Global Automotive Power Electronics Market to Grow at a CAGR of 4.3% During 2024-2032, Driven by the growing demand for electric vehicles.

Power electronics, which include telematics and entertainment systems, powertrains, safety and security systems, and body electronics, are widely employed in both the interior and exterior of automobiles. In electric and hybrid automobiles, power electronics regulate electric motors' speed, torque, and direction.

The market for electric cars is expanding exponentially, with sales of 10 million EVs in 2022. 10% of the increase in global sales was attributed to the United States. According to International Energy Agency estimates, the number of electric cars, vans, trucks, and buses is projected to reach 200 million by 2030. Power electronics play a crucial role in battery management systems and control the flow of electricity in plug-in and hybrid electric vehicles.

The Asia Pacific holds a significant portion of the automotive power electronics market share due to the presence of automotive manufacturers in countries like Japan, South Korea, and China. The continuous development and launch of new models propel the EV market, which, in turn, creates demand for interior and exterior automotive power electronics.

Partnerships among leading companies support the growth of the market. In November 2023, Mitsubishi Electric Corporation (OTCMKTS: MIELY) partnered with Nexperia B.V. in order to collaboratively develop silicon carbide (SiC) power semiconductors for power electronics. In order to manufacture and provide SiC MOSFET chips, which Nexperia will employ to develop SiC discrete devices, Mitsubishi Electric will make use of its wide-bandgap semiconductor capabilities.

The exponential growth of SiC power semiconductors, which offer greater operating temperatures, faster switching rates, and reduced energy loss than conventional silicon power semiconductors, is being fuelled in part by the global expansion of the electric car sector. The companies have anticipated that SiC power semiconductors' high efficiency would make a substantial contribution to worldwide decarbonisation and green transformation.

Table: EV sales growth with respect to global automotive sales (in %)
 
 

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Market Analysis by Device Type, Application Type, Drive Type, Component Type, Vehicle Type, Electric Vehicle Type, and Region:

• The market, on the basis of device type, can be divided into power IC, power module, and power discrete.

• On the basis of application type, the market can be divided into ADAS and safety, body control and comfort, infotainment, telematics, engine management and powertrain, and battery management.

• The market, on the basis of drive type, can be divided into IC engine vehicle and electric vehicle.

• Based on component type, the market can be divided into sensor, microcontroller unit, and power integrated circuit.

• The different vehicle types considered in the market report include passenger cars and commercial vehicles.

• Based on electric vehicle type, the market can be divided into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.

• The regional markets for automotive power electronics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising popularity of connected cars that offer various advantages, such as enhanced convenience, advanced infotainment features such as voice control, social media integration, and streaming of music and video, drives the automotive power electronics market growth.

• The expanding sales of electric and hybrid vehicles and the growing investment in the EV sector necessitate the application of power electronics to provide enhanced safety. The evolution in autonomous driving technology further creates demand for automotive power electronics.

• Advancements in wide bandgap materials (WBG), such as GaN and SiC, have greatly improved the efficiency of power conversion stages. Additionally, the incorporation of switched-mode power supplies (SMPS) has increased converter power requirements and operating frequencies.

• According to industry reports, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. The expanding automotive demand due to growing disposable income and consumer demand for advanced features to achieve fuel efficiency and safety further contributes to the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global automotive power electronics market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the device types, application types, drive types, component types, vehicle types, electric vehicle types, and major regions of automotive power electronics.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive power electronics market are Robert Bosch GmbH, Continental AG, Infineon Technologies AG, STMicroelectronics International N.V., Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., BorgWarner Inc., Danfoss A/S., Valeo SE, and Vishay Intertechnology, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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