Automotive Semiconductors Industry - Regional Synopsis
APAC Market Statistics
By 2037, Asia Pacific region in automotive semiconductor market is estimated to hold significant revenue share. Backed by the presence of the largest automobile manufacturing network in the region, growing demand for automobiles as well as the rising sale of vehicles. For instance, China sold more than 25 million vehicles in 2020, which included 19,994,000 cars and about 5,231,000 commercial vehicles. Owing to the presence of emerging economies consisting of India, South Korea, China, and Indonesia, the automotive semiconductor market is growing. As the demand is increasing for luxurious and comfortable vehicles around the globe. Therefore, the leading automobile manufacturers are focusing on the production of semi-luxury and luxury vehicles that solely relies on automotive semiconductor technology. Increasing disposable income of people and growing demand for luxurious life are factors driving the growth of the automotive semiconductor market in the region. China from the Asia Pacific region held the largest share of the automotive semiconductor market. Owing to its fast advancement in cruise control, infotainment system, and other safety features.
Europe Market Forecast
On the other hand, the market in Europe is anticipated to share significant growth in the forecast period. This can be attributed to the growing demand for electric vehicles in the region. Currently, automobile manufacturers are aiming at creating, developing, and producing innovative automobile vehicles as they have attracted a set of key potential buyers in the automobile-producing regions. Shortly, automotive semiconductors will play a crucial role in the automobile industry. This can be attributed seeing the demand for technologically advanced and smart vehicles in the market.
