The rising income and increasing inclination towards technologically advanced vehicles are propelling the growth of the EV Semiconductor market in the APAC Region!
- Himanshu Patni
- December 30, 2023
- AUTOMOTIVE, NEWS
- Bahrain EV Semiconductor Market, EV Semiconductor Market, EV Semiconductor Market Growth, EV Semiconductor Market Share, EV Semiconductor Market Size, EV Semiconductor Market Trends, Kuwait EV Semiconductor Market, Middle East EV Semiconductor Market, Oman EV Semiconductor Market, Qatar EV Semiconductor Market, Saudi Arabia EV Semiconductor Market, UAE EV Semiconductor Market
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The Electric Vehicle semiconductor market in the Asia Pacific region is anticipated to witness significant growth throughout the forecast period. Owing to the rising per capita GDP of the countries in the Asia Pacific hence improving the standard of living and increasing money in the hands of people driving the consumption of the countries. Though as a percentage of total vehicles sold electric vehicle percentage is highest in Europe but the number of units sold in China is leading the pack and has emerged as a top producer and seller of electric vehicles in the world. The Asian countries are projected to produce almost 13 million electric vehicles in the year 2023, whereas, in 2022, china has sold roughly 52% of the total EVs produced in the world which amounts to almost 3.5 million units, India the number is currently at one-third of a million unit but was almost 168% growth from the previous year. Hence, looking at the size of the market that these emerging economies have, the size of the population with rising income and awareness and the availability of the OEMs that are offering great value buys to the customers in terms of price and product and further support from the governments is showing a future of high growth prospects for the electric vehicles market in the APAC region which in turn will further boost the demand for the semiconductors. For instance, China (from a previous 2020 expiration date) extended its NEV subsidy program through the end of 2022, albeit it has started to reduce basic subsidy amounts by 10%, 20%, and 30% per year. (between 2020 and 2022). Through the end of 2023, it also extended the exemption from purchase taxes for NEVs.
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The APAC EV Semiconductor market is expected to grow at a strong CAGR of around 30% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing electric vehicle market primarily owing to the spur in demand for new energy passenger vehicles in China, India, and other emerging economies, coupled with increased government support for boosting the adoption rate, is working as a great support for the EV market to grow during the forecast period, which in turn will boost the demand for the semiconductors in these regions.
FIG. 1 APAC EV Semiconductor Market Revenue (2020-2030)- USD Mn
For a detailed analysis of the Global EV Semiconductor Market browse through – https://univdatos.com/report/ev-semiconductor-market/
“Amongst Types, the power management segment holds the majority of the market share”
Based on types, the market is segmented into processors and microcontrollers, audio and radio, driver assistance transceivers, in-vehicle network, peripherals and logic, power management, and sensors and wireless. The power management segment holds the majority of the market share owing to the fact that they are the key to extending an EVs driving range, to making battery charge last as long as possible, and this is achieved by innovative semiconductor devices that deliver much greater efficiency and has the ability to turn on and off tens of thousands of times per second. Furthermore, the battery management system (BMS), is a large contributor to semiconductor demand in electric vehicles, assisting in monitoring the battery and providing protection to the most integral component of an electric vehicle and keeping it in high performing and healthy state, and industry-wide partnerships are taking place in this space. For instance, in March 2022, Tata Elxsi and Renesas Electronics Corporation (a Semiconductor Chip manufacturer), announced their collaboration on a design center in Bangalore that will develop targeted solutions for electric vehicles (EVs). In this partnership, both companies will bring together their domain expertise, intellectual property, and assets to the NEVIC and collaborate to create reference designs and solution accelerators for critical EV subsystems like Battery Management Systems and Motor Control Units, among others.
Based on the application, the market is segmented into ADAS, vehicle electrification, body electronics and LED lighting, and powertrain, safety, and security. The powertrain, safety, and security, and body electronics segments are anticipated to witness a significant CAGR growth during the forecast period. The primary factors driving this growth are the increasing number of functionality and value based on software and electronics. Furthermore, powertrain electrification is taking place at a massive scale with rising electric vehicles demand, and as vehicle powertrains move from ICE to electric, semiconductors per car will get doubled in value, due to the increasing use of discrete semiconductors, compound semiconductors, and sensors. Moreover, with the rising autonomy, where autonomous vehicles will require a whole new level of connectivity. These vehicles are expected to have eight to ten times the semiconductor content by value, then a car with no automation will be more of a supercomputer on wheels than a car.
Global EV Semiconductor Market Segmentation
Market Insight, by Types
· Processors and Microcontrollers
· Audio and Radio
· Driver Assistance Transceivers
· In-Vehicle Network
· Peripherals and Logic
· Power Management
· Sensors and Wireless
Market Insights, by Application
· ADAS
· Vehicle Electrification
· Body Electronics and LED Lighting
· Powertrain, Safety, and Security
Market Insights, by Vehicle Type
· BEV
· PHEV
· HEV
Market Insight, by Region
· North America
o U.S.
o Canada
o Mexico
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o India
o Japan
o South Korea
o Taiwan
o Australia
o Rest of APAC
· Rest of the World
Top Company Profiles
· STMicroelectronics
· NXP Semiconductor
· Semiconductor Components Industries, LLC
· Infineon Technologies AG
· Texas Instruments Incorporated
· Renesas Electronics Corporation.
· Broadcom
· WOLFSPEED, INC
· Microchip Technology Inc.
· Taiwan Semiconductor Manufacturing Company Limited
