Global Automotive Semiconductor Market Report to 2027: Rising Focus on OEMs on Adding Safety and Comfort Features in Modern Vehicles Fuels Growth

Global Automotive Semiconductor Market Report to 2027: Rising Focus on OEMs on Adding Safety and Comfort Features in Modern Vehicles Fuels Growth

Mar 23, 2023 by PR Newswire

Key Facts

  • The automotive semiconductor market is expected to grow from USD 42.9 billion in 2022 and is projected to reach USD 70.0 billion by 2027; it is expected to grow at a CAGR of 10.10% during the forecast period.
  • Market for discrete power device services to have the highest CAGR during the forecast period There is a significant demand for power electronics in automotive applications as it is a huge sector in terms of the potential use of electrical energy and the diversity of power electronics to solve all the concerns in automotive applications.
  • The transformation of passenger cars toward electrification is expected to disrupt the entire supply chain and create a significant shift in market size for automotive semiconductor components.
  • The surging demand for comfort and safety features in today's vehicles is expected to drive the automotive semiconductor market in China.

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