Automotive Semiconductor Market: Key to Surpassing USD 87.2 Billion by 2031| SkyQuest Technology

WESTFORD, Mass., July 17, 2024 /PRNewswire/ -- According to SkyQuest, the global Automotive Semiconductor Market size was valued at USD 43.26 billion in 2022 and is poised to grow from USD 46.8 billion in 2023 to USD 87.2 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

The dynamic car semiconductor market centers on generating and sharing semiconductors intentionally made for application in motor vehicles. This type of semiconductors is indispensable in fueling the several electronic components contained in motor vehicles such as infotainment systems, engine control units, advanced driver assistance systems (ADAS) etc. Significance for the market is derived from it being at the center stage of an on-going digital revolution in the automobile sector that has led to a growing need for automation, top-range technologies and interconnection. Many aspects have fueled the growth and importance of the global automotive semiconductor market.

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Automotive Semiconductor Market Overview:

Segments covered in Automotive Semiconductor Market are as follows:

• Component
  • Processor (Microprocessor Unit, Microcontroller Unit, Digital Signal Processor, Graphic Processing Unit), Discrete Power (Small Signal Transistor, Power Transitor, Thyristor, Rectifier and Diode), Sensor (Image Sensor {Complementary Metal Oxide Semiconductor[CMOS] Image Sensor, Charged Couple Device[CCD]}, Pressure Sensor, Inertial Sensor { Accelerometer, Gyroscope}, Temperature Sensor, Radar), Memory (Memory Modules {Dynamic RAM, Static RAM}), Analog IC (Amplifier, Interface, Convertor, Comparator, Asic and Assp, Logic IC, and Infotainment System, Telematics Solution & Connectivity Device), Lighting Device, Others

• Vehicle Type
  • Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial (HCV)

• Fuel Type
  • Gasoline, Diesel, EV (Hybrid Electric Vehicle {HEV}, plug in hybrid electric vehicle {PHEV} battery electric vehicle {BEV})

• Application
  • Chassis (Brakes, Steering, Traction Control, Suspension, and Vehicle Dynamic Management), Powertrain (Engine Control, EV Motor, and Transmission), Safety (Airbags, Electronic Stability Control, Adaptive Cruise Control, Night Vision, TPMS, and Parking Assistance), Telematics & Infotainment (Dashboard, Navigation System, Connectivity Devices, and Audio Video Systems), Body Electronics (Body Control Modules, SETA, Doors, Mirror and Window Control, and HVAC System)

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In-Depth Look at the Semiconductor-Driven Transformation of Passenger and Commercial Vehicles

Vehicles are divided into three categories by the worldwide automotive semiconductor market: passenger automobiles, light commercial vehicles, and heavy commercial vehicles. Passenger cars monopolize the market here due to the high demand for infotainment and Advanced Driver-Assistance Systems (ADAS). Substantial contributions are also made by both light and heavy commercial vehicles attributable to fleet management regulations and safety measures integration.

The global automotive semiconductor market is led by the passenger car sector due to rising customer demand for connection features, infotainment, and advanced driver assistance systems (ADAS). The market's expansion and technology's advancement would not succeed without the support of such semiconductors that increase vehicle efficiency, safety, and user experience.

The integration of safety technologies and fleet management systems propels the commercial vehicle segment, which has a substantial impact on the worldwide automotive semiconductor industry. In the field of commercial transportation, these chips are to operational efficiency, ensure automobile safety and improve logistics which are all important for expanding market as well as promoting innovation.

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Crucial Impact of Automotive Semiconductor Applications on Vehicle Innovation

Applications for engine control units, entertainment systems, advanced driver assistance systems (ADAS), and networking solutions are all included in the worldwide automotive semiconductor industry. These applications could help in enhancing the user experience, efficiency and safety of vehicles. They do this by driving technological advances encouraging market growth and meeting the increased consumer demand for safer and more intelligent cars.

In the worldwide automotive semiconductor industry, the body electronics category is crucial since it includes systems like keyless entry, lighting, and climate control. These semiconductors increase the ease, safety and comfort found in vehicles. This trend mainly emanates from the fact that more modern cars have more of them; thus, the demand for stirring automotive electronics.

As it makes communication, entertainment, and navigation services in cars possible, the telematics and infotainment category are vital to the worldwide automotive semiconductor business. These chips promote safe driving and improve quality of experience by enabling wireless connectivity, movie streaming etc., GPS navigation. Furthermore, they enhance cutting-edge automotive technology growth to meet ever increasing customer needs.

Silicon Drives Vehicle Innovation and Safety Across Passenger and Commercial Vehicles

Thanks to the strong need for infotainment systems, engine control units, advanced driver assistance systems, and networking solutions, the global automotive semiconductor industry is leading the way in automotive innovation. These chips are vital for perpetual digital revolution within the automotive industry as they enhance vehicle fuel economy, security, and comfort of operation. The anticipated market growth shall be based on emphasis on passenger cars and growing obligations for commercial vehicles including fleet management integration and safety enhancements. The market adjusts to meet the growing demands of consumers for connected, safe, and efficient vehicles as technology advances.

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