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.
Automotive Power Electronics Global Market Report 2024 provides data on the global automotive power electronics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive power electronics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
The automotive power electronics market has expanded steadily, with growth from $4.07 billion in 2023 to $4.31 billion in 2024 at a CAGR of 5.9%. Historical growth was driven by the need for fuel efficiency, increased EV adoption, rising awareness of environmental concerns, and urbanization. The market is set to grow to $5.50 billion by 2028 at a CAGR of 6.3%, fueled by continued EV and hybrid vehicle adoption, fast-charging advancements, investments in charging infrastructure, and increasing demand for innovative charging solutions. Emerging trends include smart charging functionalities, technological innovations, new product launches, smart grid technology integration, and collaborations.
The automotive power electronics market is expected to grow due to the rising production of hybrid electric vehicles (HEVs). Hybrid electric vehicles combine internal combustion engines and electric motors, offering improved fuel efficiency and flexibility for consumers. Automotive power electronics are crucial for managing the flow of electrical energy between the engine, electric motor, and battery. For example, in April 2024, the International Energy Agency reported that China saw a nearly 35% rise in electric car sales in the first quarter of 2024, with plug-in hybrid sales increasing by 75%. Hence, the growing production of hybrid electric vehicles is driving the automotive power electronics market.
Get Your Free Sample of the Global Automotive Power Electronics Market Report 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
Prominent players in the automotive power electronics market are developing advanced technologies like smart power electronics to boost vehicle efficiency, reliability, and performance. Smart power electronics integrate real-time monitoring, control, and optimization capabilities. For instance, in June 2021, STMicroelectronics NV, a Switzerland-based semiconductor corporation, introduced STi2GaN, a family of intelligent and integrated Gallium Nitride (GaN) solutions. These products utilize bond-wire-free packaging for robustness and reliability, delivering high power density and efficiency. STi2GaN includes 100V and 650V devices designed to provide compact, scalable, and high-performance solutions for automotive applications.
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.