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Automotive Power Electronics Market is gaining from the rising sales of electric vehicles
Some prominent participants in the global automotive power electronics market are Maxim Products Inc., NXP Semiconductors N.V., Qualcomm Ins., Robert Bosch GmbH, and Vishay Intertechnology Inc.
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As per the TMR report, the global automotive power electronics market is likely to clock an impressive 19.0% CAGR during the forecast period from 2017 to 2025, for the market to become worth US$22,658.4 mn by the end of 2025.
Among the various segments based on electric vehicle, hybrid electric vehicles (HEV) held the leading share in the global automotive power electronics market in 2016. The growth of HEV segment is mainly because of its role in decarbonizing the transport sector and reducing dependence on fossil fuels. In terms of vehicle type, the passenger car segment is not only expected to contribute the leading revenue over the forecast period of 2017 to 2025, but also expand at a significant pace during this period. On the basis of geography, Asia Pacific is anticipated to surpass other key regions in terms of growth rate over the forecast period. This is mainly because of fast adoption of technologically advanced cars.
Thrust to Equip Vehicles with Advanced Power Solutions stokes Growth
The foremost factor driving the global automotive power electronics market is the growing demand for technologically advanced power solutions for vehicles. Automotive power electronics are devices installed in electric vehicles to control the high magnitude of voltage and to convert varied electric power most efficiently. With the introduction of high frequency and high power converting devices, the applications of power electronic converters have increased manifold.
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Further, increasing installation of advanced driver assistance systems and safety and convenience systems have been stoking growth of automotive power electronics market.
Environmental Concerns Leading to Adoption of Electric Vehicles Benefits Market
Apart from this, the rising number of electric vehicles is also a significant factor boosting the growth of automotive power electronics market. Electric vehicles are increasingly becoming popular as they are battery-operated and do not release emissions that are harmful for the environment. As a result, the automotive power electronics market is anticipated to witness substantial growth for the forecast period between 2017 and 2025.
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For instance, in the U.K., the sale of diesel and petrol cars is anticipated to be banned by 2040 as part of the government’s efforts to improve the air quality. Due to this, the sale of electric vehicles is likely to shoot up substantially in the next decade.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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