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Automotive Power Electronics Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Automotive Power Electronics Market
As per the report, the automotive power electronics market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.31 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The automotive power electronics market size is expected to see strong growth in the next few years. It will grow to $5.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
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Growing Production Of Hybrid Electric Vehicles On The Automotive Power Electronics Market
The growing production of hybrid electric vehicles is expected to propel the growth of the automotive power electronics market going forward. Hybrid electric vehicles refer to vehicles that utilize both an internal combustion engine and an electric motor to propel the vehicle. The growing production of hybrid electric vehicles is due to their ability to offer improved fuel efficiency and the flexibility to use electric and traditional fuels, appealing to environmentally-conscious and cost-conscious consumers. Automotive power electronics play a vital role in hybrid electric vehicles (HEVs) by managing and optimizing the flow of electrical energy between the internal combustion engine (ICE), electric motor(s), battery pack, and other components. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, in the first quarter of 2024, China saw a nearly 35% rise in electric car sales compared to the same period in 2023, with plug-in hybrid sales increasing by about 75%. Therefore, the growing production of hybrid electric vehicles is driving the growth of the automotive power electronics market.
STMicroelectronics Launches Innovative Smart Power Electronics Solutions For Automotive Industry
Major companies operating in the automotive power electronics market are focusing on developing innovative technologies, such as smart power electronics, to enhance vehicle efficiency, reliability, and performance. Smart power electronics are advanced electronic components and systems with intelligent features such as real-time monitoring, control, and optimization capabilities. For instance, in June 2021, STMicroelectronics NV, a Switzerland-based semiconductor manufacturing corporation, launched a new family of ST Intelligent and Integrated Gallium Nitride (GaN) solutions called STi2GaN to provide compact, high-performance power electronics required by the automotive industry. The STi2GaN solutions use ST's novel bond-wire-free packaging technology to provide high robustness, reliability, and performance. The new product family aims to leverage the high-power density and efficiency of GaN to offer an industry-unique range of devices in 100V and 650V clusters that ensure scalability, compactness, and outstanding performance.
The automotive power electronics market covered in this report is segmented -
1) By Component: Microcontroller Unit (MCU), Power Integrated Circuit, Sensor
2) By Vehicle Type: Passenger Car, Commercial Vehicle
3) By Electric Vehicle Type: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles
4) By Application: Body Electronics, Chassis And Powertrain, Infotainment And Telematics, Safety And Security System
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Major companies operating in the automotive power electronics market are Robert Bosch GmbH, Hitachi Automotive Systems Ltd., LG Electronics Inc., Panasonic Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Texas Instruments Incorporated, STMicroelectronics, Infineon Technologies AG, Infineon Technologies, NXP Semiconductors N.V., Delta Electronics Inc., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor, Microchip Technology Inc., Rohm Semiconductor, Vishay Intertechnology, Maxim Integrated, Fairchild Semiconductor, Allegro Microsystems, Cree Inc.
Contents of the report:
1. Executive Summary
2. Automotive Power Electronics Market Report Structure
3. Automotive Power Electronics Market Trends And Strategies
4. Automotive Power Electronics Market - Macro Economic Scenario
5. Automotive Power Electronics Market Size And Growth
…..
27. Automotive Power Electronics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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