TechInsights: The automotive semiconductor market will nearly double by 2030

On August 23, market research firm TechInsights released a report titled "Sustainable xEV Networks: Opportunities for the Semiconductor Industry" this afternoon.

The report states that the baseline growth forecast for battery electric vehicles (BEVs) shows that the automotive semiconductor market will nearly double by 2030. Even in the scenario where the BEV market declines, semiconductor demand will still increase significantly, thanks to the increasing complexity and evolution of peripheral systems such as autonomous driving assistance technology ADAS and infotainment systems.

The largest markets for electric vehicles (EVs) to date are concentrated in high-income countries, with Norway in particular emerging as a success story, the report says, seemingly contradicting the oft-cited concern that EVs perform relatively poorly in cold climates.

However, more than 80% of new car sales in Norway are now electric vehicles. Sweden follows closely behind with 60%, and China is close behind with 37% of electric vehicle sales (IT Home Note: Data from the Passenger Car Association on August 7 showed that new energy vehicle retail sales accounted for 50.84% ​​in July 2024).

TechInsights predicts that China will maintain its position as the world's largest electric vehicle market until 2030, with annual production doubling to nearly 60 million vehicles.

Previously, another organization, IDC, also predicted in a report that by 2027, the global automotive semiconductor market will exceed US$88 billion (currently about RMB 628.572 billion). As the value of semiconductors per vehicle continues to grow, the attention and importance of semiconductor companies in the automotive industry chain have further increased.