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Automotive Semiconductor Market Trends and Forecast

The future of the global automotive semiconductor market looks promising with opportunities in powertrain, chassis, safety, networking/communication, body electronics, and driver information system applications. The global automotive semiconductor market is expected to reach an estimated $81.5 billion by 2028 with a CAGR of 9.4% from 2023 to 2028. The major drivers for this market are growing trend of vehicle electrification, rising demand for advanced safety, convenience, and comfort systems, and increasing installation of ADAS (advanced driver assistance system).
  • Lucintel forecasts that integrated circuits will remain the largest component type segment over the forecast period due to rapid vehicle electrification, increasing demand for electronics, and growth in vehicle production.
  • Powertrain is the highest growing segment due to efficient operation of electric components and battery management systems.
  • APAC is expected to remain the largest region during the forecast period due to increasing penetration of electric vehicles in China and supportive government initiatives to boost semiconductor manufacturing.