Automotive Power Electronics Market Accruals with a Striking CAGR of ~ 5.12% by 2023; Asserts MRFR

Market Research Future published a research report on “Automotive Power Electronics Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Automotive Power Electronics Market Information Report by Component (MCU, Power IC, Sensor), Application (Body Electronics, Chassis & Powertrain, Infotainment & Telematics, and Safety & Security System), by Electric Vehicle Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV) and Plug-in Hybrid Electric Vehicles (PHEV), by Vehicle Type (Passenger car and Commercial Vehicle) and region.


Market Scenario 

Power electronics includes a solid state circuit device that coverts the current from the source to the load. The main purpose of the power electronics is to control the power fluctuation in components such as monitoring diodes, and transistors. It also manages the power so as to enhance the energy conservation in application such as Body Electronics, Chassis & Powertrain, Infotainment & Telematics, and Safety & Security System. Power electronics controls the flow of the current in both unidirectional as well bidirectional way. The major application of automotive power electronics in power generation is to provide improved efficiency and high power withstanding temperature. They are used in applications such as aerospace, automotive electrical and electronic systems. Power electronics, in automotive, consist of various components such as MCU, power IC, and sensor. Power electronics are mostly used in electric vehicles, but are also installed in passenger car and commercial vehicles so as to protect the systems from power failure. 

The factors that are responsible for the growth of automotive electronics market are increased demand of the advance technology in vehicles, growing environment concern leading to increased use of electric vehicles, and increase in safety of the electronics control panel in vehicles. The advancement in technology such as advanced driver assistance systems (ADAS), electronic stability control (ESC), and electronic control unit (ECU) have been emerging in the electric vehicles, which require power electronics for the protection of the system. This advancement in the technology have resulted in the increase use of power electronics in the vehicles. The increase in use of power electronics in electric vehicles have resulted in the growth of the market during the forecast period. The growing environmental concern due to the pollution have resulted in growing demand for electric vehicles. The growing demand for electric vehicles have resulted in the increase use of power electronics, which will drive the market in the future. The market is expected to reach USD 5.5 billion by 2023, at a CAGR of 5.12%.


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The Automotive Power Electronics Market has been segmented based on component, application, vehicle type, and region. On the basis of component, the market has been segmented as MCU, Power IC, and Sensor. The sensor segment is expected to witness the highest growth during the forecast period because it is the key component in the electric vehicles. Sensors are mainly used in ADAS technology, electronic stability control (ESC), and electronic control unit (ECU), which are the key technologies used in electric vehicles. Based on applications, the market has been segmented as body electronics, chassis & powertrain, infotainment & telematics, and safety & security system. The body electronics segment is expected to dominate the market during the forecast period due to growing government regulations and initiative for the adoption of smart transportation solution with advance safety features. On the basis of vehicle type, passenger car segment is expected to dominate the market during the forecast period due to rapidly increasing sales of electric cars.

On the basis of region, the market is segmented as North America, Asia Pacific, Europe, and Rest of the World. North America region is expected to dominate the power electronics in automotive market because in North America, U.S. has spent the highest in the battery operated electric vehicle. Asia Pacific is expected to have the highest market share during the forecast period due to increased adoption of advance technology in electric vehicles. This will result in growing demand of power electronics, which is expected to result in the growth of the market during the forecast period. In Europe, countries such as U.K., Germany, France, and Italy have made considerable effort for the development of technology in automotive industry. This development in technology has resulted in the growth of the market during the forecast period. 


Key Players 

The key players global automotive power electronics market are Infineon Technologies AG (Germany), Texas Instruments Inc. (U.S.), ON Semiconductor Corp. (U.S.), Renessa Electronics Corp. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Maxim Products Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Qualcomm Ins. (U.S.), Robert Bosch GmbH (Germany), and Vishay Intertechnology Inc. (U.S.).


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