Market highlights
The global automotive power electronics market 2022 is slated to mature at a CAGR of 5.12% and reach USD 5.5 billion by the Forecast Period,
Over the past few years, the global automotive power electronics market has experienced potential growth and the market has been analyzed to expand at the same rate during the forecast period.
Increased demand for new technologies in cars, increasing environmental issues leading to an increased usage of electric vehicles, and increased protection of electronic control panels in vehicles are the reasons responsible for the growth of the automotive electronics industry. In electric vehicles, which need power electronics for system safety, advancements in technologies such as electronic stability control (ESC), advanced driver assistance systems (ADAS), and electronic control units (ECU) have emerged.
The growth in the use of power electronics in cars has contributed to this development in technology. During the projected era, the rise in the use of power electronics in electric vehicles resulted in market development. The rising environmental problem caused by pollution has contributed to increased demand for electric cars.
Increasing demand for electric vehicles has led to an increase in the use of power electronics, which will drive the market. The price of crude oil per barrel has risen very steadily over the last decade, and its supply has declined day by day. Because of these reasons, the population's demand for electric cars is changing.
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Key Players
Key contenders profiled in the global automotive power electronics market report include Vishay Intertechnology Inc. (U.S.), Robert Bosch GmbH (Germany), Qualcomm Ins. (U.S.), NXP Semiconductors N.V. (Netherlands), Maxim Products Inc. (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Renessa Electronics Corp. (Japan), ON Semiconductor Corp. (U.S.), Texas Instruments Inc. (U.S.), and Infineon Technologies AG (Germany).
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global automotive power electronics market based on vehicle type, application, and component.
By component, the global automotive power electronics market is segmented into sensor, power IC, and MCU. Of these, the sensor component segment is predicted to lead the market over the forecast period for being the chief component in electric cars.
By applications, the global automotive power electronics market is segmented into safety and security system, infotainment and telematics, chassis and powertrain, and body electronics. Of these, body electronics will dominate the market over the forecast period.
By vehicle type, the global automotive power electronics market is segmented into commercial vehicles and passenger cars. Of these, passenger cars will have a major share in the market over the forecast period for the rising sales of electric cars.
Regional Analysis
Based on the region, the global automotive power electronics market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, Latin America & the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. The increasing use of technological advancements in electric vehicles will add to the global automotive power electronics market growth in the region.
The global automotive power electronics market in the APAC region is predicted to have sound growth over the forecast period. Rising sales of electric cars, growing prosperity in emerging economies, and increasing demand for cars due to people’s capacity to own one are adding to the global automotive power electronics market growth in the region. India and China have the utmost share in the market.
The automotive power electronics market in Europe is predicted to have healthy growth over the forecast period. The growing adoption of electric cars, advances in automobiles, and growing focus on vehicles that offer high performance and are lightweight are adding to the global automotive power electronics market growth in the region.
The global automotive power electronics market in the RoW is predicted to have steady growth over the forecast period.
Latest Industry News
- Global power and thermal management solutions provider Delta Electronics, whose core competencies lie in high-efficiency power electronics and system integration, has chosen the Automotive Campus Helmond for its expanded operations in Europe and the MEA region. 3 JAN 2019
- Lear is planning to converge its seating business, and its electronics unit to capitalize on the shift toward electrified, connected and autonomous vehicles. Seating business accounts for about 75% of Laer's sales. 31 JAN 2019
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