The future of the global automotive semiconductor market looks promising. Lucintel, in its new market report, identifies the opportunities, trends and challenges for the automotive semiconductor market.
The report states that the global automotive semiconductor market is expected to reach an estimated $67.5 billion by 2023 with a CAGR of 13.1% from 2018 to 2023.
The major growth drivers for this market are increasing vehicle production, increasing electronic content per vehicle, and growing demand for advanced vehicle safety and comfort systems.
In this market, microcontrollers, integrated circuits, sensors, discrete power, and others are used for automotive semiconductor manufacturing for the component type.
Lucintel forecasts that integrated circuits are expected to remain the largest component type due to rapid vehicle electrification, increasing demand for electronics, and growth in vehicle production. The automotive sensor segment is expected to witness the highest growth during the forecast period due to the growth in advanced driver assistance system.
The Asia-Pacific is expected to remain the largest region and witness the highest growth over the forecast period due to the high vehicle production and increasing awareness for passenger safety.
Emerging trends, which have a direct impact on the dynamics of the automotive semiconductor industry, include the introduction of high-efficiency power semiconductors, and development of smaller single–chips for radar sensors.
NXP Semiconductor, Renesas Electronics, Infineon Technologies, Texas Instruments, Robert Bosch, Micron Technology, TOSHIBA, and Panasonic Semiconductor Solutions and others are among the major suppliers of the automotive semiconductor.