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

Automotive car sensor

ISRO Chairman Urges Association With Automotive Industry To Produce Sensors Locally

0
The space research organization is making significant strides in creating indigenous car sensors to empower the automotive industry. At the Bangalore Tech Summit on November...

U.S. Approves $1.5B Subsidy For GlobalFoundries Expansion

0
Winning the $1.5 billion US government subsidy, GlobalFoundries is looking to power industries like automotive, IoT, and defence with advanced chip manufacturing in New...

Trump’s Tariff Plan Could Derange Electronics Pricing

0
From disrupting global semiconductor supply chain to inflating iPhone prices, what can Donald Trump's proposed tariff raise on Chinese imports can cause? Donald Trump,...
Chip Manifacturing-NIvidia

New Blackwell Chip Will Propel Nvidia’s Unprecedented Market Growth In Coming Years

0
These chips have effectively dispelled concerns regarding potential pullbacks from tech giants investing heavily in AI processing and data centers. The global AI backed fabless...

David Goeckeler Appointed Chair Of SIA Board

0
Bringing 40 years of tech experience to lead the global semiconductor industry, David Goeckeler, CEO of Western Digital, joins to lead the SIA Board...
Abhishek Malik from Calcom Vision Limited

“India’s Electronics Sector Is Growing Rapidly, Making This The Decade For Investors To Engage”...

0
From the complexities of manufacturing and sourcing components to testing processes that drive innovation, know all the exciting dynamics shaping this ever-evolving industry in...
Sunit Kapur, CEO of Epsilon

“Epsilon Leads With Low-Carbon Graphite Manufacturing, Outpaces Chinese Competitors” – Sunit Kapur, CEO of...

0
Are LFP cathodes and silicon-graphite anodes the best for cost efficiency in EV batteries? Sunit Kapur, CEO of Epsilon Advanced Materials, discusses this with...
John W. Mitchell, President and CEO, IPC

“India’s Core Focus On 5G, IoT, AI Fosters Need For Advanced Electronics,Components, And Semiconductors”...

0
Will Industry 4.0 supercharge India’s progress in semiconductor and electronics manufacturing? IPC President and CEO John W. Mitchell shared more strategies on the country’s...
Raman M., Co-Founder and CEO, chargeMOD

“Our Goal Is To Achieve Complete Sustainability By 2025-2026” – Raman M. Of chargeMOD

0
In a conversation with Nitisha Dubey from EFY, Raman M. of chargeMOD, elaborated his goal of developing virtual power plants by decentralising power production. Q....

“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...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

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...

Industry's Buzz

Learn From Leaders

Startups