Press release
Automotive Power Electronics Market Size Projected To Reach $5.84 Billion By 2034 With A Cagr Of 6.2%
Automotive Power Electronics Market
What Is the Projected Growth of the Automotive Power Electronics Market?
The automotive power electronics market has shown strong growth in recent years. It is projected to grow from $4.31 billion in 2024 to $4.59 billion in 2025, at a CAGR of 6.6%. This growth can be attributed to the rise of electric and hybrid vehicles, increased fuel efficiency, environmental awareness, and urbanization.
The automotive power electronics market will increase to $5.84 billion by 2029 at a CAGR of 6.2%, propelled by EV infrastructure, fast charging, and hybrid vehicle demand. Trends include smart grid integration, product launches, and tech innovation in charging.
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What Are the Different Automotive Power Electronics Market Segments?
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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What Are the Primary Drivers Shaping the Automotive Power Electronics Market?
The growing production of hybrid electric vehicles (HEVs) is expected to drive the expansion of the automotive power electronics market. HEVs combine an internal combustion engine and an electric motor, offering better fuel efficiency and the flexibility of using both electric and traditional fuels. This makes them appealing to environmentally-conscious and cost-sensitive consumers. Automotive power electronics are crucial in managing electrical energy flow between various components, including the engine, motor, and battery pack. For example, in the first quarter of 2024, China saw a nearly 35% rise in electric car sales, with plug-in hybrid sales increasing by approximately 75%, highlighting the role of HEVs in boosting this market.
Which Companies Are Leading in 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 Automotive Power Electronics Market Trends Are Gaining Traction Across Different Segments?
Companies in the automotive power electronics market are focusing on developing advanced technologies like scalable IoT SaaS to create smarter, more energy-efficient vehicle systems, enhance connectivity, and optimize performance. IoT SaaS platforms allow real-time data analytics and cloud-based solutions for vehicle monitoring. For example, in April 2024, Siemens AG, a German technology company, introduced Electrification X, a platform designed to support electrification across industries. The platform connects energy systems with digital tools for problem detection, asset optimization, and load balancing, promoting energy efficiency in e-mobility.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Power Electronics Market?
2. What is the CAGR expected in the Automotive Power Electronics Market?
3. What Are the Key Innovations Transforming the Automotive Power Electronics Industry?
4. Which Region Is Leading the Automotive Power Electronics Market?
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