Market Trends of Americas Semiconductor Diode Industry
Automotive Industry is Expected to Hold a Significant Market Share
As per IEA, electric car sales in the United States will increase by 55% in 2022 to reach a sale share of 8%. With the advancement of the electrification of automobiles, power consumption control is becoming an increasingly important factor. LED lighting technology design significantly reduces power consumption, increases lifecycle, and offers design freedom and control. It is now commonly used in automotive functions, including headlights and interior lighting.
LED headlamp technology is currently the most modern technology used for the headlamps of cars. With several advantages over other competitive technologies, such as halogen lamps and xenon headlamps, LED headlamps are becoming very popular in passenger vehicles.
One of the most significant advantages of using LED is that they produce light of color temperature of 5500 kelvin, which is very close to daylight. This color temperature is even closer than the light produced by Bi-Xenon headlamps. Therefore, they put a minimum strain on the driver's eyes. Compared with other headlamps, the visibility of LED headlamps is also high in dusty and foggy environments.
In March 2022, Truck-Lite, a provider of LED lighting solutions for commercial vehicles, launched an all-new LED Projector Headlights, the company's latest advancement in forward lighting to deliver improved performance and modern aesthetics. Truck-Lite LED Projector Headlights feature a new beam pattern with a wider beam spread that maximizes light output and increases foreground illumination, resulting in better performance, especially for vehicles operating in more congested environments like trucks used in final mile delivery, utility, construction, municipal and waste markets.
United States is Expected to Hold the Major Market Share
The Americas semiconductor diode market is expected to grow significantly over the forecast period, with the United States dominating the regional market. Growth in this region's semiconductor diode market strongly correlates with growth in adjacent markets such as lighting, consumer electronics, and automotive.
The proliferating consumer electronics industry in the region is one of the primary factors driving the market's growth. For instance, according to the Consumer Technology Association (CTA), US technology retail revenues are expected to reach USD 485 billion in 2023. Though it is slightly down from the record-breaking USD 512 billion in 2021, the revenues are expected to remain above pre-pandemic levels, per the organization.
Emerging technologies like the Internet of Things (IoT) have created a new wave of innovation in the semiconductor industry. An increasing number of electronic devices, from laptops to thermostats, are becoming connected each year in the region, allowing for more sophisticated communication and coordination between them and their users. For instance, as per the CTA, health tech continues to expand its footprint in the country as consumers pay closer attention to their health and fitness goals and use tech for better outcomes. Overall, health tech, including smartwatches, fitness trackers, and connected exercise equipment, is expected to generate a revenue of USD 13.4 billion in 2022, up 4% as compared to 2021.
The automotive industry in the United States is a crucial component of economic growth and has historically contributed 3 - 3.5% to the overall Gross Domestic Product (GDP), according to the Center for Automotive Research. The industry also contributes to a significant portion of the region's total demand for semiconductor components
