PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464680
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464680
Automotive Power Electronics Market size was valued at USD 5,523.12 Million in 2023, expanding at a CAGR of 5.3% from 2024 to 2032.
Automotive Power Electronics involves the utilization of electronic systems in vehicles to regulate and manage electrical energy. These power electronics applications are not limited to the automotive industry alone but are also utilized in various other sectors such as aerospace, commercial, industrial, residential, telecommunication, transportation, and utility systems. In the realm of automotive electronics, these electrically-powered systems are employed in automobiles, including road vehicles like telematics, in-car entertainment systems, computers, and more. The necessity to effectively control and convert engines in automobiles originated from the field of automotive electronics. The progress made in Automotive Power Electronics has played a crucial role in the advancement of electric and hybrid vehicles, resulting in improved energy efficiency, reduced emissions, and enhanced driving performance.
Automotive Power Electronics Market- Market Dynamics
The growing demand for electric vehicles is projected to propel market growth.
Electric vehicles rely completely on electrical power for their propulsion. This necessitates the use of sophisticated power electronic systems to regulate the flow of electricity from the battery to the electric motor. As the demand for electric vehicles continues to increase, there is also a growing need for advanced power electronics to support these propulsion systems. According to the International Energy Agency, sales of electric vehicles are projected to remain strong until 2023. In the first quarter alone, over 2.3 million electric cars were sold, which is approximately 25% more than the same period last year. Additionally, ongoing advancements in power electronics technology and the expansion of charging infrastructure present potential growth opportunities for the market. However, the market growth may be hindered by the need to comply with strict automotive safety and environmental regulations.
Automotive Power Electronics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.3% over the forecast period (2024-2032)
Based on Component segmentation, Power IC was predicted to show maximum market share in the year 2023
Based on Vehicle Type segmentation, Passenger Vehicle was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Automotive Power Electronics Market is segmented based on Component, Electric Vehicle Type, Vehicle Type, Application, and Region.
The market is segmented into three divisions according to Components: MCU, Power IC, and Sensor. Power IC holds the majority share in the market. The Automotive Power Electronics market, especially in power ICs, is set to experience ongoing expansion and advancement due to the acceleration of vehicle electrification. There is a growing demand for efficient, dependable, and high-performance power electronics solutions in automotive applications.
The market is segmented into two groups according to the Electric Vehicle Type: Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV). With the continuous growth in the adoption of electric vehicles, fueled by advancements in technology, government incentives, and consumer demand, there will be a corresponding increase in the demand for advanced power electronics components and systems designed specifically for different types of vehicles.
The market is segmented into two distinct categories according to the Vehicle Type: Passenger Vehicle and Commercial vehicle. The dominant force in the market is the Passenger vehicle segment. Passenger vehicles are increasingly embracing electrification technologies to enhance the safety of critical systems such as electronic stability control (ESC), anti-lock braking systems (ABS), and airbag deployment.
The market is segmented into three groups according to application: Body Electronics, Chassis & Powertrain Infotainment & Telematics, Safety & Security Systems, and Other categories. As the automotive industry progresses with developments in electrification, connectivity, and automation, the need for cutting-edge power electronics solutions designed for electric applications will persistently increase.
Automotive Power Electronics Market- Geographical Insights
This market is geographically widespread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The Asia Pacific region dominates the market due to the expansion of charging infrastructure. As the electric vehicle (EV) market continues to grow, there is an increasing demand for charging infrastructure to support these vehicles, which in turn drives the demand for Automotive Power Electronics. According to the International Council of Clean Transportation, China has established the world's largest public charging infrastructure network, with a public charger stock of 1 million, accounting for 51% of the global total, and a total rated power exceeding 56 gigawatts as of 2022. Europe is the second-largest region for market growth, attributed to the rising vehicle production and extensive use of modern electronics.
Automotive Power Electronics corporations are engaged in fierce competition, utilizing their technological expertise and proficiency in design, development, and manufacturing. They strive to distinguish themselves by offering unique features, functionalities, and performance characteristics in their products. These corporations may focus on advancements in power conversion efficiency, effective thermal management, compact size and lightweight design, seamless integration capabilities, and compatibility with emerging automotive technologies like electrification, connectivity, and autonomy. Moreover, manufacturers compete to establish a robust global presence and expand their market reach, aiming for a competitive edge in the industry.
In February 2024, Texas Instruments (TI) (Nasdaq: TXN) unveiled two fresh power conversion device collections aimed at assisting engineers in attaining greater power within limited spaces, offering superior power density at a reduced expense.
GLOBAL AUTOMOTIVE POWER ELECTRONICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Infineon Technologies AG
Texas Instruments Inc.
NXP Semiconductors N.V.
STMicroelectronics N.V.
Robert Bosch GmbH
ON Semiconductor Corporation
Toshiba Corporation
Mitsubishi Electric Corporation
Renesas Electronics Corporation
Silicon Labs
Maxim Integrated
Analog Devices Inc.
Vishay Intertechnology Inc.
Aptiv PLC
Cree Inc.
Rohm Co. Ltd.
Semikron International GmbH
Others