Due to the pandemic and economic downward pressure in 2022, the growth of consumer electronics represented by smartphones and PCs is weak; In addition, with the strong promotion of major global economies, the new energy industry, especially new energy vehicles, has become an important driving force for semiconductor growth. From the perspective of the Chinese market, the penetration rate of new energy vehicles has grown rapidly in the past two years. In 2021, the penetration rate of new energy vehicles rapidly increased from 6.5% in 2020 to 14.3%, and in 2022, this number continued to rise to 25.6%.
Due to the outbreak of the new energy vehicle industry and the tension between supply and demand, the global scale of automotive microcontrollers (MCUs) has also significantly increased. In 2022, the market size was $8.286 billion, with an annual growth of 11.4%. Looking ahead to 2023, as new energy vehicles continue to grow and intelligence continues to advance, global automotive MCUs will continue to grow to $8.646 billion, an increase of 4.35% compared to 2022.
The global MCU market is mainly dominated by Europe, the United States, and Japan. Based on the revenue in 2022, the top five manufacturers are ST, Infineon, NXP, Renesas, and Microchip.
ST's revenue in 2022 was 16.128 billion US dollars, with an annual growth of 26.39%. Among them, the revenue of the MDG department increased by 37.5% compared to the previous year, reaching 5.967 billion US dollars. The operating profit margin also increased from 23.9% to 35%, mainly driven by the increasing demand for MCU and RF products in the automotive and industrial sectors.
Infineon's revenue last year was $15.09 billion, with an annual growth of 38.14%. The revenue from the automotive business was $6.878 billion, with an annual growth of 35%, contributing 45.83% to the total revenue; In addition, Infineon's revenue from automotive MCU was $1.573 billion, an 88% increase from the previous year.
Last year, NXP's revenue was 13.205 billion US dollars, with an annual growth rate of 19.36%. Among them, the automotive business became the core growth driver, with an annual revenue of 6.88 billion US dollars, with an annual growth rate of 25%. Due to the rapid growth of new energy vehicles in China, NXP has a backlog of automotive chip orders in China, and supply and demand have eased in other parts of the world.
Renesas had a revenue of $11.496 billion last year, with an annual growth of 51.12%. The growth was driven by the merger of financial statements after the acquisition of Dialogue in August 2021, as well as the rapid growth of its automotive business. Last year, Renesas' revenue from the automotive business was $4.935 billion, an annual growth of 42.93%.
Technically speaking, new energy vehicles are accompanied by the improvement of intelligence, which requires higher performance parameters such as data volume for MCU operations. Currently, including NXP, Renesas, Infineon, and others, they are committed to improving the performance of automotive MCU. On the one hand, through process improvement, and on the other hand, by trying new types of storage to solve the performance bottleneck brought by storage units.
At present, the concentration ratio of the automotive MCU market is still very high, and the top five automotive MCU manufacturers account for more than 70% of the market share. This pattern is mainly due to the early start of overseas automotive enterprises in Europe, the United States, Japan and other countries, and their high global share. They have established long-term cooperative relations with NXP, Infineon, Renesas and other manufacturers in the growth stage. The two sides have long cooperated in technology, and the product lines of Renesas, NXP, Infineon and other manufacturers are very mature and complete, In addition, MCU has a proprietary architecture, making it difficult for new entrants to break the existing pattern.
In terms of quantity, in the short term, the intelligent improvement of new energy vehicles, the increasing number and complexity of their functions, and the improvement of comfort will significantly increase the demand for automotive MCUs; In the long run, the electronic and electrical architecture of new energy vehicles is shifting from a traditional decentralized architecture to a centralized architecture. Domain control stations will integrate multiple functions, which requires improved MCU performance but also reduces the amount of MCU used.
Looking back at the development of the Chinese market, in the past three years, China's automotive grade MCU has developed rapidly, mainly due to two reasons. The first reason is that the shortage of production capacity provides opportunities for Chinese MCU manufacturers to enter military grade MCU. Especially in China, the world's largest new energy vehicle manufacturing country, the demand for automotive MCU is stronger compared to other regions. In the past year, 16 manufacturers have launched automotive grade MCU products, and some of these products are currently under automotive grade certification, Some have entered the stage of mass production and supply.
The second point is that driven by domestic substitution in China, the acceptance of domestic semiconductor manufacturers by local car companies has increased, and Chinese new energy vehicles account for half of the market share. MCU manufacturers have more opportunities to cooperate with car companies, and even some car companies invest in local car grade MCU manufacturers.
Overall, in the past few years, China's automotive grade MCUs have developed rapidly and have gained certain competitiveness. In the medium to long term, driven by the continuous growth of domestic substitution and new energy vehicles in China, domestic automotive grade MCUs in China will continue to grow.
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