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The Automotive Semiconductor industry is set for transformative growth, driven by increased adoption of electric vehicles & advanced driver assistance systems
The Automotive Semiconductor Market was valued at USD 46.34 billion in 2023 and is projected to reach USD 111.07 billion by 2032, with an impressive compound annual growth rate of 10.2% from 2024 to 2032.
Automotive Semiconductor Market Gears Up for Growth Amid Rising Demand for Safety and Connectivity in EVs.
Automotive semiconductor shows strong growth since the application areas, whether electrical or new-fangled battery-based vehicles or in ages old IC-based traditional systems namely fail-safe, ADAS, air-bag, etc., are all powered with semiconductors thereby contributing positively toward safer mobility and transport. The main technologies that are coupled with collision avoidance and lane departure warnings rely on the semiconductor components, which have been engineered to detect the risk and respond accordingly. In addition to safety considerations, these components also contribute to an array of additional features, from advanced climate control to smart infotainment systems.
Higher adoption of silicon carbide (SiC) and gallium nitride (GaN) semiconductors in the EV space further fuel the growth because these have high efficiency and handle power effectively. When the electric vehicle goes mainstream, then semiconductor should be poised for rapid acceleration to grow as semiconductor would come into action more aggressively than ever for two of its most critical growth drivers of power electronics and ADAS. In the meantime, advancements in vehicle connectivity further boost demand for semiconductor components like microcontrollers, modems, and security chips, driving a new era of connected, intelligent vehicles.
