Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) — The “Passenger Vehicle Semiconductor Market – Global Industry Size, Share, Trends, Opportunities and Forecast, 2019-2029” report has been added to ResearchAndMarkets.com’s offering.
The global passenger vehicle semiconductor market is expected to be valued at USD 38.77 billion in 2023 and reach USD 52.34 billion by 2029, growing at a CAGR of 5.18%.
The growth of the passenger vehicle semiconductor market is driven by advancements in automotive technologies such as developments in advanced driver assistance systems (ADAS), telematics, infotainment, and increasing adoption of electric vehicles. Rapid advancements in the automotive sector, rising demand for safety features, and innovations in user interfaces are driving the market expansion. However, challenges such as operational failure in harsh conditions, high initial cost, and complex structure are hindering the market growth. The increasing demand for electric and hybrid vehicles and continuing technological advancements in ADAS provide significant opportunities for market growth during the forecast period.
Enhanced connectivity and stricter emissions standards drive market evolution
Semiconductors are essential components in modern automobiles, at the heart of a variety of functions, from managing climate control systems to enhancing safety features. Consumer demand for enhanced connectivity and infotainment, along with stringent emission standards given environmental concerns, are playing a key role in determining market growth. The rise of electric and hybrid vehicles is further driving the demand for semiconductor technologies, which are essential for energy-efficient electric drivetrains and battery management systems.
Semiconductor shortage creates supply chain challenges
Despite optimistic growth prospects, the market faces challenges such as supply chain disruptions and semiconductor shortages, which are exacerbated by global phenomena such as the COVID-19 pandemic and geopolitical tensions, significantly impacting automotive production and competitiveness within the automotive sector.
Increasing demand in the Asia-Pacific region
Asia Pacific has emerged as a dominant force in the passenger vehicle semiconductor market, owing to its vast automotive manufacturing base and the presence of industry leaders in semiconductor manufacturing. China is at the forefront, witnessing an exponential increase in automotive production and sales, especially in the electric vehicle sector. This growth is further bolstered by supportive government policies that encourage automotive innovation and infrastructure development.
Integration of advanced technologies and emphasis on safety features
As more and more advanced technologies are integrated into passenger vehicles, the need for advanced semiconductor solutions continues to reach new heights. Additionally, there is a major industry drive toward enhanced safety features and ADAS, which demands continued advancements and reliability in semiconductor components.
Investing in innovation and sustainability
Leading market players are strategically focusing on innovation to align with the rising trends in the automotive sector. Key market players include Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors NV, which are active on the global stage and are driving the integration of semiconductors in automotive production to meet the growing demand for advanced automotive technologies.
The report highlights the critical role that semiconductors play in modern passenger vehicles and also covers the key components and application areas of the market, including powertrain, safety, body electronics, chassis, telematics & infotainment, etc. The automotive industry is poised for continued growth and is set to be significantly transformed by semiconductor innovations and consumption trends.
Key attributes:
Report AttributesDetailsNumber of Pages180Forecast Period2023 – 2029Estimated Market Value in 2023 (USD)$38.77 billionForecasted Market Value through 2029 (USD)$52.34 billionCAGR5.1%Target RegionGlobal
Report Scope:
Key Market Players
Robert Bosch GmbHInfineon Technologies AGSTMicroelectronics International N.VNXP Semiconductors NVToshiba CorporationSemiconductor Components Industries, LLCTaiwan Semiconductor Manufacturing Company LimitedTexas Instruments IncorporatedSamsung Electronics Co., Ltd.Denso Corporation
Passenger vehicle semiconductor market, by part type:
Processors Analog ICs Discrete power devices Sensors Memory devices
Passenger Automotive Semiconductor Market, by Application Type:
Powertrain Safety Body Electronics Chassis Telematics & Infotainment
Passenger vehicle semiconductor market, by region:
Asia PacificChinaIndiaJapanIndonesiaThailandSouth KoreaAustraliaEurope and CISGermanySpainFranceRussiaItalyUKBelgiumNorth AmericaUnited StatesCanadaMexicoSouth AmericaBrazilArgentinaColombiaMiddle East and AfricaSouth AfricaTurkeySaudi ArabiaUAE
For more information on this report, please visit: https://www.researchandmarkets.com/r/uqfb0n
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Global passenger vehicle semiconductor market
