430 miles (700 kilometers), and its...

ISE Labs Expands With New OSAT Facility In Mexico

0
Turbocharging its growth in North America’s tech hub, ISE Labs is set to build an OSAT semiconductor facility in Jalisco, Mexico, eyeing to create...

“Adoption Of IoT-Enabled SMT Machines Is Still In Early Phases” – Pradeep Tandon, Director...

0
While electronics are becoming smarter through the Internet of Things, is electronics manufacturing following suit? Pradeep Tandon, Director for India, Middle East, and SAARC...
Dr Yashodhan P. Gokhale, Vice President for Battery Technology, JSW Energy

Charge Forward: High-Voltage Batteries And MSMEs Can Fuel India’s EV Revolution

0
A nuanced explanation of low- and high-voltage EV batteries by Dr Gokhale, Vice President for Battery Technology at JSW Energy, illuminates their advancements and...
Sanjay Gupta, CDO & Global Head of Engineering, L&T Semiconductor Technologies

Can MSMEs Contribute And Profit From The Semicon Boom?

0
Semiconductor manufacturing often requires significant investment, typically feasible only for governments or large corporations. But are there opportunities for MSMEs as well? We spoke...
N.P. Ramesh, COO and Co-Founder, Orb Energy

“We Ensured Customers’ Monthly EMI Would Be Equal To Or Less Than Their Electricity...

0
In a conversation with Nitisha from EFY, N.P. Ramesh of Orb Energy outlines the early financing challenges customers faced. He explains how Orb Energy’s...

“Government Policy Should Equitably Address All Electric Vehicles: Extend Subsidies To Retrofits Or Remove...

0
Aryaman Raghuvanshi from EFY engages with Pramod Narendra, Head of Brand Management and Retail Network at Starya Mobility, to explore the overlooked potential of...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...

Karnataka Government Initiative Promises ₹5M To Tech Startups

0
Boosting innovation and entrepreneurship across the state’s vibrant ecosystem, Karnataka launched Elevate 2024 and KAN, offering grants up to ₹5 million for startups. On Tuesday,...

CastNX Tech Startup Secures ₹232M For Power Electronics Growth

0
Eyeing to boost R&D and produce 100,000 variable frequency drives by 2026, Indian power electronics startup CastNX has secured ₹232.2 million from Plutus Investments. CastNX...

Industry's Buzz

Learn From Leaders

Startups