What Has Been The Evolution of the Automotive Power Electronics Market in Recent Years?
The automotive power electronics market has seen considerable growth due to a variety of factors.
• The automotive power electronics market has seen solid growth in recent years. It will increase from $4.31 billion in 2024 to $4.59 billion in 2025, at a CAGR of 6.6%.
The growth is attributed to the rising demand for fuel-efficient vehicles, increasing use of electric vehicles, the rise of electric and hybrid vehicles, growing environmental awareness, and urbanization trends.
What Are the Future Growth Projections for the Automotive Power Electronics Market?
The automotive power electronics market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive power electronics market is projected to grow to $5.84 billion by 2029 with a CAGR of 6.2%.
Growth factors include the rise of electric and hybrid vehicles, advancements in fast charging technologies, increased investment in charging infrastructure, and the growing demand for charging solutions. Key trends include the integration of smart charging features, technological advancements, the launch of new products and services, the incorporation of smart grid technologies, and strategic partnerships and collaborations.
What Are The Core Factors Supporting Growth In The Automotive Power Electronics Market?
The increasing production of hybrid electric vehicles (HEVs) is expected to drive the growth of the automotive power electronics market. HEVs combine an internal combustion engine and an electric motor, offering improved fuel efficiency and flexibility in fuel use. Automotive power electronics are crucial in managing energy flow between the vehicle's components. In April 2024, the International Energy Agency noted that China experienced a nearly 35% increase in electric car sales in the first quarter of 2024, with plug-in hybrid sales rising by 75%. Therefore, the growth in HEV production is contributing to the expansion of the automotive power electronics market.
What Are The Major Segments Within The Global Automotive Power Electronics Market?
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
Subsegments:
1) By Microcontroller Unit (MCU): 8-Bit Mcus, 16-Bit Mcus, 32-Bit Mcus, Automotive-Grade Mcus For Safety Systems, Mcus For Electric And Hybrid Vehicles, Mcus For Advanced Driver Assistance Systems (ADAS), Automotive Powertrain Control Mcus
2) By Power Integrated Circuit (IC): Power Mosfet Ics, Power Diode Ics, Integrated Power Modules (IPM), Automotive Power Management Ics, Motor Driver Ics, Dc-Dc Converter Ics, Inverter And Rectifier Ics
3) By Sensor: Voltage Sensors, Current Sensors, Temperature Sensors, Pressure Sensors, Position Sensors For Motor Control, Hall Effect Sensors, Speed And Torque Sensors, Sensor Fusion For Electrified Powertrains
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What Emerging Trends Are Influencing The Growth Of The Automotive Power Electronics Market?
Companies in the automotive power electronics market are focused on technologies such as scalable Internet-of-Things (IoT) SaaS platforms, designed to enhance vehicle systems' energy efficiency and connectivity through real-time data analytics. In April 2024, Siemens AG launched Electrification X, a SaaS platform that supports electrification across industries. This platform connects energy systems with digital tools to optimize electric infrastructure, providing solutions for problem detection, asset optimization, and load balancing, thus contributing to sustainability and energy efficiency.
Who Are the Key Players In The Automotive Power Electronics Market?
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.
What Is The Most Dominant Region In The Automotive Power Electronics Market?
Asia-Pacific was the largest region in the automotive power electronics market in 2024. 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.
