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Comprehensive Automotive Power Electronics Market: Share and Forecast Analysis
Automotive Power Electronics Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased fuel efficiency, increasing usage of electric vehicles, the rise of electric and hybrid vehicles, increasing awareness of environmental issues, and a rise in urbanization.
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%. The growth in the forecast period can be attributed to the rise of electric and hybrid vehicles, advancements in fast charging rates, increasing investment in charging infrastructure, and the growing need for charging solutions. Major trends in the forecast period include the integration of smart charging functionalities, technological advancements, the launches of new products and services, the integration of smart grid technologies, and partnerships and collaborations.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Automotive Power Electronics Market 2024 Key Insights:
• 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%.
• Growing Production Of Hybrid Electric Vehicles On The Automotive Power Electronics Market
• STMicroelectronics Launches Innovative Smart Power Electronics Solutions For Automotive Industry
• Asia-Pacific was the largest region in the automotive power electronics market in 2023
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