EV Semiconductor Devices Market - Forecasts from 2024 to 2029

The EV semiconductor devices market is predicted to expand at a CAGR of 24.22% to account for US$45.594 billion by 2029 from US$20.164 billion in 2024.

The EV semiconductor devices market is developing annually due to the expanding demand for electric vehicles (EVs) and the increasing utilization of electronic gadgets in these vehicles.

The growth is due to the rising necessities of range expansion, shorter charge time, and the application of ADAS in electric vehicles. Semiconductors are inherently utilized in EVs to perform integrated works such as control, drive administration, safety measures, entertainment and comfort, and driver assistance and security innovations. The major sellers working within the market are STMicroelectronics, NXP Semiconductor, Infineon Technologies, Texas Instruments, and Renesas Electronics. The market viewpoint for EV components can be sectioned by type and region. In addition, the Asia-Pacific region will lead the market development due to the continually increasing popularity of innovation in nations like China and Japan.

Another figure supporting the global demand for EV semiconductor devices is the surging adoption of EVs. With an expanded number of EVs on the road, the application of superior gadgets and semiconductors is additionally expanding. The powertrain of an EV, battery administration, and infotainment framework would utilize numerous semiconductor gadgets. As the world progresses in its utilization of green automobiles due to policies and other viewpoints such as emissions, innovative improvement, and popularity demanded by buyers, EV semiconductor gadgets are expected to witness high demand during the forecasted period.

EV semiconductor devices market drivers?

• Growing demand for battery electric vehicles is anticipated to accelerate the EV semiconductor devices market expansion.

BEVs are dominating the EV battery market, having taken around 70% of the market share in 2022. This development is due to the rise in the utilization of BEVs in the automotive market, especially within the passenger car section, as major producers push their improvement of electric cars and commit to making their models electric. Customers are moreover conscious of economical mobility arrangements with longer battery life, quicker charging times, and higher driving ranges, influencing their buying behaviors.

It is additionally evaluated that the two-wheeler and commercial vehicle sections will develop radically from 2023 to 2032. The expanding requirement for electric scooters and motorcycles contributes to the general adoption of the EV semiconductor devices market, along with commercial vehicles like conveyance trucks and buses. Consistent increment of BEV utilization over diverse sections brings opportunities for designing new battery solutions, driving the EV battery market's global expansion.

EV semiconductor devices market geographical outlook

• Asia Pacific to hold significant shares of the EV semiconductor devices market.

The major economies like China, Japan, India, and South Korea lead the Asia-Pacific region. Some of the fastest-growing emerging economies, such as ASEAN countries, are from this region.

This region is anticipated to have a significant share in the EV semiconductor devices market during the projected period owing to its presence of some major EV semiconductor manufacturers.

The APAC region is further anticipated to capture the EV semiconductor devices market due to the rising utilization of EVs in APAC nations, especially China and India. China remains the greatest market for EV semiconductor gadgets within the APAC locale due to the high adoption of the EV and its associated technologies.

China's EV market has grown significantly in recent years due to government incentives and policies, the expansion of regional automotive businesses, and the advancement of semiconductor technology in Chinese markets. These factors are closely related to the substantial progress in developing new energy vehicles. China has seen development within the automotive industry, primarily within the last one or two decades. The purchasing alternative of plug-in electric vehicles (PEVs) is additionally rising in China. Given the fact that semiconductor devices are broadly utilized in EV batteries and power hardware, their utilization is additionally anticipated to rise in the future.

India is another promising market for EV semiconductor gadgets within the APAC region. The Indian government has developed programs such as the FAME program aimed at growing the usage of electric cars in the country. Semiconductor gadgets utilized in EVs, such as two-wheelers and commercial vehicles, are moreover anticipated to have a huge demand within the developing Indian automotive industry. The South Korean market is additionally anticipated to have a similar drift in the APAC EV semiconductor devices market, owing to the developing awareness of higher sustainable mobility arrangements and enhanced self-driving innovations.

Further, the supremacy of the APAC region in the EV semiconductor devices market is owing to the ever-increasing rates of EV entrance, the introduction of the improvement of automotive innovation by major regional producers, and other complementary variables. The Chinese and Indian markets are expected to act as the major development enablers for the EV semiconductor devices market inside APAC.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
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The EV semiconductor devices market is analyzed into the following segments:

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
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others