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%.
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.
Vehicle production was low in April and May 2020 in the major European, Asia Pacific countries and the US due to the ongoing COVID-19 pandemic. Earlier, the automotive power electronics market was expected to witness rapid growth from 2022 onward as major safety regulations are outlined to be imposed. As vehicle production is suspended, any new investment for advanced technology is unlikely. OEMs and tier 1 players are either using cash reserves or acquiring funds to continue operations during the crisis. OEMs are still skeptical about the recovery of vehicle sales to 2019 levels in 2020.
Asia Pacific likely to emerge as the largest automotive power electronics market
Asia Pacific is always seen as a revenue generating region in an automotive sector. Region comprise of technologically advanced countries like Japan, South Korea and countries with increasing populations and improving economies. Vehicles in this region are getting advanced at the backdrop of customer need and implementation of government regulations related to vehicle safety and carbon emissions. All kind of key vehicles categories like passenger vehicle, light and heavy commercial vehicles are getting advanced. Changes in the powertrain technology, inclusion of modern safety features, and technology for vehicle management are some of the key trend that is helping Asia Pacific region to dominate the market for automotive power electronics. Also, Asia Pacific is considered as key region in semiconductor space. Countries like Japan, China and Taiwan are main exporter of semiconductor components. This makes the smooth supply-chain for semiconductor supply in Asia Pacific.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=226516353
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.
Increasing use of modern materials like SiC and GaN for power modules and discrete is helping power module/discrete to dominate the market of automotive power electronics by device type
Power semiconductor devices like power IC, module and discrete are considered as main solid-state devices in power electronics. With the increasing electronic content inside the vehicle, traditional mechanically operated systems or applications are getting advanced and efficient. For its proper functioning, power modules and discrete are essential. Number of installation of power module and discrete is more than power IC. Because of operational advantages of Silicon Carbide (SiC) and Gallium Nitride (GaN) over traditionally used transistors, power modules are getting advanced and are suitable for handling critical to operate system. This in turn is helping power module/discrete segment to dominate automotive power electronics market by device type.
Power IC segment is also showing good individual growth in the automotive power electronics market by device type. It is a must have device type for the power electronics of a vehicle. Power ICs are costlier than that of power module/discrete. However, prices of these devices types are going down every year.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=226516353
Key Market Players
The automotive power electronics market is dominated by global players such as Robert Bosch (Germany), Continental AG (Germany), Infineon (Germany), STMicroelectronics (Switzerland), ON Semiconductor (US), Danfoss (Denmark), etc. These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and mergers & acquisitions to gain traction in the market. New product development was most adopted strategy among others.
Related Reports:
Thermal Systems Market – Global Forecast to 2027
Automotive Heat Exchanger Market – Global Forecast to 2027
Automotive Valves Market – Global Forecast to 2027
