APAC Automotive Semiconductor Market Growth, Demand & Opportunities.
The International Energy Agency (IEA) forecasts that the stock of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in China will reach 38,570,612 units (cars) and 13,483,273 units (cars), respectively, by 2030. The IEA also predicts that the stock of BEVs (cars) and PHEVs (cars) in India will reach 7,279,298 units and 941,381 units, respectively, by 2030. The increasing sales of these vehicles will create a huge requirement for automotive semiconductors in the Asia-Pacific (APAC) region in the coming years due to their extensive use in electric vehicle (EV) batteries.
Moreover, the increasing integration of advanced mobility solutions, such as autonomous driving technology, owing to the rising awareness about vehicle safety, will fuel the APAC automotive semiconductor market growth in the foreseeable future. Autonomous driving features, such as blind-spot detection (BDS), adaptive cruise control (ACC), automatic parking system, glare-free high beam and pixel lights, automatic emergency braking system, automotive night vision system, crosswind stabilizer, lane change assistance system, and driver drowsiness detection system, work with the help of semiconductors.
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Such advanced driver-assistance systems (ADAS) are being integrated into internal combustion engine (ICE)-based vehicles and EVs to offer efficient driving options and meet the extensive demand for improved passenger safety. Thus, the surging sales of ICE-powered vehicles will also augment the need for semiconductors in APAC in the forthcoming years. For instance, the International Organization of Motor Vehicle Manufacturers (OICA) states that 2,851,268 units of passenger cars and 384,017 units of light commercial vehicles (LCVs) were produced in India in 2020.
Thus, the mounting EV and ICE-based vehicle sales and increasing integration of ADAS in such automobiles will create an extensive requirement for semiconductors in the upcoming years.