Press release
Automotive Power Electronics Market Expansion Outlook: $5.56 Billion in 2029
Automotive Power Electronics
What Is the Projected CAGR for the Automotive Power Electronics Market from 2024 to 2025?
Recent years have seen robust growth in the size of the automotive power electronics market. There is an expected increase from $4.31 billion in 2024 to $4.53 billion in 2025, representing a compound annual growth rate (CAGR) of 5.1%. This growth during the historic period can be linked to improved fuel efficiency, a surge in the usage of electric cars, escalated production of electric and hybrids, amplified environmental awareness, and growth in urbanization.
What are the Expected Market Size and CAGR for Automotive Power Electronics by 2029?
Anticipations are high for a substantial growth in the automotive power electronics market in the coming years, estimated to reach a market size of $5.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.3%. The soaring market in this forecast period can be credited to the emergence of electric and hybrid vehicles, advancements in rapid charging systems, an upswing in investments for charging infrastructures, and an increasing necessity for charging solutions. Key trends for the estimated period encompass the incorporation of smart charging features, technological breakthroughs, introduction of innovative products and services, integration of smart grid technologies, and strategic partnerships and alliances.
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Which Factors Are Driving the Global Automotive Power Electronics Market Expansion?
The boom in the production of hybrid electric vehicles is predicted to drive the expansion of the automotive power electronics market in the future. These vehicles, which employ both an electric motor and an internal combustion engine for propulsion, are gaining popularity due to their enhanced fuel efficiency and the option to use both electric and conventional fuels. This makes them particularly attractive to ecologically-minded and budget-conscious consumers. Automotive power electronics are an essential component in these hybrid electric vehicles (HEVs), acting as the control center for the distribution of electrical energy among the internal combustion engine (ICE), the electric motors, the battery pack, and other elements. For instance, the International Energy Agency, a France-based international organization, reported in April 2024 that China witnessed a nearly 35% surge in electric car sales in the first quarter of 2024 compared to the corresponding period in 2023. The sales of plug-in hybrids also saw a steep growth of about 75%. Consequently, the surging production of hybrid electric vehicles is fueling the expansion of the automotive power electronics market.
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Which Segment Currently Holds the Largest Share 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
Which Major Trends Are Shaping the Future of the Automotive Power Electronics Industry?
Principal enterprises within the automotive power electronics market are centering their efforts on pioneering new technologies such as highly adaptable Internet-of-Things (IoT) SaaS. This innovation aids in creating more intelligent, energy-saving vehicle systems, improves vehicle interconnectivity, and fine-tunes performance via real-time data scrutiny and cloud-based strategies. Highly adaptable IoT SaaS, in essence, is a cloud-based software solution competent in effectively managing and scrutinizing large data volumes originating from interconnected devices, which allows for real-time supervision, automation, and improved decision-making in various applications. For instance, in April 2024, Siemens AG, a German-based tech firm, introduced Electrification X, a comprehensive IoT and Software-as-a-Service (SaaS) platform that encourages electrification across several industries. Electrification X amalgamates energy systems with advanced digital tools, hence facilitating digital management and optimization of electric infrastructure. It delivers digital solutions for problem identification, asset maximization, and load distribution, thereby simplifying power management for industries. This platform promotes energy efficiency and sustainability initiatives within e-mobility.
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Which Key Players Dominate the Automotive Power Electronics Industry Globally?
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 Fastest-Growing Regions 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.
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