Commercial Vehicles Semiconductor Market to Grow with a CAGR of 5.08% Globally through to 2028

Electrification of Commercial Vehicles, Advanced Driver-Assistance Systems (ADAS), Connected Commercial Vehicles and Autonomous Commercial Vehicles are factors driving the Global Commercial Vehicles Semiconductor market in the forecast period 2024-2028.

According to TechSci Research report, “Global Commercial Vehicles Semiconductor Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Commercial Vehicles Semiconductor Market stood at USD 26 billion in 2022 and is anticipated to grow with a CAGR of 5.82% in the forecast period, 2024-2028. Semiconductors are a sort of electrical component that can conduct electricity under certain conditions. Semiconductors are employed in automobiles to verify that the connected component works properly under all conditions. Semiconductors used in automobiles are made of silicon and germanium, which are the primary components required for the proper operation of automotive electronics. Semiconductors installed in automobiles assist in controlling many functions such as controlling the vehicle's air conditioner system and assuring the vehicle's safety. Furthermore, advancements in vehicle-based technology such as the introduction of advanced driver assistance systems (ADAS), telematics, and infotainment, as well as an increased inclination toward the adoption of electric vehicles, contribute to the global growth of the Commercial Vehicles Semiconductor market. Rapid advances in the automotive industry, an increase in demand for safety features in automobiles, and the introduction of innovative technologies for advanced user interface (UI) fuel global market growth. Furthermore, concerns like operational failures in extreme climatic conditions, as well as high initial cost and complex construction, act as a barrier to global market growth. However, factors such as increased demand for electric and hybrid vehicles, as well as increased technological improvement and innovation in ADAS, provide sufficient chances for market expansion during the projection period.

The Global Commercial Vehicles Semiconductor Market is a thriving and rapidly evolving sector within the automotive industry, playing a pivotal role in the transformation of commercial vehicles. Commercial vehicles encompass a wide range of vehicles, including trucks, buses, vans, and utility vehicles, all of which are vital for transporting goods and people on a global scale. In recent years, the commercial vehicle landscape has undergone significant changes, driven by technological advancements, stringent environmental regulations, and shifting consumer preferences. These changes have led to the development of more sophisticated and technologically advanced commercial vehicles, and semiconductors have emerged as the critical enablers of these advancements. The modern commercial vehicle is no longer just a mode of transportation; it has become a highly connected, efficient, and intelligent machine. Semiconductors serve as the digital brains of these vehicles, powering an array of functions that enhance safety, efficiency, connectivity, and overall performance. From electric and hybrid powertrains to advanced driver-assistance systems (ADAS) and telematics, semiconductors have become integral to the operation and evolution of commercial vehicles.

The commercial vehicle industry is undergoing a profound transformation, with a growing emphasis on sustainability and efficiency. Electric and hybrid commercial vehicles are gaining prominence, driven by the need to reduce emissions and operating costs. Semiconductors, particularly those used in battery management systems (BMS) and power electronics, are instrumental in optimizing the performance of electric powertrains, extending vehicle range, and reducing energy consumption.

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Safety is another paramount concern in the commercial vehicle sector, and ADAS have become standard features in many modern vehicles. Semiconductors power the sensors, microcontrollers, and processors that underpin ADAS functionality, including features like adaptive cruise control, lane-keeping assist, and automatic emergency braking. These technologies are improving road safety, reducing accidents, and enhancing the overall driving experience for commercial vehicle operators. Connectivity is also reshaping the commercial vehicle landscape. Fleet operators are increasingly adopting telematics systems that rely on semiconductor components to provide real-time data on vehicle location, performance, and maintenance needs. This data helps optimize routes, reduce fuel consumption, and enhance the overall efficiency of commercial fleets. Furthermore, the integration of connectivity solutions is enabling over-the-air (OTA) updates, ensuring that vehicles remain up to date with the latest software enhancements and security patches.

The commercial vehicle semiconductor market is not without its challenges, including cost pressures, rapid technological advancements, supply chain disruptions, a complex regulatory environment, and intricate supply chain management. These challenges require semiconductor manufacturers to prioritize innovation, adaptability, and collaboration to meet the evolving needs of the commercial vehicle industry. Despite these challenges, the commercial vehicles semiconductor market presents substantial growth opportunities. The demand for efficient, connected, and environmentally friendly commercial vehicles is on the rise globally, driven by urbanization, e-commerce, and evolving logistics requirements. As the industry continues to evolve, semiconductors will remain at the forefront of innovation, enabling commercial vehicles to meet the demands of the modern world while addressing critical environmental and safety concerns.

Major companies operating in Global Commercial Vehicles Semiconductor Market are:

• Robert Bosch GmbH
• Infineon Technologies AG
• STMicroelectronics
• NXP Semiconductors
• Toshiba Corporation
• On Semiconductor Corporation
•  ROHM Co., Ltd.
• Texas Instruments Incorporated
• Renesas Electronics Corporation
• Denso Corporation

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 “The Global Commercial Vehicles Semiconductor Market is a thriving and dynamic sector within the automotive industry, driven by technological advancements and changing industry dynamics. Commercial vehicles, including trucks, buses, and vans, are undergoing a significant transformation, transitioning toward electrification, enhanced connectivity, and advanced driver-assistance systems (ADAS). Semiconductors, the digital brains of these vehicles, play a vital role in powering and enabling these innovations. They enhance safety, efficiency, and connectivity while addressing environmental concerns through electric powertrains. Despite challenges such as cost pressures and supply chain disruptions, the market continues to grow, driven by the increasing demand for cleaner, smarter, and more connected commercial vehicles. As the industry evolves, semiconductor manufacturers remain pivotal in shaping its future.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Commercial Vehicles Semiconductor Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component Type (Processor, Analog IC, Discrete Power Device, Sensor, Memory Device), By Application Type (Powertrain, Safety, Body Electronics, Chassis, Telematics & Infotainment) By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global Commercial Vehicles Semiconductor Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Commercial Vehicles Semiconductor Market.

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