Press release
Automotive Power Electronics Market is Projected to Rise at a CAGR of 4.1% by 2033
Automotive Power Electronics Market
Power electronics encompass a wide range of solid-state devices used for power regulation and conversion, including silicon-controlled rectifiers (SCRs), diodes, thyristors, power MOSFETs, gate turn-off thyristors, and more. These devices are crucial in controlling vehicle electronics. The term "automotive electronics" covers the application of power electronic devices in modern systems such as electric power steering, seat control, braking systems, central body management, and HEV main inverters.
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The rising popularity of electric vehicles (EVs) is the primary driver of the global automotive power electronics market. EVs are seen as a crucial step toward modern mobility solutions, offering cleaner and more efficient transportation compared to traditional automobiles. The depletion of fuel resources and public concern over increasing pollution levels have fueled global demand for electric vehicles.
Compliance with safety and vehicle emission standards, along with the growing demand for vehicle connectivity, infotainment, and powertrain electrification, is expected to propel the global automotive power electronics market during the forecast period. The use of electronics in powertrain systems is projected to increase at a faster rate due to intensified efforts by regional governments and environmental agencies to reduce emissions by promoting environmentally friendly vehicles, such as hybrids and EVs.
Key Takeaways from Market Study
In 2023, the global automotive power electronics market was valued at $4 billion.
The market is projected to grow at a CAGR of 4.1% from 2023 to 2033, reaching $6 billion by 2033.
In 2022, the Asia Pacific region held 38.7% of the global market share.
The passenger car segment is anticipated to grow 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
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Competitive Landscape
Big manufacturers control the market, which is only moderately concentrated. The leading companies in the automotive power electronics sector are focusing on broadening their product lines and investing in research and development to generate high-end products. In addition, several entrepreneurs are focused on new technologies to boost their market share.
In September 2021, Panasonic Corporation and Infineon Technologies AG signed a collaboration agreement to research and manufacture the second generation (Gen2) of their renowned gallium nitride (GaN) technology. This will enhance efficiency and power density levels.
In June 2021, STMicroelectronics announced STi2GaN solutions for automotive applications. The STi2GaN series includes GaN-based drivers and safeguards, a monolithic power stage, and System-in-Package (SiP) solutions for application-specific integrated circuits with additional processing and control circuitry.
Infineon Technologies AG purchased Cypress Semiconductor Company in April 2020. Cypress provides a diverse set of software ecosystems, microcontrollers, connection components, and high-performance storage.
Infineon Technologies launched the CoolMOS CFD7A family in April 2020. These high-performance silicon-based components can be used in both the PFC and DC-DC stages of onboard charger systems, as well as HV-LV DC-DC converters designed specifically for EV use.
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
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Regional Analysis
Asia Pacific dominates the worldwide automobile power electronics industry. Japan and South Korea are helping to drive market development in Asia Pacific as automotive production increases.
The North American market is increasing rapidly. The United States dominates the North American market thanks to the existence of major electric vehicle manufacturers such as Tesla. Furthermore, Germany is making a significant contribution to European market growth as electric vehicle usage increases.
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