The Asia Pacific Automotive Semiconductor Market would witness market growth of 6.3% CAGR during the forecast period (2021-2027).
In recent years, the market has seen advancements in EV batteries, 3D mapping applications, and AR technologies like head-up displays. Additionally, 5G networks are expected to give rise to advanced mobility solutions in the industry. The sales of ADAS (Advanced Driver Assistance Systems) would boom in upcoming years due to the increase in demand for safety features that focus on preventing collisions and accidents by providing technologies that send a notification to the driver regarding possible issues.
In addition, connected vehicles are acting as the main catalysts of growth among customers that are habitual to improved user experiences. The subsequent expectations have brought a transition in infotainment systems from heavy, purpose-built devices into sleep, upgradeable, connected, and integrated platforms and they need advanced semiconductors equipped with technological features. Hence, the automotive semiconductor is likely to witness bright growth prospects as the automakers are increasingly realizing the concept of connected and autonomous cars.
Fast GDP growth and extremely motivated Asian consumers have been the two major catalysts for the growth of developing countries such as India, China, Malaysia, and other emerging markets in Southeast Asia. For instance, a surge in the middle class in China would boost the growth of the Chinese auto market, with the market for new purchases and replacement of vehicles are rising. These aspects are boosting the demand for automobiles in the region, hence boosting the market for automotive semiconductors.
The wide-scale production of electric motors for automotive applications in nations such as China and India is directly driving the growth of the regional electric vehicle market. Based on the data of CAAM, in 2019, The People’s Republic of China maintained its position of being the largest electric car market in the market, followed by Europe and the United States. In 2019, approximately 972,000 battery electric vehicles were sold, and 232,000 plug-in hybrid vehicles were sold in China. Though the Indian electric vehicle market would eventually catch up to China because of the rising local economy, which is somewhat boosted by the national economic transformation program known as Make in India. The growth of the regional market would be driven by the surge in government regulations in the support of electric vehicles around the world. For example, in India, as per the NITI Aayog, there were around 7.35 million two-wheeler vehicles which would increase to 26.52 million in 2030.
The China market dominated the Asia Pacific Sensor Automotive Semiconductor Market by Country 2020, thereby, achieving a market value of $1087.6 million by 2027. The Japan market is showcasing a CAGR of 6.8% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 8% during (2021 - 2027).
Based on Application, the market is segmented into Body Electronics, Powertrain, Safety, Telematics & Infotainment, Chassis, and Others. Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Based on Component, the market is segmented into Discrete Power, Processor, Sensor, Memory, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Semiconductor Market is Projected to reach USD 60.5 Billion by 2027, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NXP Semiconductors N.V., Infineon Technologies AG, Robert Bosch GmbH, Texas Instruments, Inc., Toshiba Corporation, Analog Devices, Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, Rohm Semiconductors Co., Ltd., and STMicroelectronics N.V.
By Application
By Vehicle Type
By Component
By Country
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