As per the report published by The Brainy Insights, the global automotive semiconductor market is expected to grow from USD 46.18 billion in 2020 to USD 241.7 billion by 2030, at a CAGR of 18% during the forecast period 2021-2030.
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Semiconductor devices exhibit a variety of useful characteristics, including changeable resistance, the ability to pass current more easily in one direction than the other, and the ability to react to light and heat. Their primary functions are signal amplification, switching, and energy conversion. Thus, these used in practically in almost every industry.
Semiconductors will increasingly be used in onboard systems for a wide range of automobiles. Much of the advancement in the auto industry is due to the use of semiconductor technology into vehicle designs. Modern automobiles are more intelligent and connected than ever before; the average new vehicle contains computer systems with over 100 million lines of software code. Automobiles today come equipped with a variety of telematics (long-distance data transmission) and infotainment features, transforming them into mobile hotspots that provide drivers with information on everything from collision avoidance to accessible parking spots.
Semiconductors have established a significant presence in the automobile industry, which is fuelling the expansion of the semiconductor market in the automotive industry. The demand for automotive semiconductors in LiDAR sensors, camera-based sensors, Matrix LEDs for electric vehicles, 3-D mapping technology applications, and other applications is likely to drive market growth.
Key players operating in the global automotive semiconductor market are Analog Devices Inc., Entegris, GEO Semiconductor, Inc., Indie Semiconductor, Infineon Technologies AG, Intel Corporation, Lattice Semiconductor, Microchip Technology Inc., NVidia Corporation, ON Semiconductor Corp., Renesas Electronics Corp., Robert Bosch GmbH, ROHM Co., Ltd., Sanmina, Semtech, STMicroelectronics N.V., Texas Instruments, Inc., Toshiba Corp. and Wafer Space among others. To enhance their market position in the global automotive semiconductor market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, joint venture, collaborations, and partnership.