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Regulations, technological improvements, and consumer preferences all contribute to the market's dynamic fluctuations for car power electronics. Due to the notable rise in the market for hybrid and electric vehicles (EVs), the automotive power electronics business has expanded quickly. Concerns about climate change and the global need for environmentally friendly and sustainable transportation options are major factors driving this trend toward zap.
The growing popularity of electric and hybrid cars is a key market element influencing the automotive power hardware sector. Because automakers are investing heavily in R&D to improve the efficiency and performance of electric powertrains, high-level power gadget parts are becoming more and more significant. This includes inverters, converters, and power modules—all essential for managing and enhancing the electrical energy of the car. The market for automotive power hardware is expected to grow as long as authorities maintain strict regulations regarding outflow and provide incentives for driving electric vehicles.
Moreover, the automotive power hardware industry is acknowledged for its perpetual pursuit of innovation and reduction in size. Manufacturers strive to create power device layouts that are conservative and lightweight without sacrificing functionality. This development is a result of the company's focus on increasing the energy productivity and range of electric vehicles. The power hardware part industry's continuous drive for innovation, which includes the improvement of wide-bandgap semiconductors, demonstrates the business's continuing dedication to providing innovative solutions that satisfy the shifting demands of the automotive industry.
The evolving panorama of connected and autonomous vehicles also has an impact on market dynamics. The demand for contemporary power gadget parts rises as cars get more sophisticated and integrated with cutting edge autonomous capabilities and driver assistance systems. These components provide the computational power and intricate electrical architectures required for autonomous driving features. This trend reshapes the market for automotive power hardware and promotes collaboration between traditional automakers and innovation hubs. As the automotive industry grows more globally linked, businesses in the power electronics sector are adjusting to a range of market conditions and developing a presence in significant automotive hubs.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Application, Electric Vehicle Type, Vehicle Type |
Automotive Power Electronics Market Highlights:
Automotive Power Electronics Market Overview
The automotive power electronics market size shall surpass USD 7,800 Million by 2030 at a CAGR of 5.12% between 2022 and 2030 (the forecast period).The importance of moving towards fewer carbon emissions and more electrification of automobiles through reducing energy usage is expanding. These elements are causing the demand for electric vehicles to grow. The demand for cutting-edge power solutions has increased, which is what is driving the market for power electronics. Power electronics are used to protect systems that utilise advanced technology, such as electronic stability control (ESC), advanced driver assistance system (ADAS), and electronic control unit (ECU), in vehicles. The market is being driven by the rising use of automotive power electronics in electric vehicles. By making investments in the creation of new technologies, OEMs are bolstering their company's ability to grow and remain relevant to customers everywhere.
MALVERN, Pa. Feb. 19, 2023: Vishay Intertechnology, Inc. (NYSE: VSH) today announced that the company will be showcasing its industry-leading power electronic components at ELECRAMA 2023, taking place Feb. 18-22 at the India Expo Mart in Greater Noida, NCR, India. At the event, Vishay will exhibit its extensive offering of Vishay ESTA power electronic capacitors (PEC) and LVAC power capacitors.
Automotive Power Electronics Market Drivers
Rise in the number of vital end-users
A solid-state circuit component that converts the current from the source to the load is a component of power electronics. Controlling power fluctuations in components like monitoring diodes and transistors is the basic goal of power electronics. In applications like body electronics, chassis & powertrain, infotainment & telematics, and safety & security system, it also handles the power to improve energy conservation. Both unidirectional and bidirectional current flow can be managed by power electronics.
For greater efficiency and high power under temperature, automotive power electronics are primarily used in power generation. They are utilised in systems for the automotive and aerospace industries, among others. Automotive power electronics are made up of a variety of parts, including MCUs, power ICs, and sensors. Although installed in passenger cars and commercial vehicles as well, power electronics are mostly employed in electric vehicles to safeguard the systems from power outages.
Strong demand for passenger vehicles to benefit the market
The automotive power electronics industry is significantly influenced by the passenger car segment. The domination of passenger vehicles is fueled by the rising demand for safety features and fuel-efficient technology related to vehicle power trains in growing markets.
Over the past five to ten years, various safety, comfort, entertainment, and vehicle management features have been added to passenger cars. This is due to a number of causes, including shifting consumer preferences for vehicles and government legislation aimed at boosting vehicle safety. OEMs are also quite busy in introducing new vehicle models and variants that will satisfy consumer demand. Additionally, growing populations in emerging nations motivate OEMs to include particular amenities in new passenger vehicle models.
This is done to distinguish one's items from other ones on the market. In the mass-produced vehicle category, i.e., passenger vehicles, OEMs, Tier I, and Tier II also endeavor to implement new technologies or features. These factors will enhance the usage of power electronics in passenger vehicles in the following years.
Automotive Power Electronics Market Segment Insights:
Automotive Power Electronics Component Insights
The market has been divided into three categories based on component types: MCU, Power IC, and Sensor. Since sensors are an essential part of electric cars, they are predicted to expand at the highest rate during the projected period. The three main technologies utilized in electric vehicles—ADAS, electronic stability control, and electronic control unit—all heavily rely on sensors.
Automotive Power Electronics Application Insights
The market has been divided into four categories based on applications: body electronics, chassis, and powertrain, infotainment, and telematics, and safety and security system. Due to expanding government laws and incentives for the adoption of smart transportation solutions with cutting-edge safety features, the body electronics sector is anticipated to dominate the market throughout the forecast period.
Automotive Power Electric Vehicle Type Insights
The top electric vehicle types are Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV).
Automotive Power Electronics Vehicle Type Insights
Depending on the vehicle type, commercial and passenger vehicles are available in the market. Due to the fast-rising sales of electric automobiles, the passenger car sector is anticipated to dominate the market during the forecast period. The passenger car sector market has grown as a result of increased sales of passenger cars in developing nations. Over the course of the projection period, the market for commercial vehicles is also anticipated to rise strongly.
Automotive Power Electronics Regional Insights
Europe, North America, Asia-Pacific, and the Rest of the World are recognized as the top segments by region in the study.
Over the course of the forecast period, North America will show the strongest growth in the automotive power electronics market. The market's expansion will be aided by the region's growing demand for connected automobiles as well as the increased acceptance of modern automotive technology.
A sizable portion of the market is in the Asia-Pacific. In the Asia-Pacific, the automotive power electronics market is dominated by China, South Korea, and Japan. The high vehicle production and growing use of cutting-edge electronics in China, South Korea, and Japan are to blame for the market expansion in the Asia-Pacific area. The governments of these nations have adopted a variety of actions to entice major OEMs to enter their local markets as a result of realizing the potential for expansion in the automobile industry.
For instance, by 2022, India's Ministry of Road Transport and Highways planned to implement elements related to vehicle power electronics. Leading Tier-1 manufacturers and semiconductor suppliers are also located in the area. Following the pandemic, the adoption of electronic components in modern cars is therefore anticipated to fuel market expansion.
Automotive Power Electronics Market Players & Competitive Insights
The market for automotive power electronics is fairly consolidated, with a few key manufacturers controlling the majority of the industry. Businesses are concentrating on diversifying their product offering and spending money on R&D to create cutting-edge items while also focusing on strategies like partnerships, mergers and acquisitions and more. For instance, a global pioneer in the production of GaN-based power conversion technologies, GaN Systems, was acquired by Infineon Technologies AG in March 2023. For USD 830 million, the acquisition was approved. As a result, Infineon's position in the market for power systems was improved. The company's capabilities in power technologies like silicon, silicon carbide (SiC), and gallium nitride (GaN) were enhanced.
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.) are the top developers of automotive power electronics in the MRFR report.
Automotive Power Electronics Industry Developments
Infineon Technologies AG (Germany): January, 2024: Infineon announced the launch of their latest automotive power module designed for electric vehicles (EVs), enhancing efficiency and reducing weight and company introduced a new family of integrated circuits aimed at improving battery management systems in EVs.
Texas Instruments Inc. (U.S.): February, 2024: Texas Instruments launched a new series of power management ICs specifically designed for hybrid electric vehicles (HEVs) and company revealed advancements in their automotive-grade microcontrollers that enhance the performance of power electronics in vehicles.
ON Semiconductor Corp. (U.S.): January, 2024: ON Semiconductor announced a strategic partnership with a major EV manufacturer to supply advanced power modules.
September 2024: ON Semiconductor showcased their latest innovations at the International Automotive Electronics Conference, focusing on sustainable power solutions.
Automotive Power Electronics Market Segmentation
Global Automotive power electronics Market, By Component
- MCU
- Power IC
- Sensor
Global Automotive power electronics Market, By Application
- Body Electronics
- Chassis & Powertrain
- Infotainment & Telematics
- Safety & Security System
Global Automotive power electronics Market, By Electric Vehicle Type
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
Global Automotive power electronics Market, By Vehicle Type
- Passenger Car
- Commercial vehicle
- Automotive power electronics Market
Regional Outlook
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- South America
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