Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The "EV Semiconductor Devices Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The EV semiconductor devices market is anticipated to register a compound annual growth rate (CAGR) of over 36.85% during the forecast period (2024-2029).
The EV semiconductor devices market is growing yearly due to the increasing demand for electric vehicles and the high electronics penetration in these vehicles. The growth is due to the increasing requirements of range extension, shorter charge time, and application of ADAS in electric vehicles. Semiconductors are intrinsically used in EVs to perform tasks such as power, propulsion management, body and safety measures, entertainment and comfort, and driver assistance and safety technologies.
The top vendors operating in the market are STMicroelectronics, NXP Semiconductor, Infineon Technologies, Texas Instruments, and Renesas Electronics. The market outlook for electric vehicle components can be segmented by type and region. In contrast, according to experts, the Asia-Pacific region will lead the market growth due to the constantly growing popularity of the technology in countries like China and Japan.
Another factor bolstering the global EV semiconductor devices market growth is the surging demand for electric vehicles. With an increased number of electric vehicles on the road, the application of better electronics and semiconductors in them is also increasing. The powertrain of an EV, battery management, and infotainment system would use many semiconductor devices. As the world advances in its use of green automobiles due to policies and other aspects such as emissions, technological development, and popularity demanded by consumers, electric vehicles' semiconductor devices are anticipated to enjoy high demand in the coming years.
Other factors that are driving the EV semiconductor devices market are the increasing need for higher ranges of battery and faster charging times in electric vehicles. Semiconductor devices are critical components of EVs because they make it possible to increase the vehicles' range and the speed of charging. Some of the current trends include the employment of compound semiconductors, for instance, SiC and GaN, which are used in power electronic systems that offer higher power density and efficiency in powertrains used by EVs and charging systems. Since consumers look forward to EVs with extended ranges and faster charging, the prospects for these technologically sophisticated semiconductor products will substantially grow
The combined use of ADAS and self-driving technologies within EVs is another prospect for the EV semiconductor devices market. Even though the main function of ADAS systems, as mentioned above, is the maintenance of automobiles and the road, these facilities use many sensors, processors, and communication devices to support the setting of ease control, lane departure control, and automatic emergency control. With the integration of such features in EVs, the market for high-performance semiconductor devices will grow further. Increased usage of ADAS and autonomous driving features in EVs is expected to act as a driver for the EV semiconductor devices market over the next few years.
EV SEMICONDUCTOR DEVICES MARKET DRIVERS:
The battery electric vehicle segment by vehicle type will likely be the fastest-growing segment during the forecast period.
BEVs are leading the EV battery market, having taken approximately 70% of the market in 2022. This growth is due to the rise in the use of BEVs in the PC market, particularly in the passenger car segment, as prominent manufacturers push their development of electric cars and commit to making their models electric. Consumers are also conscious of sustainable mobility solutions with longer battery life, faster charging times, and higher driving ranges, affecting their buying behaviors.
It is also estimated that the two-wheeler and commercial vehicle segments will grow drastically from 2023 to 2032. The increasing need for electric scooters and motorcycles also contributes to the overall demand for the EV battery market, together with commercial vehicles like delivery trucks and buses. The steady increase of BEV usage across different segments brings opportunities for developing new battery solutions, thus driving the EV battery market's growth.
EV SEMICONDUCTOR DEVICES MARKET GEOGRAPHICAL OUTLOOK
The Asia Pacific region to dominate the EV semiconductor devices market during the forecast period.
The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries. This region is expected to dominate the electric vehicle semiconductor devices market during the forecast period owing to its home to several countries like China and Taiwan that dominate the semiconductors market globally.
The APAC region is further expected to capture the EV semiconductor devices market due to the proliferating use of EVs in countries of APAC particularly China and India. China remains the biggest market for EV semiconductor devices in the APAC region due to the high penetration of the segment. China's electric vehicles market has grown significantly in recent years because of legislative incentives and environmental policies, the growth of local automotive industries, and the development of semiconductor devices in Chinese markets is closely related to the vigorous development of new energy automobiles. China has witnessed growth in the automotive industry, mainly in the last one or two decades. The purchasing option of plug-in electric vehicles (PEVs) is also rising in China. Given the fact that semiconductor devices are widely used in EV batteries and power electronics, their use is also expected to rise in the future.
India is yet another promising market for EV semiconductor devices in the APAC region. The Indian government has developed programs like the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) program aimed at increasing the usage of electric cars in the country. Semiconductor devices used in electric vehicles, such as two-wheelers and commercial vehicles, are also expected to have a large demand in the growing Indian automotive industry. The South Korean market is also expected to have a similar trend in the APAC EV semiconductor devices market consequently owing to the growing awareness of higher mobility solutions and enhancing self-driving technologies.
In general, the supremacy of the APAC region in the EV semiconductor devices market can be explained by the ever-increasing rates of EV penetration, orientation on the development of automotive technology by major manufacturers in the given region, and other complementary factors. By far, the Chinese and Indian markets are anticipated to act as the major growth enablers for the EV semiconductor devices market within APAC.
Company Profiles
- Taiwan Semiconductor Manufacturing Company Limited
- Infineon Technologies
- STMicroelectronics
- NXP Semiconductors
- Texas Instruments
- Renesas Electronic
- Microchip Technology
- On Semiconductor Corporation
- Analog Devices Inc.
- ROHM Co. Ltd
- Toshiba Corporation
The EV semiconductor devices market is segmented and analyzed as follows:
By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
By Component
- Analog
- Memory
- Discrete
- Logic
- Other Components
By Application
- Powertrain
- Chassis and Safety
- Infotainment and Telematics
- Body and Convenience
- Advanced Driver Assistance Systems
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/z5owsc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
