The global Automotive Power Electronics Market size is projected to grow from USD 3.8 billion in 2020 to USD 4.7 billion by 2025, at a CAGR of 4.7%. Compliance with upcoming safety, vehicle emission mandates and increasing demand for vehicle connectivity, infotainment and powertrain electrification will drive the market for automotive power electronics.
The increasing electronics content inside the vehicle for the operation of specific vehicle applications and government mandates related to carbon emissions and vehicle safety are some of the key factors that will drive the market for automotive power electronics market. Developments in the power converters of the electric vehicle is also one of the factor that drives the automotive power electronics market.
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Increasing use of mechatronics devices and comfort features inside the vehicle is expected to result in the dominance of body control & comfort segment in automotive power electronics market
Body control & comfort comprise of features like tire pressure monitoring system (TPMS), lighting, seat control, heating, ventilation and air conditioning (HVAC) and start-stop module. Vehicles across the globe are getting installed with latest versions of these sub-applications of body control & comfort. Start-stop module sub-application is showing tremendous growth in recent years. On the other hand vehicles are getting installed with modern LED technologies for both interior and exterior lighting. TPMS is treated as a good to have feature in the vehicle. Luxury vehicles are getting fitted with advanced seat controls and heated/ventilated seats. These applications are becoming essential features in passenger vehicles. Also features like LED lightings, TPMS and star-stop modules are getting installed in other category of vehicles like light commercial and heavy commercial vehicles. These are main factors that is fueling the market for body control & comfort segment by application type of automotive power electronics market.
The passenger vehicle segment is expected to be the largest during the forecast period
The passenger vehicle segment makes a major contribution to the automotive power electronics market. The increased demand for safety systems and fuel efficient technology associated with vehicle power train in emerging markets are fueling factor for the dominance of passenger vehicle. From past 5 or 10 years, passenger vehicles are getting installed with number of safety, comfort, entertainment and vehicle management features. This is because of factor such as changing preferences of vehicle buyer supported by government legislations. OEMs are also quite active in launching new variants and new models of vehicle that will fulfill the need of customers. Increasing population in developing economies also encourage OEMs to add specific features in new models of passenger vehicles. This is done to highlight own products among other products available in the market. OEMs, Tier I and Tier II also try to deploy new technology or features in the mass produced vehicle among vehicle category, i.e. passenger vehicles. These are some of the factor that are responsible for the dominance of passenger vehicle segment in the automotive power electronics market.
Key Market Players
The global automotive power electronics market is dominated by major players such as Robert Bosch (Germany), Continental AG (Germany), Infineon (Germany), ON semiconductor (US), STMicroelectronics (Switzerland), Danfoss (Denmark). These companies have secure distribution networks at a global level and offer a wide range of power electronics products for traditional as well as electric vehicle. The key strategies adopted by these companies to sustain their market position are new product developments, acquisitions, etc.
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