Global Electric Vehicle Semiconductor Market is expected to foresee significant growth. Europe to lead the growth!
- Himanshu Patni
- November 19, 2022
- TELECOM & IT
- Electric Vehicle Semiconductor Market, Electric Vehicle Semiconductor Market growth, Electric Vehicle Semiconductor Market Share, Electric Vehicle Semiconductor Market Size
- 0 Comments
The global electric vehicle semiconductor market is expected to register a CAGR of around 32% over the period of 2021-2027. This is mainly due to the growing demand for electric vehicles among customers and the stringent emission regulations. Moreover, a variety of environmental concerns and the increasing demand for comfort, convenience, safety, and protection followed by the adoption of electronics components and devices in electric vehicles will positively stimulate the industry landscape. Advances in semiconductor chemistry have enabled electric vehicle batteries to operate at higher voltages, allowing electric vehicles to travel long distances before they need to be recharged, increasing the demand for more vehicles.
For a detailed analysis of the global electric vehicle semiconductor market browse through – https://univdatos.com/report/electric-vehicle-semiconductor-market/
Based on the component, the market is segmented into processors, analog ICs, discrete power devices, sensors, and others. Among these, the processors segment held a prominent share of the electric vehicle semiconductor market in 2020 and is expected to witness substantial growth during the forecast period owing to the applications of processors in various systems in electric vehicles such as remote-control systems, operating systems, and automobiles audio systems, among others.
On the basis of propulsion, the market is categorized into BEV, HEV, and others. The HEV segment captured a noteworthy share of the global electric vehicle semiconductor market in 2020 and is anticipated to witness strong growth during the forecast period. The growth of this segment can be attributed to the dominance of HEVs in the electric vehicles industry due to their greater operating efficiency.
For a better understanding of the market adoption of electric vehicle semiconductors, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. The Europe region accounted for a prominent share of the global electric vehicle semiconductor market and is expected to grow at a significant growth rate during the forecast period owing to the growing adoption of electric vehicles in the region along with increasing uses of semiconductors in electric vehicles. In addition, the supportive government policies for the adoption of electric vehicles are further playing a significant role in the growth of this market in the region.
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Some of the major players operating in the electric vehicle semiconductor market are Wolfspeed Inc., Semiconductor Components Industries LLC, NXP Semiconductors N.V., Texas Instruments Incorporated, Infineon Technologies AG, Analog Devices Inc., Taiwan Semiconductor Manufacturing Company Limited, Renesas Electronics Corporation, STMicroelectronics International N.V., Samsung Electronics Co. Ltd
Global Electric Vehicle Semiconductor Market Segmentation
Market Insight, by Component
- Analog ICs
- Discrete Power Devices
Market Insight, by Propulsion
Market Insight, by Application
- Body Electronics
Market Insight, by Region
- North America
- Rest of North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Wolfspeed Inc.
- Semiconductor Components Industries, LLC
- NXP Semiconductors N.V.
- Texas Instruments Incorporated
- Infineon Technologies AG
- Analog Devices Inc.
- Taiwan Semiconductor Manufacturing Company Limited
- Renesas Electronics Corporation
- STMicroelectronics International N.V.
- Samsung Electronics Co. Ltd.