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North America Automotive Semiconductor Market Trend and Growth Forecast to 2024

With digitization in the automotive industry, the use of semiconductors has significantly increased, which is acting as a major factor driving the growth of the North American automotive semiconductor market.

Rahul_Gautam
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North America Automotive Semiconductor Market Trend and Growth Forecast to 2024

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  1. North America Automotive Semiconductor Market By Vehicle Type, Propulsion, Application, Geographical Outlook, Industry Trend and Growth Forecast to 2024

  2. The North American automotive semiconductor market is expected to witness notable growth during the forecast period 2019–2024, owning to the growing industry focus on safety regulations for automobiles, especially with respect to the incorporation of advanced lane departure warning systems, airbags, and electronic braking systems. Additionally, the increasing adoption of new vehicle technologies, such as electric vehicles and autonomous vehicles, is enhancing the growth prospects for the market. On the basis of vehicle type, the North American automotive semiconductor market is classified into two-wheelers, passenger cars, light commercial vehicles (LCVs), and medium and heavy commercial vehicles (M&HCVs). Among these, the light commercial vehicles category is expected to register the fastest growth in the forecast period, owning to the greater demand for pick-up trucks in the region. Moreover, North America’s top three automobile manufacturers—General Motors Company, Ford Motor Co. Ltd., and Fiat Chrysler Automobiles N.V.—registered the highest sales in pick-up trucks, among all other vehicles, in 2018.

  3. The U.S. is expected to continue leading the North American automotive semiconductor market in the coming years. This is because of the presence of a large number of highly acclaimed automobile manufacturers in the country. Furthermore, the U.S. is a hub for automotive innovation in North America and is responsible for the region’s major technological developments in the domain. Additionally, high vehicle production and demand, and government regulations supporting the incorporation of advanced driver-assistance system (ADAS) are the major factors boosting the market growth. With digitization in the automotive industry, the use of semiconductors has significantly increased, which is acting as a major factor driving the growth of the North American automotive semiconductor market. Automotive semiconductors have enabled most of the recent innovations in vehicle technology, such as enhanced graphics processing units (GPUs), sensors, vision-based processors, application processors, dynamic random-access memory (DRAM), and NAND flash. Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/north-america-automotive-semiconductor-market/report-sample

  4. The development of new and advanced vehicles, such as fuel-cell vehicles, electric vehicles, and autonomous vehicles, is creating ample growth opportunities for the players in the North American automotive semiconductor market. This is because unlike conventional vehicles, these advanced vehicles demand a heavy use of semiconductors to facilitate higher technological efficiency. Thus, companies such as Tesla Inc., Daimler AG, and Volvo AB are working on the development of autonomous trucks and are creating a strong demand for semiconductors. In November 2017, Tesla unveiled a sleek electric semi-truck with semi-autonomous capabilities facilitated by the use of semiconductors. Most of the key semiconductor-offering companies in the U.S. have not traditionally focused on the automotive industry. However, in recent years, there has been a clear shift in practice, with Intel Corporation announcing its alliance with BMW and Mobileye NV, in 2016, to help create a fleet of fully autonomous cars by 2021. Furthermore, in the same year, Qualcomm International Inc. acquired NXP Semiconductors N.V. for $47 billion and became the world’s leading automotive semiconductor supplier. Some of the other major companies operating in the North American automotive semiconductor market are Infineon Technologies AG, STMicroelectronics N.V., Renesas Electronics Corporation, Robert Bosch GmbH, ROHM Co. Ltd., Texas Instruments Inc., Analog Devices Inc., and Toshiba Corporation.

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