Automotive Power Electronics Market Outlook 2031
The global automotive power electronics market size was valued at USD 4.17 Billion in 2022 and is likely reach to USD 6.30 Billion by 2031, expanding at a CAGR 4.7% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for vehicle connectivity, infotainment, vehicle emission mandates, and compliance with upcoming safety.
Automotive power electronics is the technology combined with the efficient conditioning, control, and conversion of electric power in an automotive. The innovative electromechanical and electrical devices are consolidated with power circuits. The devices are installed in a vehicle for converting electronic power in an efficient way and for controlling the high voltage.
Automotive power electronics help in monitoring the power consumption in an optimized manner. Power electronics is a technique for minimizing the energy and power loss by using different materials & devices in the automobiles. These components are an extension of solid state electronics and an efficient & effective method for managing data as well as communications in the business.
Automotive Power Electronics Market Trends, Drivers, Restraints, and Opportunities
- Growing trend of vehicle electrification is anticipated to drive the market growth in the coming years.
- Strict rules and regulation regarding environmental concern is estimated to spur the market during the forecast period.
- Rapid growth of the automotive industry is major factor propelling the market expansion in the coming years.
- High cost of manufacturing and raw materials is anticipated to hamper the market expansion.
- R&D investment and technological advancement in the automotive industry is expected to offer significant opportunities for the market players.
Scope of The Automotive Power Electronics Market Report
The report on the global automotive power electronics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Power Electronics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Device Types (Module & Discrete and Power IC), Application Types (Safety & Security Electronics, Body Electronics, and Powertrain), Drive Types (Electric Vehicle and IC Engine Vehicle), Vehicle Types (Commercial Vehicles and Passenger Cars)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Infineon Technologies AG; Renesas Electronics Corporation; NXP Semiconductors; Texas Instruments Incorporated; STMicroelectronics; Continental AG; ON Semiconductor; Danfoss; Robert Bosch; and Vishay
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Automotive Power Electronics Market Segment Insights:
Module & discrete segment is projected to account for a large market share
Based on device types, the global automotive power electronics market is divided into module & discrete and power IC. The module & discrete segment is expected to constitute a key share of the market during the forecast period owing to it offers specified & validated solution enables customization, and it includes high resolution graphics & schematics.
However, the power IC segment is anticipated to expand at a rapid pace during the forecast period due to reliability, easily replaceable, and compact size.
Body electronics segment is projected to hold a key market share
On the basis of application types, the market is segmented into safety & security electronics, body electronics, and powertrain. The body electronics segment is expected to represent a key share of the market in the coming years due to rising demand for customized features and also to have control the vehicle exterior & interior features.
On the other hand, the safety & security electronics segment is anticipated to expand at a rapid pace during the forecast period owing to perform security operations such as access control, backup battery, surveillance, and alarming.
Electric vehicle segment is projected to constitute a major market share
In terms of drive types, the global automotive power electronics market is segregated into electric vehicle and IC engine vehicle. The electric vehicle segment is expected to account for a key share of the market during the forecast period owing to rising environment safety, more convenient, low maintenance, reduced noise pollution, and safe to drive.
However, the IC engine vehicle segment is anticipated to expand at a rapid pace during the forecast period due to wide availability and easily & quickly re-fueled.
Passenger cars segment is projected to hold a key market share
On the basis of vehicle types, the market is segmented into commercial vehicles and passenger cars. The passenger cars segment is expected to represent a key share of the market in the coming years due to rising demand for safety systems along with fuel efficient technology, and changing consumer preferences.
On the other hand, the commercial vehicles segment is anticipated to expand at a rapid pace during the forecast period owing to it can be operated at a wider loading range than passenger cars.
Automotive Power Electronics Market Regional Outlook
Asia Pacific is anticipated to dominate the market
On the basis of regions, the global automotive power electronics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising usage of advanced electronics and high vehicle production.
On the other hand, the market of North America is expected to exhibit a rapid growth rate in the coming years due to rising demand for energy efficient battery powered devices.
Segments
Device Types
- Module & Discrete
- Power IC
Application Types
- Safety & Security Electronics
- Body Electronics
- Powertrain
Drive Types
- Electric Vehicle
- IC Engine Vehicle
Vehicle Types
- Commercial Vehicles
- Passenger Cars
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global automotive power electronics market include Infineon Technologies AG; Renesas Electronics Corporation; NXP Semiconductors; Texas Instruments Incorporated; STMicroelectronics; Continental AG; ON Semiconductor; Danfoss; Robert Bosch; and Vishay.
Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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