Press release
Global Automotive Power Electronics Market to Reach $5.84 Billion by 2029, Growing at 6.2% CAGR
Automotive Power Electronics Market share
In recent times, the automotive power electronics market has demonstrated significant growth. It is projected that the market, valued at $4.31 billion in 2024, will increase to $4.59 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.6%. The expansion in the preceding years has been driven by factors such as improved fuel efficiency, a surge in the adoption of electric vehicles, increased prevalence of electric and hybrid vehicles, heightened environmental consciousness, and the growth of urbanization.
Expectations suggest that the automotive power electronics market will encounter substantial growth in the upcoming years, expanding to $5.84 billion by 2029 with a compound annual growth rate of 6.2%. The anticipated growth within this forecast period is due in part to the emergence of electric and hybrid vehicles, advancements in rapid-charging capabilities, swelling investments in charging infrastructure, and an increased demand for charging solutions. The forthcoming era sees trends involving the inclusion of intelligent charging functions, technological progression, the introduction of innovative products and services, the incorporation of smart grid technologies, as well as partnerships and collaborations.
What Are the Key Drivers Behind the Growth of the Automotive Power Electronics Market?
The expansion of the automotive power electronics market is anticipated to be spurred by the rising production of hybrid electric vehicles. The latter are cars that use both an electric motor and an internal combustion engine for propulsion. Their increased production stems from their capacity to offer enhanced fuel efficiency and the versatility to switch between electric and conventional fuels, making them attractive to consumers who are aware of the environment and cost savings. Automotive power electronics are crucial in hybrid electric vehicles (HEVs), as they regulate and maximize the distribution of electric energy among the internal combustion engine (ICE), electric motor(s), battery pack, and other components. For example, the International Energy Agency, an intergovernmental body based in France, stated in April 2024 that the first quarter of 2024 saw a nearly 35% surge in electric vehicle sales in China compared to the corresponding period in 2023, with a roughly 75% rise in plug-in hybrid sales. Therefore, the escalating production of hybrid electric vehicles is fuelling the development of the automotive power electronics market.
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Which Leading Companies Are Shaping the Growth of the Automotive Power Electronics Market?
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.
What Are the Major Trends Shaping the Automotive Power Electronics Market?
Leading businesses in the automotive power electronics market are concentrating on the advancement of breakthrough technologies, such as highly adaptable Internet-of-Things (IoT) SaaS. This emphasis is aimed at fostering smarter, energy-saving vehicle systems, boosting connectivity within vehicles, and improving performance via real-time data analysis and cloud-based solutions. The term 'highly adaptable IoT SaaS' refers to cloud-based software that aptly handles and interprets massive data sets from interlinked devices, enabling live monitoring, automation, and improved decision-making across various applications. As an illustration, Siemens AG, a technology company based in Germany, debuted Electrification X in April 2024. This comprehensive IoT and Software-as-a-Service (SaaS) platform encourages electrification across several industries. Electrification X integrates energy systems with sophisticated digital tools to facilitate digital management and enhancement of electric infrastructure. It provides digital solutions for identifying issues, optimizing assets, and balancing loads, thereby enabling industries to streamline their power management. This platform furthers energy efficiency and sustainability initiatives in e-mobility.
What Are the Key Segments of the Automotive Power Electronics Market?
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
Subsegments:
1) By Microcontroller Unit (MCU): 8-Bit Mcus, 16-Bit Mcus, 32-Bit Mcus, Automotive-Grade Mcus For Safety Systems, Mcus For Electric And Hybrid Vehicles, Mcus For Advanced Driver Assistance Systems (ADAS), Automotive Powertrain Control Mcus
2) By Power Integrated Circuit (IC): Power Mosfet Ics, Power Diode Ics, Integrated Power Modules (IPM), Automotive Power Management Ics, Motor Driver Ics, Dc-Dc Converter Ics, Inverter And Rectifier Ics
3) By Sensor: Voltage Sensors, Current Sensors, Temperature Sensors, Pressure Sensors, Position Sensors For Motor Control, Hall Effect Sensors, Speed And Torque Sensors, Sensor Fusion For Electrified Powertrains
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Which Region Dominates the Automotive Power Electronics Market?
Asia-Pacific was the largest region in the automotive power electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Power Electronics Global Market Report?
- Market Size Analysis: Analyze the Automotive Power Electronics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Power Electronics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Power Electronics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Power Electronics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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