Press Release

Global Automotive Power Electronics Market to Grow with a CAGR of 4.6% through 2028

The Global Automotive Power Electronics Market is propelled by the increasing adoption of electric and hybrid vehicles, driven by emission standards and environmental concerns. Power electronics is crucial for integrating advanced driver assistance systems and autonomous driving technologies, ensuring precise control and energy management. These factors drive market growth, in line with the industry's focus on sustainability and innovation.

 

According to TechSci Research report, “Global Automotive Power Electronics Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Power Electronics Market stood at USD 3.3 Billion in 2022 and is anticipated to grow with a CAGR of 4.6% in the forecast period, 2024-2028. The Global Automotive Power Electronics Market is driven by several key factors. Firstly, there is a significant increase in demand for energy-efficient battery-powered vehicles, as consumers seek eco-friendly transportation options. This trend is further fueled by advancements in power electronics technology, which enables improved efficiency and performance in electric vehicles. Moreover, the implementation of stringent emission standards worldwide has also contributed to the growth of the market. Governments and regulatory bodies are imposing strict regulations on vehicle emissions, pushing automakers to develop and adopt power electronics solutions that reduce carbon footprint and comply with these standards.

Furthermore, the rising popularity of electric and hybrid vehicles, driven by increasing environmental awareness, has played a crucial role in propelling the market forward. Consumers are becoming more conscious of the environmental impact of traditional combustion engine vehicles and are embracing greener alternatives. As a result, the demand for automotive power electronics, such as inverters and converters, has witnessed a significant upsurge. Additionally, the integration of advanced driver-assistance systems (ADAS) in modern vehicles has become a necessity. These systems rely on power electronics components for their operation, such as power modules and sensors. As the automotive industry continues to evolve towards autonomous driving and enhanced safety features, the reliance on power electronics technology will continue to grow, driving the expansion of the market. In summary, the Global Automotive Power Electronics Market is experiencing substantial growth due to the surge in demand for energy-efficient vehicles, advancements in power electronics technology, stringent emission standards, and the increasing popularity of electric and hybrid vehicles. The integration of advanced driver-assistance systems further contributes to the market's expansion, making power electronics a critical component in the automotive industry's future.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Automotive Power Electronics Market.

 

The global automotive power electronics market has witnessed substantial growth and transformation in recent years. This evolution can be attributed to several key factors, including the increasing demand for electric and hybrid vehicles, advancements in power electronic components and technologies, and growing concerns about environmental sustainability. As the automotive industry undergoes a significant shift towards electrification and automation, power electronics have emerged as a critical enabler of these changes.

One of the primary drivers of the automotive power electronics market's growth is the rising adoption of electric and hybrid vehicles. The automotive industry is experiencing a profound shift from traditional internal combustion engine vehicles to electric vehicles (EVs) and hybrid electric vehicles (HEVs). This transition is driven by a combination of factors, including stricter emissions regulations, greater awareness of environmental concerns, and advances in battery technology. Power electronics play a pivotal role in these vehicles, as they are responsible for controlling and managing the power flow between the battery, electric motor, and other vehicle components, ensuring efficient and reliable operation.

Furthermore, the global automotive power electronics market is benefiting from the ongoing advancements in power electronic components and technologies. These developments have led to improvements in efficiency, performance, and reliability of power electronics systems used in automobiles. Silicon carbide (SiC) and gallium nitride (GaN) power semiconductors, for example, have gained prominence due to their ability to handle high power densities and operate at higher temperatures. These materials are increasingly being integrated into power electronic devices, contributing to higher energy efficiency and reduced heat generation in EVs and HEVs.

Another notable trend in the automotive power electronics market is the integration of power electronic components into various vehicle systems to enhance performance and safety. Advanced driver-assistance systems (ADAS), which include features like adaptive cruise control, lane-keeping assistance, and collision avoidance, rely heavily on power electronics to process and transmit data and signals. This integration of power electronics is enhancing vehicle safety and paving the way for autonomous driving capabilities.

Moreover, the increasing consumer demand for connected and electrified vehicles is driving the demand for power electronics in automotive infotainment systems and telematics. Power electronics are used in these systems to manage the power supply, control displays, and enable connectivity features. As consumers seek more personalized and connected driving experiences, the role of power electronics in enhancing vehicle connectivity and entertainment is becoming increasingly important.

In addition to the growth drivers, the automotive power electronics market faces certain challenges. One significant challenge is the high cost of power electronic components, particularly advanced semiconductors like SiC and GaN. While these components offer substantial benefits in terms of efficiency and performance, their cost can significantly impact the overall production cost of EVs and HEVs. Manufacturers are working on reducing the cost of these components through economies of scale and technological advancements.

Another challenge is the need for standardization and interoperability in the automotive power electronics ecosystem. As more power electronic components are integrated into vehicles, ensuring compatibility and ease of integration becomes crucial. Standardization efforts are underway to establish common protocols and interfaces, enabling seamless communication between different power electronics systems within a vehicle.

Furthermore, the global automotive power electronics market is characterized by intense competition among both established players and new entrants. Established automotive suppliers are expanding their power electronics portfolios to meet the growing demand, while startups and specialized companies are entering the market with innovative solutions. This competitive landscape is driving innovation and encouraging the development of more cost-effective and efficient power electronics solutions.

Geographically, the automotive power electronics market is witnessing significant growth in regions that are at the forefront of electric vehicle adoption, such as North America, Europe, and Asia-Pacific. These regions have robust charging infrastructure, supportive government incentives, and a growing consumer base for electric vehicles. As a result, automakers and power electronics manufacturers are focusing their efforts on these markets to capitalize on the electric vehicle trend.

In conclusion, the global automotive power electronics market is experiencing remarkable growth and transformation, driven by the shift towards electric and hybrid vehicles, technological advancements, and the integration of power electronics into various automotive systems. As the automotive industry continues to evolve, power electronics will remain a critical enabler of electrification, automation, and connectivity. Despite challenges such as cost and standardization, the market is poised for further expansion, offering opportunities for both established players and newcomers in the field. With the ongoing commitment to innovation and sustainability, the automotive power electronics market is expected to play a pivotal role in shaping the future of the automotive industry.

 

Major companies operating in Global Automotive Power Electronics Market are:

  • Infineon Technologies AG
  • Texas Instruments Incorporated
  • Renesas Electronics Corporation
  • NXP Semiconductors
  • STMicroelectronics
  • Microsemi Corporation
  • Vishay Intertechnology Inc.
  • Semiconductor Components Industries LLC
  • Toyota Industries Corporation
  • Valeo Group

Download Free Sample Report

Customers can also request for 10% free customization on this report.

 

 “The major drivers for the Global Automotive Power Electronics Market comprise a surge in demand for energy-efficient battery-powered vehicles, advancements in power electronics technology, and stringent emission standards worldwide. Additionally, the rising popularity of electric and hybrid vehicles due to increasing environmental awareness also propels the market growth. Furthermore, the integration of advanced driver-assistance systems (ADAS) in modern vehicles necessitates the use of power electronics, thereby fostering the market expansion.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Global Automotive Power Electronics Market By Device Type (Power IC, Module, and Discrete), By Application Type (Body Electronics, Safety and Security Electronics, and Powertrain), By Drive Type (IC Engine Vehicle and Electric Vehicle), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Regional, By Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Automotive Power Electronics Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Power Electronics Market.       

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York 10017

Tel: +1-646-360-1656

Email: [email protected]

Website: www.techsciresearch.com

Relevant Reports

Automotive Power Electronics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Device Type (Power IC, Module, and Discrete), By Application Type (Body Electronics, Safety and Security Electronics, and Powertrain), By Propulsion Type (IC Engine Vehicle and Electric Vehicle), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Regional, By Competition

Automotive | Sep, 2023

The Global Automotive Power Electronics Market is propelled by the increasing adoption of electric and hybrid vehicles, driven by emission standards and environmental concerns. Power electronics is crucial for integrating advanced driver assistance systems and autonomous driving technologies, ensuring precise control and energy management. These factors drive market growth, in line with the industry's focus on sustainability and innovation.

Relevant News