The global automotive power electronics market is driven by factors such as rise in demands for electric vehicles, increasing trend for electrification across the automotive industry, and government regulations for vehicle safety systems.
PORTLAND, Ore., July 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Power Electronics Market by Device (Power IC, Module/Discrete), by Application (Chassis & Powertrain, Safety & Security System, Infotainment & Telematics, and Body Electronics), by Drive Type (IC engine vehicle and Electric vehicle): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global automotive power electronics market was valued at $4,990.7 million in 2022, and is projected to reach $8,051.3 million by 2032, registering a CAGR of 5.1% from 2023 to 2032.
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Prime determinants of growth
The global automotive power electronics market is driven by factors such as rise in demands for electric vehicles, increasing trend for electrification across the automotive industry, and government regulations for vehicle safety systems. However, high investment cost, and high infrastructure requirement are hampering the growth of the automotive power electronics Market. On the contrary, rise in demand for high efficiency electronic components, rise in advancements in autonomous driving technologies, and rise in demands for connected cars are expected to offer remunerative opportunities for the expansion of the automotive power electronics market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $5.0 billion |
Market Size in 2032 | $8.1 billion |
CAGR | 5.1 % |
No. of Pages in Report | 283 |
Segments Covered | Device, Application, Drive type, and Region |
Drivers | Rise in demands for electric vehicles Increasing trend for electrification across the automotive industry Government regulations for vehicle safety systems |
Opportunities | Rise in demand for high efficiency electronic components Rise in advancements in autonomous driving technologies Rise in demands for connected cars |
Restraints | High investment cost High infrastructure requirement |
Impact of COVID-19 pandemic
- Automakers and suppliers temporarily closed their factories to protect workers and comply with government regulations. This led to significant production delays and losses, resulting in lower sales and revenue for the industry.
- The pandemic led to reduced demand for vehicles, as consumers were hesitant to purchase new cars due to economic uncertainty.
- In addition, governments in many countries-imposed lockdowns and restrictions, which reduced public travel, thereby reducing the need for personal vehicles.
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The Power IC segment to maintain its leadership status throughout the forecast period
Based on device, the power IC segment held the highest market share in 2022, accounting for nearly two-thirds of the global automotive power electronics market revenue, and is estimated to maintain its leadership status throughout the forecast period. The power integrated circuits (ICs) play a vital role in automotive applications since they are used for a variety of power control and management tasks. Power integrated circuits (ICs) are used in the automotive industry to manage motor control, power distribution, and other related tasks. Significant breakthroughs in automotive applications include the use of wide bandgap semiconductors such as gallium nitride and silicon carbide. These materials are better at monitoring and minimizing power losses, changing speeds, and providing greater thermal tolerances. However, the module/discrete segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031.
The Infotainment and Telematics segment to witness the fastest growth throughout the forecast period
Based on application, the others segment held the highest market share in 2022, accounting for nearly half of the global automotive power electronics market revenue and is estimated to maintain its leadership status throughout the forecast period. Companies operating in the industry have been inclined towards offering an increased product range of automotive power electronic components in vehicles which created a wider scope for the growth of the market across the globe. Developments have been carried out by the key players operating in the industry which creates a wider scope for the growth of the market across the globe. However, the infotainment and telematics segment is projected to manifest the highest CAGR of 6.8% from 2022 to 2031.
The ICE vehicle segment to maintain its leadership status throughout the forecast period
Based on drive type, the ICE vehicle segment held the highest market share in 2022, accounting for around two-thirds of the global automotive power electronics market revenue and is estimated to maintain its leadership status throughout the forecast period. Power electronics are used in almost every system in one form or another. Power electronics drives any device that requires an electrical power input, converting one form of electric energy - whether AC or DC - into another. A variety of power systems have been created and developed to meet the voltage, power, and reliability needs of various applications. MOSFETs, for example, are employed in a variety of applications such as switching power supply, power converters, motor control, and voltage regulators. Modern IC engine vehicles often employ electronic fuel injection systems for precise fuel delivery. However, the electric vehicle segment is projected to manifest the highest CAGR of 7.6% from 2022 to 2031.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global automotive power electronics market revenue and is estimated to maintain its leadership status throughout the forecast period. The North American region is expected to show prominent growth in the automotive power electronics market in the North American region. The region is known to be the home for automotive developments. Tesla Inc., a company which primary deals in the design and manufacturing of electric vehicles was founded in this region. It is also home to market players such as BorgWarner Inc., which is on the forefront in acquiring businesses to expand their market presence. However, the LAMEA region is expected to witness the fastest CAGR of 8.1% from 2022 to 2031.
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Leading Market Players: -
- BorgWarner Inc.
- Continental AG
- Danfoss A/S
- Denso Corporation
- Infineon Technologies AG
- Mitsubishi Electric Corporation
- NXP Semiconductors
- ON Semiconductors
- Renesas Electronics Corporation
- Robert Bosch
The report provides a detailed analysis of these key players of the global automotive power electronics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive Industry:
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Japan Automotive Power Electronics Market Report 2023-2035
South Korea Automotive Power Electronics Market Report 2023-2035
Asia-Pacific Automotive Power Electronics Market Report 2023-2035
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