ALBANY, New York, January 8, 2019
ALBANY, New York, January 8, 2019 /PRNewswire/ --
The global automotive power electronics market is likely to grow at a significant rate as new players are investing a large amount in this market. Companies like crème-de-la-crème are investing intensely to develop new products with the help of advanced technology. Leading companies are investing in different strategies such as merger and acquisition, innovation, and partnership that will help them in getting a stronghold in the market. For instance, companies such as Renesasa Electronics Corp., Infineon Technologies AG, ON Semiconductor Corp., Mitsubishi Heavy Industries Ltd., and Texas Instruments Inc., are developing technologically advanced electric vehicles for transportation. Some of the other companies in this market are NXP Semiconductors N.V., Maxim Products Inc., Qualcomm Ins., Vishay Intertechnology Inc., and Robert Bosch GmbH.
As key players are using different strategies there are chances for the market to rise at a steady rate in the near future. The valuation of this market is likely to reach US$22.65 bn by the end of the forecast period in 2025. The market is projected to rise at steady CAGR of 19.0% between 2017 and 2025. These figures are presented in a recent report published by Transparency Market Research.
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Based on vehicle type, the market is bifurcated into the commercial vehicle and passenger cars. Among these two, the passenger car is likely to lead the market and attain high revenue over the projected tenure. This rise is attributed to the growing initiative taken by the government to encourage the use of advanced electronics to reduce environmental pollution. In terms of geography, Asia Pacific is expected to lead the market due to rapid growth in the automotive industry.
Rising Demand for Advanced Vehicles to Led Market Growth
Use of advanced technology in the automotive sector has propelled its growth. Manufacturers in the automotive industry are installing advanced driver assistance systems and are abiding the rule for safety and security introduced by the government. This has led the growth of automotive power electronics. The use of automotive power electronics aids in controlling a high magnitude of voltage and it can convert different electric power in an efficient manner.
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With the growing demand for advanced solutions in electric vehicles, the demand for automotive power electronics also increases as it is employed in high power converting devices. Moreover, rising demand for eco-friendly vehicles has also led the demand in this market.
High Cost of Vehicles to Hamper Demand for Automotive Power Electronics
Even though the demand in the automotive power electronics market is high, few obstacles might limit the growth of the market. One of the major restraint is high-cost vehicles. This factor might contain the market from growing especially in the developing countries. Although the newer generation is in favor of advanced electronic vehicles, financial constraint refrain them from buying it. However, increasing government initiatives to encourage the use of advanced technology and the introduction of strict norms might provide a fillip in this market.
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The information presented in this review is based on a TMR report, titled "Automotive Power Electronics Market (Electric Vehicle - Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV) and Plug-in Hybrid Electric Vehicles (PHEV); Vehicle Type - Passenger Cars (PC) and Commercial Vehicles (CV); Application - Powertrain and Chassis, Body Electronics, Safety & Security Systems, and Infotainment & Telematics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/automotive-power-electronics-market.htm
The Global Automotive Power Electronics Market has been segmented as presented below:
Global Automotive Power Electronics Market, By Electric Vehicle
Global Automotive Power Electronics Market, By Vehicle Type
Global Automotive Power Electronics Market, By Application
Global Automotive Power Electronics Market: Geography
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