The enterprise mobility market is anticipated to have a steady CAGR of 22.3% during the period 2022-2032. The enterprise mobility market is predicted to grow from US$ 510 Bn in 2022 to US$ 3828 Bn in 2032.
The global automotive semiconductor industry is currently valued at $54.9 billion and is expected to reach $94.99 billion by the end of 2030. From 2022 to 2030, it is anticipated that shipments of automotive semiconductors would grow at a CAGR of 7.1 percent.
Automotive Semiconductor Market Size (2022) | US$ 54.9 Bn |
Market Value Estimation (2030) | US$ 94.99 Bn |
Global Market Growth Rate (2022-2030) | 7.1% CAGR |
Dominant Application Share (2022) | Safety – 24.2% |
The automotive semiconductor market is growing remarkably quickly. Future Industry Insights (FMI) projects that the global automotive semiconductor market would expand at a 7.1 percent CAGR between 2022 and 2030, notwithstanding the difficulties brought on by the continuing pandemic. The market for automotive semiconductors is anticipated to reach US$ 54.9 billion in 2022 and US$ 94.99 billion in 2030. The top market participants want to take advantage of the growing demand for electric vehicles and technological safety features like the Advanced Driver Assistance System (ADAS).
Based on historic research and current data, the market is forecast to showcase steady growth as a result of the rising demand for electric vehicles, automotive safety standards and modern automotive technologies across various countries.
While the market growth is accelerating quite steadily, the COVID-19 pandemic has impacted the manufacturing sectors. However, despite disruptions witnessed in production, market players are expected to focus on research initiatives, which will enable growth in the market in the coming years. For instance, Broadcom Inc. has come up with a wide variety of automotive solutions like vehicle connectivity and networking, optical isolation and sensing, wireless communications and LED lighting in the current year.
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According to the report, the increasing production of vehicles and surging demand safety features have been resulting in the incorporation of electrical systems in the automotive industry. The overall growth curve of the market tends to remain upward during the forecast period.
Some of the key takeaways from the report are highlighted below:
Covid-19 Impact Analysis
Due to the COVID-19 pandemic there is global decline in the automotive demands as a result of the manufacturing units’ shutdowns, drop in GDP and other factors. The market growth is to decline further in the upcoming months.
The electrical and digital vehicles being the major source of the automotive semiconductors demands, the global automotive semiconductor market is about to decline by 5% in 2020. Despite of the complete shutting down of the production plants during the lock down, the overall year-to-year growth of the automotive semiconductor market is expected to be 5%-8% by 2021.
Who is winning?
In this report, Future Market Insights has thoroughly researched the various strategies which are being used by major businesses in the automotive semiconductor market. As the unlimited scope and opportunities subsides, the leading market players like Intel Corporation, NVIDIA Corporation, Samsung Semiconductor etc. is taking strategic actions in order to keep them in the top positions globally.
Some of the leading competitors in the global automotive semiconductor market-
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More Valuable Insights on Automotive Semiconductor Market
In its latest report, Future Market Insights offers an unbiased analysis of the global automotive semiconductor market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2022-2030.
Key Segments of Automotive Semiconductor Industry Survey
Automotive Semiconductor Market by Component:
Automotive Semiconductor Market by Vehicle Type:
Automotive Semiconductor Market by Application:
Automotive Semiconductor Market by Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market
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Aug 12, 2022