EV Semiconductor Devices Market Size, Share, Opportunities, And Trends 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), And By Geography - 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.

The combined utilization of ADAS and self-driving advances inside EVs is another prospect for the EV semiconductor devices market. Indeed, the core function of ADAS frameworks is to support automobiles and the road. These facilities employ many sensors, processors, and communication gadgets to bolster the setting of ease control, lane flight control, and programmed emergency control. With the integration of such innovations in EVs, the market for high-performance semiconductor devices will develop in the coming years.

What are the EV semiconductor devices market growth 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.

• The increasing requirement for fast-charging EVs is expected to drive the EV semiconductor devices market growth.

Other variables that are fuelling the EV semiconductor devices market are the growing necessity for wider ranges of batteries and quicker charging times in EVs. Semiconductor gadgets are an important part of EVs since they make it conceivable to extend the vehicles' range and the speed of charging. Since buyers look forward to EVs with expanded ranges and speedier charging, the prospects for these innovatively modern semiconductor items will significantly rise in the coming years.

What are the key geographical trends shaping the EV semiconductor devices market?

• 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.

Recent developments in the EV semiconductor devices market:

• September 2022- STMicroelectronics introduced the Stellar P6 automotive MCU to integrate EV platform frameworks with higher integration capabilities for the next level of charge of power trains and domain-oriented solutions that provide a system for over-the-air updates.
• September 2022- VinFast, a Vietnamese electric vehicle manufacturer, and Renesas Electronics Corp, a global supplier of automotive electronics semiconductors, partnered through which VinFast planned to contribute to developing electric vehicles’ automotive technology and delivering system parts.
• May 2022–Hitachi Energy launched its new power semiconductor module for electric vehicles. It is a compact module that mainly utilizes SiC technology to achieve high power density levels. This enables faster charging reliability over the car's lifetime and the least power losses to enable longer car ranges.

EV Semiconductor Devices Market Scope:

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