Martin Mayanja
Inside Sales @ onsemi Focused on Customer Success & Business Goals
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Transforming Automotive: A $1.6 Trillion Opportunity by 2034!
The automotive landscape is on the brink of a revolutionary change! A recent report by IDTechEx highlights a thrilling future for the industry, projecting a market opportunity that skyrockets to an estimated $1.6 trillion by 2034. This significant leap forward is driven by the advent of autonomous driving, electric vehicles, connectivity, and more, marking electrification and automation as the new norm. With a predicted compound annual growth rate (CAGR) of 9.8% from 2023 to 2033, the electric vehicle market is booming, fueled by advancements in motors, batteries, and power electronics. Moreover, the surging demand for sophisticated sensors in vehicles highlights their crucial role in ensuring the safety and efficiency of both autonomous and electric vehicles, promising a growth of 13.7% in the ADAS and autonomous vehicle sensors market.
Connected vehicles are reshaping our driving experiences, with the trend only set to grow. New revenue models like feature-as-a-service (FaaS) highlight how technology is not just enhancing vehicles but transforming our interactions with them, with the annual revenue from connected and software-defined vehicles expected to exceed $700 billion. Despite being in its early stages, autonomous driving is making significant strides, with the pursuit of mobility-as-a-service (MaaS) expected to see global expansion, contributing massively to the industry's growth.
At
onsemi, we're excited about these developments! We see great potential in contributing to this transformative era with our intelligent power and sensing technologies. Our focus on innovation aligns perfectly with these trends, positioning us to be at the forefront of this automotive revolution.
For those interested in diving deeper into these insights, the full IDTechEx report is a treasure trove of information. And if you're curious about how
onsemi is gearing up for these changes, let’s connect!