Automotive Power Electronics Market Overview:
The global automotive power electronics market 2022 is slated to mature at a CAGR of 5.12% and reach USD 7.8 million by 2030,
recent years, the global automotive power electronics market has witnessed significant growth potential. Analytical projections indicate that this growth trajectory is likely to continue over the forecast period. Several factors have fueled this expansion in the automotive electronics industry. Notably, there is a heightened demand for innovative technologies within vehicles, driven by concerns about the environment. This has led to a notable surge in the adoption of electric vehicles (EVs), consequently boosting the market for automotive power electronics.
The surge in EVs, which heavily rely on power electronics for safe and efficient operation, has spurred advancements in various technologies. These include electronic stability control (ESC), advanced driver assistance systems (ADAS), and electronic control units (ECUs). The increased integration of power electronics within automobiles has played a pivotal role in driving these technological breakthroughs.
Over the projected period, the growth in the utilization of power electronics in the realm of electric vehicles has played a pivotal role in shaping technological advancements. The escalating concerns regarding environmental issues, chiefly stemming from pollution, have notably amplified the demand for electric cars. This uptick in demand has, in turn, propelled the adoption of power electronics, thus steering the market's expansion.
Competitive Dashboard
The key players global automotive power electronics market size are Texas Instruments Inc. (U.S.), Infineon Technologies AG (Germany), Qualcomm Ins. (U.S.), ON Semiconductor Corp. (U.S.), Renessa Electronics Corp. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), NXP Semiconductors N.V. (Netherlands), Maxim Products Inc. (U.S.), Robert Bosch GmbH (Germany), and Vishay Intertechnology Inc. (U.S.).
Segmental Analysis
Based on the feature, function, vehicle model, and area, the automotive power electronics market has been segmented. The market has been segmented as MCU, Control IC, and Sensor on a part basis. During the forecast era, the sensor segment is expected to experience the highest growth since it is the main component of electric vehicles.
Sensors are used mostly in ADAS, Electronic Stability Control (ESC) and Electronic Unit of Control (ECU) systems, which are leading technologies used in electric vehicles.
The market has been segmented as chassis & powertrain, body electronics, infotainment & telematics, and protection & security systems, based on applications. Due to increasing government regulations and the initiative to adopt smart transportation solutions with advanced safety features, the body electronics segment is expected to dominate the market during the forecast period.
Due to increasingly growing sales of electric vehicles, the passenger car segment is expected to dominate the market during the forecast period based on the vehicle model.
Regional Synopsis
North America, Asia Pacific , Europe, and the rest of the world are segmented on a region-based basis.
North America is expected to lead the car industry for power electronics since the U.S. has invested the most on battery-operated electric cars in North America.
Due to the increased acceptance of emerging technologies in electric vehicles, Asia Pacific is anticipated to have the largest market share during the forecast period. This would increase demand for power electronics, which is projected to lead to industry growth over the forecast period.
In Europe, countries such as the United Kingdom, Germany, France and Italy have made significant strides to improve technologies in the automobile field. This development in technology has resulted in the growth of the market during the forecast period.
