Market Outlook
According to the report by Expert Market Research (EMR), the global automotive power electronics market size is projected to grow at a CAGR of 4.3% between 2024 and 2032. Aided by the surge in electric vehicle production and advancements in automotive technologies, the market is expected to grow significantly by 2032.
Automotive power electronics involve the application of solid-state electronics for the control and conversion of electrical power in vehicles. These components are essential in managing the flow and direction of electrical energy, crucial in electric vehicles (EVs), hybrid electric vehicles (HEVs), and fuel cell vehicles (FCVs).
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The automotive power electronics market growth is primarily fuelled by the global shift towards electric mobility. With the automotive industry’s focus on reducing carbon emissions, the demand for EVs and HEVs has surged, significantly boosting the demand for advanced power electronics.
In addition, the growing complexity of automotive electronic systems, including infotainment, telematics, and driver assistance systems, is driving the need for sophisticated power electronics solutions.
The automotive power electronics market outlook is being influenced by the technological advancements. Developments in semiconductor materials, such as Silicon Carbide (SiC) and Gallium Nitride (GaN), are enhancing the efficiency and performance of power electronics. Furthermore, the integration of Artificial Intelligence (AI) and the Internet of Things (IoT) in vehicle systems is creating new opportunities for innovation in this field.
The Asia-Pacific region, led by China and Japan, holds a significant portion of the automotive power electronics market share, attributed to its rapidly growing automotive sector and significant investments in electric vehicle technology. North America and Europe also contribute significantly to the market, driven by stringent environmental regulations and the high adoption rate of electric vehicles.
Sustainability is a key focus in the automotive power electronics market. The shift towards electric vehicles supported by advanced power electronics is playing a crucial role in reducing greenhouse gas emissions and promoting sustainable mobility solutions.
Looking ahead, the market for automotive power electronics is poised for robust growth. The ongoing advancements in electric vehicle technology, coupled with the global push for sustainable transportation, are expected to drive the market forward.
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Market Segmentation
The market can be divided based on device type, application type, drive type, component type, vehicle type, electric vehicle type, and region.
Market Breakup by Device Type
- Power IC
- Power Module
- Intelligent Power Module (IPM)
- Power Integrated Module (PIM)
- Power Discrete
- Diode
- Transistor
- Thyristor
Market Breakup by Application Type
- ADAS and Safety
- ADAS
- Electric Power Steering (EPS)
- Anti-lock Braking System (ABS)
- Body Control and Comfort
- TPMS
- Lighting
- Exterior Lighting
- Interior Lighting
- Seat Control
- Heated Seats
- Seat Adjustment
- HVAC
- Start-Stop Module
- Infotainment
- Instrument Cluster
- Audio System
- Telematics
- Vehicle Management
- V2X
- Engine Management and Powertrain
- Engine Control
- Transmission Control
- Battery Management
Market Breakup by Drive Type
- IC Engine Vehicle
- Electric Vehicle
Market Breakup by Component Type
- Sensor
- Microcontroller Unit
- Power Integrated Circuit
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Electric Vehicle Type
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive power electronics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Robert Bosch GmbH
- Continental AG
- Infineon Technologies AG
- STMicroelectronics International N.V.
- Mitsubishi Electric Corporation
- Fuji Electric Co., Ltd.
- BorgWarner Inc.
- Danfoss A/S.
- Others
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