Power electronics consist of a solid state circuit device that converts the current from the source to the load. They are used in various applications including automotive applications. Market Research Future (MRFR) has published a research report about the global automotive power electronics market that displays boost for this market at 5.12% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 5.5 bn by the end of forecast period.
The primary factors contributing to the global automotive power electronics market growth are growing environmental concern leading to increased use of electric vehicles and increased demand for advanced technology in vehicles. Other factors enhancing the market growth include growing demand for electric vehicles, increasing the safety of the electronics control panel in vehicles, increase in use of power electronics in electric vehicles.
The global automotive power electronics market size has been segmented on the basis of application, component, vehicle type, electric vehicle type, and lastly, region. The application-based segmentation segments this market into body electronics, chassis & powertrain, infotainment & telematics, and safety & security system. During the forecast period, the body electronics segment is expected to dominate the market due to the growing government regulations and initiative for the adoption of smart transportation solution with advanced safety features.
Based on the component, the market has been segmented into microcontroller unit (MCU), power integrated circuit (IC), and sensor. During the forecast period, the sensor segment is expected to experience the highest growth rate during the forecast period because it is the key component in the electric vehicles.
By vehicle type, the market has been segmented into the passenger car and commercial vehicle. During the forecast period, the passenger car segment is expected to dominate the market due to the rapidly increasing sales of electric cars. As per the segmentation based on electric vehicle type, the market has been segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).
The regional segmentation of the global automotive power electronics market segments the market into the global market into regional markets known as North America, Europe, Asia Pacific, and the rest of the world (RoW). During the forecast period, North America is expected to dominate the power electronics in the automotive market because, in North America, USA has spent the highest in the battery operated an electric vehicle. The USA has an established automobile industry. Many key market players are also based in North America. Other important country-specific markets in this region are Canada and Mexico.
During the forecast period, Asia Pacific is expected to hold the highest market share in the global market. In this region, the market is growing due to the growing demand for power electronics and increased adoption of advanced technology in electric vehicles. The most important country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
In Europe, countries such as France, Germany, Italy, and the UK have achieved considerable technological advancement in the automotive industry. Therefore, the market is growing in this region. Another important country-specific market in this region is Spain, followed by the remaining countries of Europe.
The RoW segment covers countries of Latin America and the Middle East & Africa (MEA). In Latin America, Argentina and Brazil are two strong economies that can be suitable markets in the future. The MEA market is small due to poor countries, lack of awareness, lack of education, and lack of technological advancement.
The key players in the global automotive power electronics market include Infineon Technologies AG (Germany), Maxim Products Inc. (USA), Mitsubishi Heavy Industries Ltd. (Japan), NXP Semiconductors N.V. (Netherlands), ON Semiconductor Corp. (USA), Qualcomm Ins. (USA), Renessa Electronics Corp. (Japan), Robert Bosch GmbH (Germany), Texas Instruments Inc. (USA), and Vishay Intertechnology Inc. (USA).
Latest Industry News
Global power and thermal management solutions provider Delta Electronics, whose core competencies lie in high-efficiency power electronics and system integration, has chosen the Automotive Campus Helmond for its expanded operations in Europe and the MEA region. 3 JAN 2019
Lear is planning to converge its seating business, and its electronics unit to capitalize on the shift toward electrified, connected and autonomous vehicles. Seating business accounts for about 75% of Laer's sales. 31 JAN 2019
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