This research comprises comprehensive information on Automotive Power Electronics Market segments 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.
Automotive Power Electronics Global Market Key Companies Analyzed In Report Are: 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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Global Automotive Power Electronics Market Highlights:
Automotive Power Electronics market is expected to grow at a CAGR of around 5.12% during the period 2017 to 2023. 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. 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%.
Automotive Power Electronics Market Growth Factors:
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.
On the basis of region, the market has been segmented as North America, Asia Pacific, Europe, and Rest of the World.
North America region is expected to dominate the market during the forecast period due to increase in use of advance technology in electric vehicle in this region.
Asia Pacific region is expected to witness the highest growth during forecast period due to increase in sales of electric vehicle in this region. As a result of increasing prosperity in the emerging economies, more and more people are able to own cars, particularly in emerging Asian economies such as China and India. This will result in increased use of power electronics in this region, which will drive 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.
Market Segments Analysis:
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.
Based on vehicle type, passenger car segment is expected to dominate the market during the forecast period due to rapidly increasing sales of electric cars.
The report for Global Automotive Power Electronics Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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