Press release
Automotive Power Discrete Market Set to Reach $6.03 Billion by 2029 with 5.3% Yearly Growth
Automotive Power Discrete Market
The rise in electric vehicle demand is expected to boost the automotive power discrete market. These electric vehicles, which run on electricity instead of traditional gasoline or diesel internal combustion engines, require automotive power discrete constituents for managing and controlling the electric power flow within the vehicle's electric and battery management systems. These components safeguard the battery against overcharging and discharging, ensuring its secure and efficient functionality. The International Energy Agency (IEA), a France-based intergovernmental organization, stated in April 2023 that electric vehicle sales constituted 14% of total new car sales worldwide in 2022, noting a 9% rise from 2021. It is also projected that 14 million electric vehicles would be sold by the end of 2023, denoting a 35% annual increase. This surge in electric car demand is, therefore, propelling the automotive power discrete market's expansion. The growth in popularity of luxury vehicles is anticipated to boost the automotive power discrete market. These top-tier vehicles deliver superior quality, comfort, performance, and features compared to standard cars, characterized by excellent craftsmanship, advanced tech, and meticulous design and engineering. Power discrete components are integral in these luxury vehicles because they optimize power management, enhance performance, and ensure regulatory compliance, contributing to the overall superiority of these vehicles. The BMW Group, a German luxury vehicle enterprise, reported in January 2024 that its sales hiked to 718,778 units in the last quarter of 2023, marking a 10.3% increase from the previous year. Thus, the growing demand for luxury vehicles is bolstering the automotive power discrete market's growth.
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How will the growth rate of the automotive power discrete market shape industry trends by 2034?
The automobile power discrete sector has been experiencing robust growth in the past few years. The market is projected to expand from $4.64 billion in 2024 to $4.9 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. The phenomenal growth in the past can be linked to factors like a move towards autonomous features, worldwide growth in the automotive industry, advancements in safety mechanisms, emphasis on fuel efficiency, and more stringent emission norms.
The market size for automotive power discrete is anticipated to witness robust growth over the next few years, expanding to a valuation of $6.03 billion by 2029 at a compound annual growth rate (CAGR) of 5.3%. This anticipated growth during the forecast period can be credited to factors such as the surge in electric vehicle production, advancements in vehicle electrification, an increase in automotive electronics integration, and adherence to more strict emission standards. The growth is also boosted by the expansion of autonomous and connected vehicles. The forecast period is expected to see major trends such as the electric vehicle (EV) revolution, advancements in automotive electronics, the demand for fuel efficiency, increased adoption of hybrid vehicles, and stringent government regulations and emission standards.
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How are the latest trends influencing the growth of the automotive power discrete market?
Key players in the automotive power discrete market, such as Onsemi, are prioritizing the design and manufacture of high-power on-board chargers to secure a competitive edge. These chargers, along with advanced electrical components, are integral parts of electric and plug-in hybrid vehicles, responsible for rapidly converting AC power into DC power to charge the high-voltage battery packs of these vehicles. For example, in September 2022, Onsemi, an American semiconductor company, introduced the pioneering APM32 series. These series consist of three power modules equipped with silicon carbide (SiC) technology, which are custom-built for high-power on-board chargers with a capacity range of 11-22 kW. The unique APM32 series, developed using SiC technology in a transfer-mold, boosts efficiency and reduces charging time across all categories of electric vehicles.
Which primary segments of the automotive power discrete market are driving growth and industry transformations?
The automotive power discrete market covered in this report is segmented -
1) By Product: Gallium Nitride (GaN), Silicon Carbide (SiC)
2) By Devices: Power Integrated Circuits (IC), Power Module Or Discrete
3) By Component: Microcontroller, Sensor
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
Subsegments:
1) By Gallium Nitride (GaN): GaN Power Transistors, GaN Power ICs, GaN Power Modules
2) By Silicon Carbide (SiC): SiC MOSFETs, SiC Schottky Diodes, SiC Power Modules
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Which geographical regions are pioneering growth in the automotive power discrete market?
North America was the largest region in the automotive power discrete market in 2024. The regions covered in the automotive power discrete market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the automotive power discrete market landscape?
Major companies operating in the automotive power discrete market report are Robert Bosch GmbH, Hitachi Ltd., Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Yole Group, Texas Instruments Incorporated, Schaeffler Technologies AG & Co. KG, STMicroelectronics N.V., BorgWarner Inc., Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics Corporation, Danfoss, Onsemi, Amkor Technology Inc., Microchip Technology Inc., Fuji Electric Co. Ltd., United Automotive Electronic Systems Co. Ltd., Rohm Semiconductor, Vishay Intertechnology Inc., Littelfuse Inc., Nexperia, Diodes Incorporated, Sanken Electric Co. Ltd., Shindengen Electric Manufacturing Co. Ltd., Alpha and Omega Semiconductor Inc., Wolfspeed Inc., Semikron, Transphorm Inc.
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What Is Covered In The Automotive Power Discrete Global Market Report?
• Market Size Forecast: Examine the automotive power discrete market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive power discrete market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive power discrete market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive power discrete market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive power discrete market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive power discrete market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive power discrete market.
• Competitive Landscape: Review strategic developments in the automotive power discrete market, including expansions, agreements, and new product launches.
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