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AV-related technologies are far from being fully developed, but when they are they are expected to reduce crash injuries significantly. In addition, the COVID-19 pandemic highlighted the need for contactless self-driving technologies. According to a Precedence Research report, the global AV market is expected to grow at a 63.2% CAGR between 2021 – 2028. This should significantly increase the demand for semiconductors.
Investors’ interest in the semiconductor space is evidenced by the SPDR S&P Semiconductor ETF’s (XSD) 5.1% returns over the past month versus the SPDR S&P 500 ETF’s (SPY) 0.3% loss. Therefore, we think it could be wise to bet now on quality semiconductor stocks Intel Corporation (NASDAQ:INTC), ON Semiconductor Corporation (ON), and NXP Semiconductors N.V. (NXPI). These three stocks are well-positioned for handsome gains with the growing demand for EVs.
