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One factor propelling the market for electric cars (EVs) is the growing interest in them. As concerns about climate change spread around the world, people and governments are adopting more sustainable transportation options. Because auto power hardware is essential to the efficient operation of electric cars (EVs), which are becoming more and more well-known, it is in high demand. Additionally, mechanical advancements have a basic impact on the car power gadget industry.
Due to ongoing advancements in electronic components such as power modules and semiconductors, power gadget frameworks are becoming more and more compact and efficient. These creative developments also aid in the expansion and seriousness of the auto power hardware sector, which benefits from the display of electric autos. Automakers are compelled by the restrictions to equip their cars with state-of-the-art power hardware frameworks in order to comply with environmental regulations and qualify for government grants.
There is a strong correlation between the auto industry and the vehicle power gadget sector as a whole. The production and distribution of automobiles—both electric and conventional gas-powered vehicles—have an impact on the need for auto power hardware. The market for automotive power hardware fluctuates along with the auto industry due to shifting consumer preferences and administrative requirements.
The price and availability of basic materials, such as semiconductors, directly affect the cost and production of force hardware components. The auto power gadgets business can be affected by store network interferences brought on by catastrophic occurrences or international unrest, which can change production schedules and market factors.
Additionally, consumer preferences and buying habits have a significant impact on market factors in the car power gadgets sector. Customers' interest in sophisticated power hardware frameworks for electric vehicles is growing as they look for cutting-edge features and grow more conscious of environmental issues. A few examples of the elements that impact consumer decisions in the rapidly expanding automotive industry are the cost of ownership, charging infrastructure, and power hardware part dependability.
The market is not fixed by a number of factors, including as state regulations, retail network components, buyer preferences, technological advancements, and consumer demand for electric cars. The automotive industry's constant evolution will cause the global market for automotive power electronics to adapt in order to fulfill the demands of modern, environmentally friendly transportation.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022 to 2030 |
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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