ID: MRFR/AM/3578-HCR | February 2021 | Region: Global | 100 pages
The growing demand for electric vehicles have resulted in the increase use of power electronics, which will drive the market in the future. The market is expected to reach USD 5.5 billion by 2023, at a CAGR of 5.12%.
The factors that are responsible for the growth of automotive electronics market are increased demand of the advance technology in vehicles, growing environment concern leading to increased use of electric vehicles, and increase in safety of the electronics control panel in vehicles. The advancement in technology such as advanced driver assistance systems (ADAS), electronic stability control (ESC), and electronic control unit (ECU) have been emerging in the electric vehicles, which require power electronics for the protection of the system. This advancement in the technology have resulted in the increase use of power electronics in the vehicles. The increase in use of power electronics in electric vehicles have resulted in the growth of the market during the forecast period. The growing environmental concern due to the pollution have resulted in growing demand for electric vehicles.
Power electronics includes a solid state circuit device that coverts the current from the source to the load. The main purpose of the power electronics is to control the power fluctuation in components such as monitoring diodes, and transistors. It also manages the power so as to enhance the energy conservation in application such as Body Electronics, Chassis & Powertrain, Infotainment & Telematics, and Safety & Security System. Power electronics controls the flow of the current in both unidirectional as well bidirectional way. The major application of automotive power electronics in power generation is to provide improved efficiency and high power withstanding temperature. They are used in applications such as aerospace, automotive electrical and electronic systems. Power electronics, in automotive, consist of various components such as MCU, power IC, and sensor. Power electronics are mostly used in electric vehicles, but are also installed in passenger car and commercial vehicles so as to protect the systems from power failure.
The key players global automotive power electronics market are Infineon Technologies AG (Germany), Texas Instruments Inc. (U.S.), ON Semiconductor Corp. (U.S.), Renessa Electronics Corp. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Maxim Products Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Qualcomm Ins. (U.S.), Robert Bosch GmbH (Germany), and Vishay Intertechnology Inc. (U.S.).
The automotive power electronics market has been segmented based on component, application, vehicle type, and region. On the basis of component, the market has been segmented as MCU, Power IC, and Sensor. The sensor segment is expected to witness the highest growth during the forecast period because it is the key component in the electric vehicles. Sensors are mainly used in ADAS technology, electronic stability control (ESC), and electronic control unit (ECU), which are the key technologies used in electric vehicles. Based on applications, the market has been segmented as body electronics, chassis & powertrain, infotainment & telematics, and safety & security system. The body electronics segment is expected to dominate the market during the forecast period due to growing government regulations and initiative for the adoption of smart transportation solution with advance safety features. On the basis of vehicle type, passenger car segment is expected to dominate the market during the forecast period due to rapidly increasing sales of electric cars.
Automotive Power Electronics Market, By Segmentation
On the basis of region, the market is segmented as North America, Asia Pacific, Europe, and Rest of the World. North America region is expected to dominate the power electronics in automotive market because in North America, U.S. has spent the highest in the battery operated electric vehicle. Asia Pacific is expected to have the highest market share during the forecast period due to increased adoption of advance technology in electric vehicles. This will result in growing demand of power electronics, which is expected to result in the growth of the market during the forecast period. In Europe, countries such as U.K., Germany, France, and Italy have made considerable effort for the development of technology in automotive industry. This development in technology has resulted in the growth of the market during the forecast period.
The report for Global Automotive Power Electronics Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2023: USD 5.5 Billion|
|CAGR||5.12% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Application, Electric Vehicle Type, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Infineon Technologies AG (Germany), Texas Instruments Inc. (U.S.), ON Semiconductor Corp. (U.S.), Renessa Electronics Corp. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Maxim Products Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Qualcomm Ins. (U.S.), Robert Bosch GmbH (Germany), and Vishay Intertechnology Inc. (U.S.).|
|Key Market Opportunities||Massive demand for advance technologies in vehicles|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market expansion can take place at a rate of 5.12%.
The top growth boosting factors in the market are massive demand for advance technologies in vehicles, mounting environment concern that has boosted the use of electric vehicles as well as te rising safety of the electronics control panel in vehicles.
The significant players in the market include Qualcomm Ins. (U.S.), ON Semiconductor Corp. (U.S.), Vishay Intertechnology Inc. (U.S.), Texas Instruments Inc. (U.S.), Maxim Products Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Renessa Electronics Corp. (Japan), Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Mitsubishi Heavy Industries Ltd. (Japan), others.
The global market for automotive power electronics has demonstrated potential growth in recent years and can expand at the same rate during the forecast timeframe.
The application-wise segments in the market are chassis & powertrain, body electronics, safety & security system and infotainment & telematics.