According to the research report titled ‘Global Automotive Semiconductor Market Size study, by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Others), by Component (Processors, Sensors, Memory Devices, Integrated Circuits, Discrete Power Devices, Others), by Application (Chassis, Power Electronics, Body Electronics, Comfort/Entertainment Unit, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global automotive semiconductor market was valued at USD 48 billion in the year 2019 and is expected to grow with a CAGR of 17.9% between 2020 and 2027.
 

Increasing complexities of modern vehicles have augmented the demand for semiconductors, which in turn is a major factor driving the market growth. Inclination towards vehicle electrification is also aiding the expansion of automotive semiconductor market.
 

Mounting production and sales of commercial as well as passenger vehicles is further stimulating the industry outlook. In fact, according to OICA, over 67.1 million units of passenger vehicles were manufactured in 2019 across the globe, which grew from 65.7 million units in the year 2013.
 

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For those uninitiated, semiconductors play a vital role in development of automotive systems and components since modern vehicles are equipped with advanced features such as navigation control, cell phone integration, infotainment systems, autonomous driving assistance, and heads-up displays among others.
 

However, the COVID-19 pandemic has adversely impacted the automotive industry, since major capital investments have been delayed or postponed, thereby negatively impacting the overall market outlook. Besides this, high cost of vehicles integrated with advanced features may further hamper global automotive semiconductor industry remuneration.
 

As per type, the market is segmented into heavy commercial vehicle, light commercial vehicle, passenger vehicle, and others. Moving on to component type, global automotive semiconductor industry is bifurcated into discrete power devices, integrated circuits, memory devices, sensors, processors, and others. While the application landscape of the market comprises of comfort/entertainment unit, body electronics, power electronics, chassis, and others.
 

From the regional frame of reference, Asia-Pacific automotive semiconductor industry is predicted to expand substantially over the study duration. Increasing production of vehicles equipped with advanced features is favoring the market outlook in Asia-Pacific. Growing preference for comfort, convenience, and safety in vehicles coupled with rising per capita income are also augmenting the regional demand for automotive semiconductors.
 

ON Semiconductor, Micron Technology Inc., Robert Bosch GmbH, Texas Instrument Inc., Toshiba Corporation, STMicroelectronics N.V., Renesas Electronics Corporation, Infineon Technologies AG, and NXP Semiconductor N.V. are the prominent companies operating in worldwide automotive semiconductor market.