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Automotive Power Electronics Market

Automotive Power Electronics Market

Automotive Power Electronics Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

250

Base Year:

2022

Date

Jan - 2024

Format:

PDF XLS PPT

Report Code:

VMR-2396

Segments Covered
  • By Device By Device Power IC, Power Module/ Discrete
  • By Application By Application ADAS & Safety, Body Control & Comfort, Infotainment, Telematics, Engine Management & Powertrain, Battery Management
  • By Component By Component Microcontroller, Sensor
  • By Material By Material Silicon, Silicon Carbide, Gallium Nitride, Other Materials
  • By Vehicle Type By Vehicle Type Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
  • By Electric Vehicle By Electric Vehicle Battery Electric Vehicles (BEV), Plug-in-Hybrid Electric Vehicle (PHEV)
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 4.2 Billion
Revenue 2030Revenue 2030: USD 6.4 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 5.5%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Automotive Power Electronics Market Share

The global Automotive Power Electronics Market is valued at USD 4.2 Billion in 2022 and is projected to reach a value of USD 6.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% between 2023 and 2030.

Premium Insights

Automotive Power Electronics is the use of electronic devices and systems to control and manage the flow of electrical energy. Automotive Power Electronics have a broader application in modern automobiles to improve safety, efficiency, and performance. Inverters, converters, and voltage regulators are among the more general components used in vehicle Automotive Power Electronics. They are in charge of a variety of vehicle tasks, including the battery charging system, electric power steering, regenerative braking, and others. As the automobile industry shifts toward electric and hybrid vehicles, Automotive Power Electronics has become increasingly crucial. Advanced automobiles equipped with Automotive Power Electronics rely largely on them to power components and manage energy consumption. Furthermore, vehicle Automotive Power Electronics are projected to play an important role in the future of transportation.

Automotive Power Electronics Market Size, 2022 To 2030 (USD Billion)

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  • More people are acquiring vehicles and expecting support for innovative features as disposable income rises, the automotive industry thrives, and transportation infrastructure expands.
  • The transportation segment will continue to assert its dominance by application, capturing the largest market share globally throughout the forecast period 2023 to 2030.
  • In 2022, The Asia Pacific Automotive Power Electronicss industry had the highest revenue share of 40.60% in 2022 and is expected to maintain its dominance throughout the forecast period.
  • The North American region is having the highest growth rate between 2023 and 2030.

Top Market Trends

  1. As the automotive industry continues to electrify, Automotive Power Electronics are playing a vital role in the creation and growth of electric and hybrid vehicles. The Automotive Power Electronics industry is undergoing dramatic changes as a result of technological breakthroughs, rising demand for fuel-efficient and eco-friendly automobiles, and a shift toward autonomous and connected vehicles.
  2. The Automotive Power Electronics market is defined by a number of trends that are influencing its growth and development. The rising need for electric and hybrid vehicles is driving the need for Automotive Power Electronics parts such as power modules, inverter devices, and DC-DC converters.
  3. The increased usage of advanced technologies such as wide bandgap (WBG) semiconductors, which provide higher efficiency, faster switching rates, and more power density than standard silicon-based Automotive Power Electronics components. WBG semiconductors are intended to foster innovation while lowering the cost of Automotive Power Electronics components.
  4. The growing production and sale of plug-in hybrid electric vehicles (PHEVs) is predicted to open up considerable potential for the Automotive Power Electronics market in transportation applications. Because these vehicles are entirely reliant on electrical power, electronic devices are widely used in their production. In the future years, the rise of the EVS market is expected to have a substantial impact on the Automotive Power Electronics market.
  5. The advent of wide bandgap materials such as GaN and SiC has altered the Automotive Power Electronics business environment. These new semiconductor materials have quicker switching speeds, better thermal conductivity, and are physically smaller than standard silicon (Si) devices. Customers can use these materials for a variety of purposes and expand market reach, further driving growth in the Automotive Power Electronics market.
  6. The mean amount of electronic and software parts per vehicle continues to rise rapidly, which affects market growth. Factors such as the introduction of IoT and AI into automobiles, the availability of automated vehicles, the desire for in-vehicle safety features, and an increase in the demand for entertainment features are boosting demand, according to Automotive Power Electronics market demand.

Report Coverage & Deliverables

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Economic Insights

Economic activities might stifle the expansion of the Automotive Power Electronics Market in a variety of ways. Economic downturns can diminish consumer purchasing power, resulting in reduced car sales and lower demand for Automotive Power Electronics components used in electric and hybrid vehicles. Furthermore, supply chain interruptions and increasing material costs as a result of economic variables might drive up manufacturing expenses, thus raising the price of vehicle Automotive Power Electronics. Furthermore, limited access to research and development finance might stifle innovation in this industry, preventing the implementation of new Automotive Power Electronics technology in cars. Economic constraints, such as currency exchange rate variations, can also have an impact on the cost competitiveness of Automotive Power Electronics in global markets, hence limiting market growth.

Market Segmentation

The Global Automotive Power Electronics Market is categorized into the below-mentioned segments as:

The global Automotive Power Electronics market can be categorized into Device, Application, Component, Material, Vehicle Type, Electric Vehicle, Region. The Automotive Power Electronics market can be categorized into Power IC, Power Module/ Discrete based on Device. The Automotive Power Electronics market can be categorized into ADAS & Safety, Body Control & Comfort, Infotainment, Telematics, Engine Management & Powertrain, Battery Management based on Application. The Automotive Power Electronics market can be categorized into Microcontroller, Sensor based on Component. The Automotive Power Electronics market can be categorized into Silicon, Silicon Carbide, Gallium Nitride, Other Materials based on Material. The Automotive Power Electronics market can be categorized into Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle based on Vehicle Type. The Automotive Power Electronics market can be categorized into Battery Electric Vehicles (BEV), Plug-in-Hybrid Electric Vehicle (PHEV) based on Electric Vehicle. The Automotive Power Electronics market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Below tree is interactive. You can click the nodes to get more information.

Based on Vehicle Type

Passenger Vehicles to Lead Market Share Due to the increased demand for safety features and fuel-efficient technologies.

In 2022, the Passenger Vehicle segment is poised to dominate the global market for Automotive Power Electronics. The segment's revenue is growing due to an increased demand for safety features and fuel-efficient technologies. Several safety, comfort, entertainment, and vehicle management systems have been added to passenger vehicles in the last five to 10 years. This is due to shifting consumer preferences for automobiles that are supported by government rules. OEMs (Original Equipment Manufacturers) are also quite active in introducing new car models and modifications to meet consumer demand. Furthermore, expanding populations in emerging markets encourage OEMs to include features in new passenger car models. This is done to highlight one's products among those on the market. OEMs from Grade I and Tier Two also try to incorporate novel features or technology into mass-produced passenger automobiles, which drives revenue growth.

Based on Application

The power IC segment Expects to Witness Significant Growth Owing to the Demand for Power Management Integrated Circuits (ICs)

In 2022, the Power IC segment to Witness Significant growth in the Automotive Power Electronics market. Vehicle batteries have a limited amount of power storage capacity. Power management Integrated Circuits (ICs) are frequently used to ensure that the power supply is effective while an electrically powered application is in operation, which is driving the market.Power ICS provide great power density and thermal performance, allowing for improved energy management in automobiles. Their integration simplifies circuitry, requiring less space, which is critical in current automobiles with limited capacity. Power ICs help improve reliability by lowering the number of discrete components and, hence, reducing failure sites. This simplification advantages electric and hybrid vehicles, where Automotive Power Electronics are critical. Furthermore, power-integrated circuits are in line with manufacturers' objectives for lightweight, energy-efficient systems. Power ICs will continue to play a critical role in optimizing power management as automotive electrification progresses, contributing to the industry's growth.

Based on Region

Asia Pacific To Dominate Global Sales Owing to High Demand For Use Of Modern Electronics

In 2022, the Asia Pacific region emerged as the dominant player in the Automotive Power Electronics market. The Asia Pacific market is expanding because of high vehicle production and the rising use of modern electronics in Japan, South Korea, and China. These countries' governments have recognized the automobile industry's growth potential and have made various steps to entice major OEMs to enter their domestic markets. Furthermore, the region is home to major semiconductor vendors. Because of the easy availability of Automotive Power Electronics components and systems, Asia Pacific has emerged as the major regional market for Automotive Power Electronics. During the anticipated period, the country is also considering mandating automatic emergency braking. Furthermore, the Chinese government announced a slew of economic stimulus measures, including stabilizing domestic demand, promoting clean energy vehicles, and other economic and fiscal measures.

Over the projected period, North America is also expected to see strong growth in the Automotive Power Electronics market. The expanding acceptance of modern automotive technology, as well as the rising need for autonomous vehicles in this region, are likely to fuel market growth. Rising research and development (R&D) due to the presence of significant players in this area is likely to fuel market revenue growth. KOSTAL, for example, announced the construction of a new 262,000 square-foot (21,000 square-meter) plant in Querétaro, Mexico, on December 5, 2022, as part of an expansion of its Automotive Power Electronics production into North America to suit the fast-developing electric car industry.

Competitive Landscape

The global Keyword market is fiercely competitive, with a slew of significant competitors in the mix. Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Mitsubishi Electric Corporation (Japan), Continental Aktiengesellschaft (Germany), and Robert Bosch GmbH (Germany) are among the market's major players. These businesses are concentrating their efforts on R&D in order to create unique and long-lasting products. Furthermore, strategic alliances, mergers, and acquisitions are common in the market as businesses seek to extend their product offerings and market presence.

The key players in the global Automotive Power Electronics market include - Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Mitsubishi Electric Corporation (Japan), Continental Aktiengesellschaft (Germany), Robert Bosch GmbH (Germany), Renesas Electronics Corporation (Japan), Danfoss A/S (Denmark), BorgWarner Inc. (U.S.), Semiconductor Components Industries LLC (U.S.), Denso Corporation (Japan) among others.

Recent Market Developments

  • In September 2022, Valeo and the French Alternative Energies and Atomic Energy Commission signed an agreement to collaborate on the next generations of power electronics, which will be at the heart of the issues facing electric mobility in the future.
  • In September 2023, Vitesco Technologies, a German powertrain supplier, created a power module utilizing the transfer molding method. The power module is expected to be delivered to a big automaker as early as mid-2025.
  • In July 2023, ROHM introduced a new 600V SJ MOSFET series with low noise and rapid reverse recovery time. The new MOSFETs are excellent for use in a wide range of automotive applications, including electric and hybrid vehicles, as well as advanced driver assistance systems (ADAS).

Segmentation of the Global Automotive Power Electronics Market

Parameter Details
Segments Covered

By Device

  • Power IC
  • Power Module/ Discrete

By Application

  • ADAS & Safety
  • Body Control & Comfort
  • Infotainment
  • Telematics
  • Engine Management & Powertrain
  • Battery Management

By Component

  • Microcontroller
  • Sensor

By Material

  • Silicon
  • Silicon Carbide
  • Gallium Nitride
  • Other Materials

By Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By Electric Vehicle

  • Battery Electric Vehicles (BEV)
  • Plug-in-Hybrid Electric Vehicle (PHEV)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Infineon Technologies AG (Germany)
  • NXP Semiconductors (Netherlands)
  • Mitsubishi Electric Corporation (Japan)
  • Continental Aktiengesellschaft (Germany)
  • Robert Bosch GmbH (Germany)
  • Renesas Electronics Corporation (Japan)
  • Danfoss A/S (Denmark)
  • BorgWarner Inc. (U.S.)
  • Semiconductor Components Industries LLC (U.S.)
  • Denso Corporation (Japan)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Automotive Power Electronics valued at USD 4.2 Billion in 2022 and is expected to reach USD 6.4 Billion in 2030 growing at a CAGR of 5.5%.

  • The prominent players in the market are Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Mitsubishi Electric Corporation (Japan), Continental Aktiengesellschaft (Germany), Robert Bosch GmbH (Germany), Renesas Electronics Corporation (Japan), Danfoss A/S (Denmark), BorgWarner Inc. (U.S.), Semiconductor Components Industries LLC (U.S.), Denso Corporation (Japan).

  • The market is project to grow at a CAGR of 5.5% between 2023 and 2030.

  • The driving factors of the Automotive Power Electronics include

    • Rise in demands for electric vehicles

  • Asia Pacific was the leading regional segment of the Automotive Power Electronics in 2022.