The North America Automotive Semiconductor Market would witness market growth of 6.1% CAGR during the forecast period (2021-2027).
Semiconductors are paving the way for innovations in vehicle development and playing a crucial role in boosting consumer demand. Some of the innovative features of new-age cars include cell phone integration, autonomous driving aids, heads-up displays, comfort, and performance. With constantly increasing sophistication in cars, the demand for automotive semiconductors is likely to fuel over the years.
As cars are highly becoming computers on wheels, the use of semiconductors in the automotive industry would increase more in forthcoming years. Modern cars have features such as heads-up displays, sensors, autonomous driving aids, high-performance elements in their engines, and cell phone & communication integration. The integration of these features has been possible due to semiconductors which are also responsible for new innovations in vehicle development.
There is a surge in demand for commercial vehicles in the region, mainly in the United States. Factors such as the increasing adoption of automated safety technologies and the rise in electric vehicles production are responsible for this growth. In addition, the US is one of the biggest automotive markets around the world. Moreover, the global pandemic created a delay in automobile trades in the few months of 2020, which increased in the fourth quarter. Additionally, the demand for semiconductors is highly dependent on foreign suppliers, mainly Taiwan, in spite of the current domestic manufacturing.
Canada is among the leading producers of light vehicles. Further, various key companies are making their way in developing sophisticated automotive technologies. Hence, the expertise of the country in the latest technologies has encouraged many OEMs to put investment in R&D activities for connected and autonomous vehicles. These OEMs majorly involve Ford, GM, and leading tech companies such as Google, Nvidia, and Uber. Also, the constantly growing tech industry has fueled the adoption of AI, deep learning, and machine learning across several industries. Moreover, various automobile manufacturers are willing to make vehicles electrified and integrated with autonomous driving technologies. Therefore, these current trends can boost the automotive semiconductor market across Canada.
The US market dominated the North America Chassis Automotive Semiconductor Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1047.5 million by 2027. The Canada market is experiencing a CAGR of 10.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 9.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Automotive Semiconductor Market is Estimated to reach $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
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 