PUNE, India, June 10, 2020
- Key players profiled are Continental AG, Texas Instruments Inc., NXP Semiconductors, Robert Bosch GmbH, Renesas Electronics Corporation, Infineon Technologies AG, Mitsubishi Electric Corporation, Toshiba Corporation, among others
PUNE, India, June 10, 2020 /PRNewswire/ -- The global automotive powertrain electronics market is likely to gain impetus from the rising usage of DC fast charging. Nowadays, the electric vehicle (EV) sector is taking the charger out of some vehicles and are storing them off-board for other usages. Fortune Business Insights™ published this information in a recent report, titled, "Automotive Powertrain Electronics Market Size, Share & Industry Analysis, By Component Type (Electric Motor, Inverter, DC/DC Converter, Battery Management System, Cell Module Controller, On-Board Charger), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026."
The report further mentions that the automotive powertrain electronics market size was USD 49.55 billion in 2018 and is projected to reach USD 83.47 billion by 2026, exhibiting a CAGR of 7.0% during the forecast period.
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COVID-19 Impact on Automotive Powertrain Electronics Industry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Rising Standardization of Core Product Segment to Augment Growth
The standardization of core product segments is one of the major factors driving the automotive powertrain electronics market growth. These consist of 40 to 150 kW inverters or 48V systems. It would help in reducing the obstacles required for the tier-2 suppliers of semiconductors to enter the market. They would eventually increase pressure on the average selling price of the system and hence, surge competition.
Apart from that, the automotive powertrain electronics are gaining popularity owing to the adoption of EVs. This is mainly occurring as the auto industry is trying to lower the cost of batteries and satisfy the consumer demand. However, there is a threat to the advancement of EVs as there are shortages of the supply of dysprosium. It may obstruct market growth.
Inverter Segment to Grow Steadily Backed by Ongoing Technological Advancements
Based on component type, the inverter segment held 34.83% automotive powertrain electronics market share in 2018. This growth is attributable to the rising technological innovations in battery and inverter technologies. These are aiding in the improvement of the range of electric vehicles (EVs). Additionally, the price of EVs may reduce because of the development of such novel technologies. It would also upsurge the demand for inverters worldwide.
Asia Pacific to Dominate Stoked by Expansion of Automotive Industry
The market is regionally segregated into Asia Pacific, Europe, North America, and the rest of the world. Out of these, Asia Pacific generated USD 23.28 billion revenue in 2018 and is set to lead the market throughout the forecast period. This growth is attributable to the expansion of the automotive industry in the developing countries, such as India and China. Also, the high volume markets, as well as the rising demand for innovative safety and electronic features in passenger cars are likely to contribute to the market growth in this region. Europe is set to remain in the second position backed by the increasing usage of electric vehicles in this region. In addition to that, the governments of various European countries are implementing stringent norms on commercial vehicles and passenger cars to lower the carbon emissions.
Key Players Focus on Collaboration Strategy to Gain Competitive Edge
The major companies present in the market are striving persistently to invest huge sums in the development of state-of-the-art products. It would help them in strengthening their position and widening their reach in the market. They are also adopting the strategy of collaborations and partnerships to gain a competitive edge.
Fortune Business Insights™ presents a list of all the companies operating in the global Automotive Powertrain Electronics Market. They are as follows:
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Below is a key industry development:
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