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Leading Growth Driver in the Automotive Power Electronics Market in 2025: Growing Production Of Hybrid Electric Vehicles On The Automotive Power Electronics Market Driver's Influence
Automotive Power Electronics
The surge in the manufacturing of hybrid electric vehicles is predicted to fuel the expansion of the automotive power electronics market. Hybrid electric vehicles are defined as vehicles which use both an internal combustion engine and an electric motor for propulsion. There is increased production of such vehicles as they provide enhanced fuel efficiency and the option to utilize both electric and conventional fuels, capturing the attention of eco-aware and cost-aware customers. In hybrid electric vehicles (HEVs), automotive power electronics have a crucial role in controlling and maximizing the distribution of electric energy among the internal combustion engine (ICE), electric motors, battery pack, and other elements. For example, the International Energy Agency, a France-based international organization, reported that in the first quarter of 2024, there was a nearly 35% surge in electric car sales in China compared to the same period in 2023, and the sales of plug-in hybrids grew by around 75%. Hence, the increased manufacture of hybrid electric vehicles is fueling the growth of the automotive power electronics market.
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What Is the projected market size and growth rate for the automotive power electronics market?
Significant growth has been witnessed in recent years in the size of the automotive power electronics market. The market is projected to expand from $4.31 billion in 2024 to $4.59 billion in 2025, representing a compound annual growth rate (CAGR) of 6.6%. The historical growth of this sector can be accredited to the heightened fuel efficiency, the upsurge in the usage of electric vehicles, the emergence of electric and hybrid vehicles, growing consciousness about environmental concerns, and the increase in urbanization.
Expectations are high for the automotive power electronics market to witness substantial growth in the upcoming years, with projections reaching $5.84 billion by 2029 at a compound annual growth rate (CAGR) of 6.2%. This anticipated growth during the forecast period can be traced back to factors such as increasing interest in electric and hybrid vehicles, groundbreaking improvements in fast charging, growing investments in charging infrastructure, and an escalating demand for charging solutions. Further contributing to this growth are expected trends such as the incorporation of intelligent charging capabilities, technological progress, the unveiling of innovative products and services, the introduction of smart grid systems, as well as strategic alliances and collaborations.
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What new trends are reshaping the automotive power electronics market and its opportunities?
Leading firms in the automotive power electronics market are investing heavily in the creation of inventive technologies, like highly scalable Internet-of-Things (IoT) SaaS. These technologies promote smarter, energy-saving vehicle systems, enhance connections within vehicles, and improve performance using real-time data analysis and cloud-based solutions. Highly scalable IoT SaaS is cloud-dependent software that can proficiently handle and analyze large data amounts from interconnected devices. This allows real-time observation, automation, and improved decision-making across a variety of applications. For example, Siemens AG, a technology firm based in Germany, unveiled Electrification X in April 2024. This comprehensive IoT and Software-as-a-Service (SaaS) platform promotes electrification in multiple industries. Electrification X merges energy systems with advanced digital mechanisms to enable digital management and optimization of electric infrastructure. It provides digital solutions for problem identification, asset optimization, and load balancing, assisting industries in streamlining their power management. Furthermore, this platform boosts energy efficiency and sustainability initiatives in e-mobility.
What major market segments define the scope and growth 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.
Which key market leaders are driving the automotive power electronics industry growth?
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.
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What Is Covered In The Automotive Power Electronics Global Market Report?
•Market Size Forecast: Examine the automotive power electronics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive power electronics market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive power electronics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive power electronics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive power electronics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive power electronics market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive power electronics market.
•Competitive Landscape: Review strategic developments in the automotive power electronics market, including expansions, agreements, and new product launches.
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