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Driving Growth: Automotive Semiconductor Market Set to Reach $115.6 Billion by 2033 | |
The demand for automotive semiconductor market is predicted to grow at a consistent growth rate of 7%. It is projected that the worldwide automotive semiconductor market is likely to be worth approximately US$ 58,770.1 million in the year 2023 and is expected to increase to a value of US$ 115,609.68 million by the year 2033. Innovations in the automotive sector are proceeding at a breakneck pace. When an error occurs in the vehicle, such as with the accelerator, the anti-lock brake interface, or the lights, a semiconductor is used to control the fail-safe system, manage the electrical control unit’s functions, and implement automotive fault tolerant systems, which alert the microcontrollers and safety systems installed in all vehicles. By way of illustration, consider the situation in which a vehicle loses traction on icy roads; this would call attention to the system’s ability to tolerate and recover from failure. To Get a Sample Copy of Report Visit https://www.futuremarketinsights.com/reports/sample/rep-gb-1730 When the driver applies the brakes, the anti-lock braking system is activated because the sensors and semiconductor devices have detected an incident. As a result, semiconductors play a crucial role in the automotive sector, and the industry’s rapid expansion is anticipated to boost the automotive semiconductor market’s growth over the forecast period. Demand for improved vehicle safety features continues to rise. As the number of traffic accidents grows, so does the need for safety features like parking aids, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics. Numerous ADAS technologies rely heavily on automotive semiconductors, which improve the systems’ functionality and enable them to detect and classify objects in the path of the vehicle, alerting the driver to changes in the environment and the state of the road as necessary. Furthermore, these systems can use semiconductors and associated components to automatically apply the brakes or bring the vehicle to a stop, depending on the road conditions. In recent years, there has been a dramatic rise in the number of people losing their lives in traffic accidents, making it one of the leading causes of death worldwide. According to a 2021 report by the World Health Organization, for instance, nearly 1.3 million people worldwide lose their lives in traffic-related incidents annually. Teenagers also have a higher rate of fatal road traffic injuries. Due to these causes, there has been an uptick in interest in car safety features. Businesses in the auto industry are working to address consumers’ concerns by designing and releasing new products with enhanced safety functions. For instance, HELLA (a company that makes advanced lighting and electronics components) is expected to begin mass producing their newest 77 GHz radar system soon. Ask an Analyst for More Details https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-1730 Key Takeaways The automotive semiconductor market is expected to experience significant growth in the coming years due to increased demand for electric and hybrid vehicles. Advancements in ADAS technology are driving the demand for semiconductors that enable these features. The development of autonomous vehicles is driving the need for more advanced semiconductor technology, such as LiDAR, radar, and camera systems. The rise of connected car technology is driving demand for advanced semiconductor components that can support features like telematics, infotainment, and vehicle-to-vehicle communication. The adoption of Industry 4.0 technology is driving demand for more advanced semiconductor technology that can support IoT and AI systems. The United States is currently the largest market for automotive semiconductors due to its robust automotive industry and investment in emerging technologies. The Asia-Pacific region is expected to experience significant growth in the automotive semiconductor market due to its growing automotive industry and increasing demand for electric and hybrid vehicles. Competitive Landscape The competitive landscape in the automotive semiconductor market is highly fragmented and characterized by intense competition among key players. There are several global players, including NXP Semiconductors N.V., Infineon Technologies AG, and Texas Instruments Incorporated, who are investing heavily in research and development to improve the performance and functionality of their semiconductor products. These companies are also expanding their product portfolios through strategic partnerships, mergers and acquisitions, and collaborations with other companies in the value chain. | |
| Target State: All States Target City : All Cities Last Update : Apr 15, 2024 1:49 PM Number of Views: 19 | Item Owner : Sudip Saha is the managing director and co-founder at Future Market Insights Contact Email: (None) Contact Phone: (None) |
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2024-04-16 (0.844 sec)