Overview and Scope
Automotive power electronics refers to the specialized electronic components and systems used in vehicles to manage and control electrical power. These components include inverters, converters, motor controllers, and various sensors that play a crucial role in efficiently distributing electrical energy within electric and hybrid vehicles. Automotive power electronics ensure optimal performance, energy efficiency, and safety of the vehicle’s electrical systems.
Sizing and Forecast
The automotive power electronics market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.31 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increased fuel efficiency, increasing usage of electric vehicles, the rise of electric and hybrid vehicles, increasing awareness of environmental issues, and a rise in urbanization.
The automotive power electronics market size is expected to see strong growth in the next few years. It will grow to $5.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to the rise of electric and hybrid vehicles, advancements in fast charging rates, increasing investment in charging infrastructure, and the growing need for charging solutions. Major trends in the forecast period include the integration of smart charging functionalities, technological advancements, the launches of new products and services, the integration of smart grid technologies, and partnerships and collaborations.
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Segmentation & Regional Insights
The automotive power electronics market covered in this report is segmented –
1) By Component: Microcontroller Unit (MCU), Power Integrated Circuit, Sensor
2) By Vehicle Type: Passenger Car, Commercial Vehicle
3) By Electric Vehicle Type: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles
4) By Application: Body Electronics, Chassis And Powertrain, Infotainment And Telematics, Safety And Security System
Asia-Pacific was the largest region in the automotive power electronics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing production of hybrid electric vehicles is expected to propel the growth of the automotive power electronics market going forward. Hybrid electric vehicles refer to vehicles that utilize both an internal combustion engine and an electric motor to propel the vehicle. The growing production of hybrid electric vehicles is due to their ability to offer improved fuel efficiency and the flexibility to use electric and traditional fuels, appealing to environmentally-conscious and cost-conscious consumers. Automotive power electronics play a vital role in hybrid electric vehicles (HEVs) by managing and optimizing the flow of electrical energy between the internal combustion engine (ICE), electric motor(s), battery pack, and other components. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, in the first quarter of 2024, China saw a nearly 35% rise in electric car sales compared to the same period in 2023, with plug-in hybrid sales increasing by about 75%. Therefore, the growing production of hybrid electric vehicles is driving the growth of the automotive power electronics market.
Key Industry Players
Major companies operating in the automotive power electronics market are Robert Bosch GmbH, Hitachi Automotive Systems Ltd., LG Electronics Inc., Panasonic Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Texas Instruments Incorporated, STMicroelectronics, Infineon Technologies AG, Infineon Technologies, NXP Semiconductors N.V., Delta Electronics Inc., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor, Microchip Technology Inc., Rohm Semiconductor, Vishay Intertechnology, Maxim Integrated, Fairchild Semiconductor, Allegro Microsystems, Cree Inc.
The automotive power electronics market report table of contents includes:
1. Executive Summary
2. Automotive Power Electronics Market Characteristics
3. Automotive Power Electronics Market Trends And Strategies
4. Automotive Power Electronics Market – Macro Economic Scenario
5. Global Automotive Power Electronics Market Size and Growth
………..
32. Global Automotive Power Electronics Market Competitive Benchmarking
33. Global Automotive Power Electronics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Power Electronics Market
35. Automotive Power Electronics Market Future Outlook and Potential Analysis
36. Appendix
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