The global automotive power electronics market is set to achieve a valuation of US$ 6 billion by 2033, advancing at 4.1% CAGR from 2023 to 2033, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.
Power electronics is a general term that refers to a category of solid-state devices used for power regulation and conversions, such as silicon-controlled rectifiers (SCRs), diodes, thyristors, power MOSFETs, gate turn-off thyristors, and many others. They have a significant role in the control of automotive electronics. Automotive electronics is a sophisticated term formed from power electronic devices and their applications in modern electric power steering, seat control, braking systems, central body management, HEV main inverters, etc.
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Increasing acceptance of electric vehicles (EVs) is the main factors driving the global automotive power electronics market. Electric vehicles are seen as a critical transition toward modern mobility solutions, providing a cleaner and more efficient method of transportation than traditional automotive. Depleting fuel resources and public uproar over rising pollution levels have fueled the demand for electric vehicles worldwide.
Compliance with safety and vehicle emission norms, as well as rising demand for vehicle connectivity, infotainment, and powertrain electrification, is expected to propel the global automotive power electronics market over the forecast period. The usage of electronics in powertrain systems is predicted to expand at a higher rate throughout the forecast period due to growing efforts by regional governments and environmental agencies to reduce emissions levels through the use of environmentally-friendly automobiles (i.e., hybrid and electric vehicles).
Key Takeaways from Market Study
- The global automotive power electronics market amounted to US$ 4 billion in 2023.
- Worldwide demand for automotive power electronics is estimated to increase at a CAGR of 4.1% from 2023 to 2033 (forecast period).
- The market is forecasted to reach a size of US$ 6 billion by 2033.
- Asia Pacific accounted for 38.7% share of the worldwide market in 2022.
- The passenger cars segment is predicted to evolve at a CAGR of 3.7% during the forecast period.
“Global automotive power electronics market projected to witness considerable growth due to increasing modernization of vehicles, expanding demand for vehicle electrification, and rising need for connected car devices,” says a Fact.MR analyst.
Key Companies Profiled in Automotive Power Electronics Market Report
- Infineon Technologies AG
- Texas Instruments, Inc
- Mitsubishi Electric Corporation
- NXP Semiconductors NV
- Toshiba Corporation
- Robert Bosch GmbH
Competitive Landscape
Big manufacturers dominate the market, which is only moderately concentrated. The major players in the automotive power electronics industry are concentrating on diversifying their product lines and spending money on R&D to create high-end goods. In addition, a lot of startups are focusing on new innovations to increase their market share.
- Panasonic Corporation and Infineon Technologies AG inked an agreement in September 2021 to collaborate on the research and manufacturing of the second generation (Gen2) of their renowned gallium nitride (GaN) technology, which will enable improved efficiency and power density levels.
- STMicroelectronics released STi2GaN solutions for automotive applications in June 2021. The STi2GaN series combines drivers and protections in GaN technology, a monolithic power stage, and System-in-Package (SiP) solutions for application-specific ICs with extra processing and control circuitry.
- Infineon Technologies AG acquired Cypress Semiconductor Company in April 2020. Cypress brings a distinct range of software ecosystems, microcontrollers, connectivity components, and high-performance storage.
- Infineon Technologies introduced the CoolMOS CFD7A series in April 2020. These high-performance, silicon-based components are suitable for use in both the PFC and DC-DC stages of onboard charger systems, as well as HV-LV DC-DC converters designed exclusively for EV applications.
Key Segments of Automotive Power Electronics Industry Research
- By Device Type :
- Power ICs
- Power Modules/Discretes
- By Drive Type :
- IC Engine Vehicles
- Electric Vehicles
- By Vehicle Type :
- Passenger Cars
- Commercial Vehicles
- By Electric Vehicle Type :
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- By Application :
- Body Electronics
- Chassis & Powertrain
- Infotainment & Telematics
- Safety & Security Systems
Regional Analysis
Asia Pacific is leading the global automotive power electronics market. Japan and South Korea are aiding the market growth in Asia Pacific due to the increasing production of automobiles.
The North American market is expanding significantly. The United States is ruling the North American market due to the presence of major electric vehicle makers such as Tesla. Furthermore, Germany is contributing substantially to the European market growth due to the growing adoption of electric vehicles.
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