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The role of transition towards lower carbon emission and more electrification of vehicles by making lower consumption of energy is growing. These factors are leading to an increased market for electric vehicles. The increased demand for advanced technology power solutions is driving the power electronics market. The adoption of advanced technology such as electronic stability control (ESC), advanced driver assistance system (ADAS), and electronic control unit (ECU) has been growing in vehicles, and power electronics are used for the protection of this system. The increased use of automotive power electronics in electric vehicles is driving the market. The OEMs are strengthening the business by investing in the development of new technologies to drive growth and maintain customer relevance across the globe.
Key Market Driver -
The rising market for the electric vehicles is the key factor driving the growth of global automotive power electronics market.
Key Market Restraint -
The high cost of electric vehicles is expected to restrain the market growth.
The increasing demand for electric vehicles from the developed regions is also expected to boost the power electronics market over the forecast period. The growing vehicle electrification is also ex[ected to drive the market over the forecast period. However, the high cost of electric vehicles is likely to hamper the market growth in this region.
The major players that are present in the global automotive power electronics market include Robert Bosch GmbH (Germany), Danfoss Group (Denmark), NXP Semiconductors (Netherlands), Continental AG (Germany), Qualcomm Inc. (U.S.), among others.
Globally, the automotive power electronics market has been segmented based on the electric vehicle type, vehicle type, application, component type, and region. Based on the electric vehicle type, the further market has been segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The hybrid electric vehicle segment is expected to dominate the market owing to the requirement of power electronics for the protection of the system while changing the power mode while driving. The battery-electric vehicle segment is also expected to show good growth in the market over the forecast period. Further, by application type, the market has been segmented into chassis & powertrain, infotainment & telematics, body electronics, and safety & security system. The body electronics segment is expected to dominate the market owing to the large usage of power electronics for the body electronics such as electric power steering, power window, and electric air conditioning. The infotainment & telematics segment is also expected to have good growth in the market over the forecast period. By component type, further, the market has been segmented into a microcontroller unit, power integrated unit, and sensors. The sensor segment is expected to dominate the market owing to its usage in every advanced technology in the vehicles. Based on vehicle type, further, the automotive power electronics market has been segmented into passenger cars and commercial vehicles. The passenger car segment is expected to dominate the market over the forecast period. Increased sales of passenger cars in developing countries have helped the passenger car segment market grow. The commercial vehicle segment is also expected to show good growth in this market over the forecast period.
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Geographically, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Asia Pacific is expected to dominate the market over the forecast period owing to the installation of automotive safety technologies in the vehicles. The increasing demand for safety technology such as ADAS among consumers has led OEMs to install in the vehicles, which, in turn, is expected to drive the market’s growth in this market. Europe is also expected to show good growth in automotive power electronics over the forecast period. The increasing demand for electric vehicles in this region owing to stringent government regulations regarding vehicle emission is expected to drive the power electronics market’s growth in this region. North America is also expected to show good growth in the automotive power electronics market over the forecast period. The increasing adoption of advanced technology in vehicles and also increasing demand for connected cars in this region is likely to boost the market’s growth.
By Electric Vehicle Type
By Component Type
By Vehicle Type
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