Global Automotive Power Electronics Market to Reach $8.1 Billion by 2032, Fueled by 5.1% CAGR Growth - Allied Market Research

According to a new report published by Allied Market Research, titled, "Automotive Power Electronics Market Size, Share, Competitive Landscape and Trend Analysis Report by Device (Power IC, Module/Discrete), by Application (Chassis and Powertrain, Safety and Security System, Infotainment and Telematics, Body Electronics, Others), by Drive Type (ICE Vehicle, Electric Vehicle): Global Opportunity Analysis and Industry Forecast, 2023-2032.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐀𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 :

The global automotive power electronics market size was valued at $5 billion in 2022, and is projected to reach $8.1 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/4285

Automotive power electronics is a part of electrical and electronic systems used in automobiles for controlling, converting, and distributing electrical power supply within a vehicle. Application of power electronic component used in a vehicle ensures effective transfer of electric energy to all the necessary components of an automobile along with ensuring that all the associated components are operating in an efficient manner. In addition, with the introduction of suitable power electronics to be used in vehicles, the demand for smarter & efficient automotive components has increased which has created a wider scope for the growth of the market across the globe. In addition, automotive components such as semiconductors, ICs, safety components & others operate on power electronics which also proves to be a factor supplementing the growth of the automotive power electronics market across the globe.

Power electronics includes the structure, and implementation of numerous electronic components and systems, such as AC/DC converters, inverters, vehicle motors, vehicle battery management systems, and other electrical control units, which finds an increased application of power electronics. The power electronic system used in vehicle helps in optimizing the performance of the vehicle trough proper battery management & consumption along with ensuring efficient electric propulsion & at the same time maintaining proper vehicle safety.

With the advancement in technology, the global automotive industry has experiences an increased support for developing effective automotive components. This has enabled numerous companies to develop & offer components to be used in automotive industry thus supplementing the growth of the market across the globe. Nations heavily reliant on crude oil imports, which represent a substantial portion of their expenditures, are now observing a remarkable surge in the adoption of electric vehicles. Moreover, electric vehicles utilize electricity as a cleaner energy source, making them an attractive and sustainable transportation solution for countries grappling with both dependence on imported crude oil and the challenges posed by escalating carbon emissions. Owning to the rising demands of electric vehicles, key market players are expanding their business presence to meet these demands. For instance, in February 2023, Infineon Technologies AG announced that it was starting the construction of its new plant in Dresden, Germany. The plant specialized in the manufacturing of analog/mixed-signal technologies and power semiconductors. Furthermore, the plant was to begin production by 2026. This allowed Infineon to strengthen their capabilities and product presence in the automotive power electronics market size.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automotive-power-electronics-market/purchase-options

Moreover, with the advancement in technology, there has been developments carried out by the key players towards offering a wider range of automotive power electronic system & associated components which creates numerous opportunities for the growth of the market across the globe. In addition, vehicle safety features such as anti-lock braking systems (ABS), electronic stability control (ESC), adaptive cruise control (ACC), and lane departure warning (LDW) rely on advanced power electronic components which enables companies to offer effective components thus creating a wider scope for the growth of the market across the globe.

Developments have been carried out by the key players & government organizations to offer subsidies & support the automobile industry infrastructure which has created a wider scope for the growth of the market across the globe. For instance, in September, 2022, Government of India's Ministry of Road Transport and Highways mandated the vehicle manufacturers to install six air bags in a vehicle in order to ensure safety of the passengers in a vehicle. Similarly, organizations across Europe & America have implemented regulations & standards such as Euro NCAP, NHTAS to ensure safety on roads.

For instance, in January 2023, STMicroelectronics introduced a new automotive safety microcontroller aimed at enhancing the reliability and functionality of advanced driver assistance and autonomous driving systems. The microcontroller, developed with 40nm FD-SOI process technology, features multiple redundant CPUs, memory protection units, and hardware-based safety mechanisms to ensure high-performance, secure, and fail-safe operation. Furthermore, it complies with various safety standards such as ISO 26262 and ASIL-D, making it suitable for deployment in safety-critical applications within the automotive industry.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

BorgWarner Inc.,
Continental AG,
Danfoss A/S,
Denso Corporation,
Infineon Technologies AG,
Mitsubishi Electric Corporation,
NXP Semiconductors,
ON Semiconductors,
Renesas Electronics Corporation
Robert Bosch.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/4285

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :

By device, the Module/Discrete segment dominated the Automotive Power Electronics Market in terms of growth rate.

By application, the Module/Discrete segment is anticipated to exhibit a remarkable growth during the forecast period.

By drive type, the Electric Vehicle segment is anticipated to exhibit a remarkable growth during the forecast period.

By region, the North America region is anticipated to exhibit a remarkable growth during the forecast period.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Automotive Hypervisor Market : https://www.alliedmarketresearch.com/automotive-hypervisor-market-A11740

Automotive AC Compressor Market : https://www.alliedmarketresearch.com/automotive-ac-compressor-market-A10325

Automotive Semiconductor Market : https://www.alliedmarketresearch.com/automotive-semiconductor-market-A14477

Automotive LED Lighting Market : https://www.alliedmarketresearch.com/automotive-led-lighting-market-A10752

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 -

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