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Automotive Semiconductor Market to Register 8.1% CAGR by 2031; Multiple Technological Advancements Supporting Growth

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Automotive Semiconductor Market to Register 8.1% CAGR by 2031; Multiple Technological Advancements Supporting Growth

June 25
21:01 2024
Automotive Semiconductor Market to Register 8.1% CAGR by 2031; Multiple Technological Advancements Supporting Growth
Skyquest Technology
Automotive Semiconductor Market By Component(Processor (Microprocessor Unit, Microcontroller Unit, Digital Signal Processor, Graphic Processing Unit)), By Vehicle Type(Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial (HCV)), By Fuel Type(Gasoline, Diesel, EV (Hybrid Electric Vehicle {HEV}, plug in hybrid electric vehicle {PHEV} battery electric vehicle {BEV})), By Application(Chassis (Brakes, Steering, Traction Control, Suspension) & By Region

Automotive Semiconductor Market size was valued at USD 43.26 billion in 2022 and is poised to grow from USD 46.8 billion in 2023 to USD 87.2 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

Vehicle safety and security system technology has changed dramatically in recent years, with the growing adoption of multiple advanced technologies ranging from seat headrests to adaptive control systems, such as blind spot detection, sleep monitoring, alerts knocking off the road, headshots, night vision, park assistance. E-call telematics, tire pressure monitoring systems and technologies, are increasingly enabling safety and security systems to protect the driver and passengers from serious injury in car crashes. The increasing adoption of autonomous vehicles is expected to fuel the growth of the studied market.

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In July 2023, Renesas Electronics Corporation announced a development commission for automotive door systems. The R-Car S4 Starter Kit is an inexpensive, readily available development board for building software using the Renesas R-Car S4 system on chip.

In June 2023, Intellias announced a partnership with Elmos Semiconductor to strengthen Elmos with software engineering expertise and support development programs to develop software for lighting, ranging and optical sensors used in modern vehicles.

In August 2022, Oncemi opened a Silicon Carbide (SiC) plant in Hudson, New Hampshire. The plant will increase the company’s production capacity five-fold by the end of 2022 and nearly quadruple the number of employees at Hudson.

In July 2022, NXP Semiconductors NV partnered with Foxconn on a new generation of intelligent connected vehicles.

Dissecting the Competitive Arena of the Automotive Semiconductor Market by Business Verticals

The automotive semiconductor market is an important and rapidly growing segment of the global semiconductor industry. The increasing integration of advanced electronic software into vehicles, driven by trends such as electric vehicles (EVs), self-driving cars and connected vehicle technologies, has affected its competitive landscape and the size of this market.

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Power Electronics

Electric Vehicle (EV) Powertrains: Power semiconductors are required for inverters, converters and onboard chargers in electric vehicles.

Battery Management System (BMS): Ensure efficient battery usage and long life.

Motor Drives: Improves the efficiency and effectiveness of electric motors.

Energy efficiency requirements: Regulatory standards for energy efficiency are pushing the advancements in semiconductor technology.

Cost reduction: Efforts to reduce the cost of electronic power generation to make EVs more affordable.


Tesla Model 3: uses silicon carbide (SiC) MOSFETs from STMicroelectronics for its inverter, which improves efficiency and range.

BMW i3: Features Infineon Technologies power module for electric drivetrain.

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Navigating Future of Automotive Semiconductor Market

Technological Advances and Market Opportunities

The major trends shaping the market are the proliferation of electric vehicles (EVs), the development of autonomous vehicles technology and the increasing importance of connectivity and infotainment systems.

Competitive Advantage

The competitive landscape is characterized by major players such as NXP Semiconductors, Infineon Technologies, Renesas Electronics, and Texas Instruments, each applying their strengths in different business verticals.  These companies focus on product innovation, strategic communication and expansion of their product lines.

As the automotive industry continues to grow, the demand for advanced semiconductor solutions is expected to increase. Emphasis will be placed on developing energy-efficient power electronics, robust microcontrollers for ADAS, and secure communication solutions to support the next-generation automotive semiconductor market offers many opportunities for rapidly changing companies. They can also adapt to changes in the technological landscape, providing an exciting and dynamic future for the automotive semiconductor industry.

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