This report Incorporated the study of the automotive power electronics market. Power electronics is concerned with the design, control, and conversion of electrical power utilizing semiconductor device. Power electronics technology is used to convert electrical power from one form to another and to control the flow of electrical power. Some of the important device used in power electronics Include power diodes, thyristors, power transistors, and insulated-gate bipolar transistors (IGBTs). These devices are used to control and switch electrical power in various applications. Power electronics is essential in the running of automobiles as they help to regulate and control the flow of electrical power among the battery, motor, and other vehicle components.
At present, countries across the globe are focusing on shifting to greener and sustainable alternatives to conventional means of transportation. Electric vehicles fulfil all the requirements as they produce zero tailpipe emissions, which helps to improve air quality and reduce greenhouse gas emissions, which results in a cleaner and healthier environment. In addition, electric vehicles have lower operating costs than conventional internal combustion engine powered vehicles as electricity is less expensive than gasoline, and electric motors are more efficient than internal combustion engines.
These benefits make them an attractive option for consumers, businesses, and governments looking to reduce emissions and save on money. According to the findings of the International Energy Agency (IEA) from the Global EV Outlook, 2022, the sales of electric cars doubled in 2021 to a new record of 6.6 million. Such factors are expected to create ample demands for power electronics for use across automotive applications.
Moreover, the rise in trend of electrification across the automotive industry is expected to result in Increased demands for automotive power electronics. In addition, rise in demand for high efficiency electronic components and rise in advancements in autonomous driving technologies are expected to open new market opportunities for the major players in the industry.
However, the manufacturing process of power electronics necessitates high infrastructure costs. This is due to the requirement of specialized equipment, materials, and production methods for the manufacturing of power electronics components. In addition, there is requirement of cleanroom facilities for manufacturing of power electronics. Such facilities are costly to build and maintain, and they often take up a lot of floor space. In addition, power electronics must undergo extensive testing and quality control to ensure that they work properly and dependably during operation. Specialized equipment and qualified specialists are necessary to carry out the testing and quality control activities. Such factors are expected to hinder the growth of the automotive power electronics market.
The automotive power electronics market is segmented into device, application, drive type, and region. By device, the market is bifurcated into power IC and module/discrete. By application, the market is classified into chassis & powertrain, safety & security system, infotainment & telematics, body electronics, and others. By drive type, the market is divided into ICE vehicle and electric vehicle. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The leading players that have been studied across the automotive power electronics market Include BorgWarner Inc., Continental AG, Danfoss A/S, Denso Corporation, Infineon Technologies AG, Mitsubishi Electric Corporation, NXP Semiconductors, ON Semiconductors, Renesas Electronics Corporation and Robert Bosch. These companies hold a prominent share in the global automotive power electronics market due to their wider range of products for use across the automotive industry.
At present, countries across the globe are focusing on shifting to greener and sustainable alternatives to conventional means of transportation. Electric vehicles fulfil all the requirements as they produce zero tailpipe emissions, which helps to improve air quality and reduce greenhouse gas emissions, which results in a cleaner and healthier environment. In addition, electric vehicles have lower operating costs than conventional internal combustion engine powered vehicles as electricity is less expensive than gasoline, and electric motors are more efficient than internal combustion engines.
These benefits make them an attractive option for consumers, businesses, and governments looking to reduce emissions and save on money. According to the findings of the International Energy Agency (IEA) from the Global EV Outlook, 2022, the sales of electric cars doubled in 2021 to a new record of 6.6 million. Such factors are expected to create ample demands for power electronics for use across automotive applications.
Moreover, the rise in trend of electrification across the automotive industry is expected to result in Increased demands for automotive power electronics. In addition, rise in demand for high efficiency electronic components and rise in advancements in autonomous driving technologies are expected to open new market opportunities for the major players in the industry.
However, the manufacturing process of power electronics necessitates high infrastructure costs. This is due to the requirement of specialized equipment, materials, and production methods for the manufacturing of power electronics components. In addition, there is requirement of cleanroom facilities for manufacturing of power electronics. Such facilities are costly to build and maintain, and they often take up a lot of floor space. In addition, power electronics must undergo extensive testing and quality control to ensure that they work properly and dependably during operation. Specialized equipment and qualified specialists are necessary to carry out the testing and quality control activities. Such factors are expected to hinder the growth of the automotive power electronics market.
The automotive power electronics market is segmented into device, application, drive type, and region. By device, the market is bifurcated into power IC and module/discrete. By application, the market is classified into chassis & powertrain, safety & security system, infotainment & telematics, body electronics, and others. By drive type, the market is divided into ICE vehicle and electric vehicle. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The leading players that have been studied across the automotive power electronics market Include BorgWarner Inc., Continental AG, Danfoss A/S, Denso Corporation, Infineon Technologies AG, Mitsubishi Electric Corporation, NXP Semiconductors, ON Semiconductors, Renesas Electronics Corporation and Robert Bosch. These companies hold a prominent share in the global automotive power electronics market due to their wider range of products for use across the automotive industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive power electronics market analysis from 2022 to 2032 to identify the prevailing automotive power electronics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive power electronics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global automotive power electronics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Device
- Power IC
- Module/Discrete
By Application
- Chassis and Powertrain
- Safety and Security System
- Infotainment and Telematics
- Body Electronics
- Others
By Drive Type
- ICE Vehicle
- Electric Vehicle
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Danfoss A/S
- Denso Corporation
- Mitsubishi Electric Corporation
- NXP Semiconductors
- Continental Aktiengesellschaft.
- Robert Bosch GmbH
- BorgWarner Inc.
- Semiconductor Components Industries, LLC.
- Renesas Electronics Corporation
- Infineon Technologies AG.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE POWER ELECTRONICS MARKET, BY DEVICE
CHAPTER 5: AUTOMOTIVE POWER ELECTRONICS MARKET, BY APPLICATION
CHAPTER 6: AUTOMOTIVE POWER ELECTRONICS MARKET, BY DRIVE TYPE
CHAPTER 7: AUTOMOTIVE POWER ELECTRONICS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Automotive Power Electronics Market is expected to experience a significant growth rate of 5.1% from 2023 to 2032 owing to rise in trend of electrification across the automotive domain and rising regulations for safety systems.Automotive power electronics encompasses the application of electronic devices and systems for the purpose of controlling and regulating the flow of electrical energy. It has gained significant relevance in modern automobiles, as it contributes to improving safety, efficiency, and overall performance. Key components within automotive power electronics include inverters, converters, and voltage regulators. These components are responsible for managing various functions within the vehicle, such as the battery charging system, electric power steering, and regenerative braking.
The growing importance of automotive power electronics can be attributed to the gradual shift of the automotive industry towards electric and hybrid vehicles. These vehicles heavily rely on power electronics to power crucial components and effectively manage energy consumption. Consequently, automotive power electronics are poised to play a pivotal role in shaping the future of transportation.
Growing environmental concerns surrounding the air pollution and greenhouse gas emissions associated with fossil-fuel-powered vehicles has heightened awareness. In response, electric vehicles have emerged as a cleaner and more sustainable alternative, with almost zero emissions. Notably, advancements in critical components like battery systems and motors have significantly improved in recent years, bolstering the viability of electric vehicles as a practical substitute for traditional internal combustion engine vehicles. As a result, there has been a substantial surge in the global demand for electric vehicles. According to the International Energy Agency's (IEA) Global EV Outlook 2022, electric car sales reached a record-breaking 6.6 million units in 2021, doubling the figures from the previous year.
Power electronics are crucial components of any electrical system, as they help in conditioning of power from the available source to the constrains as required by a component in the electrical loop. As a result, the power electronics sector is witnessing fast development and innovation as businesses strive to manufacture more efficient, and cost-effective components to fulfil the EV market's expectations. This is expected to result in the growth of the automotive power electronics market.
Additionally, modern automobiles feature many active safety systems such as anti-lock braking systems (ABS), electronic stability control (ESC), adaptive cruise control (ACC), and lane departure warning (LDW), which are designed to prevent accidents. The effectiveness of numerous safety systems depends on the integration of sensors and Electronic Control Units (ECUs) to monitor external surroundings and make informed decisions. These components, in turn, rely on power electronics such as voltage regulators and DC-DC converters to supply the necessary voltage and current levels for these electronic systems. As a consequence, the demand for power electronics is anticipated to rise, subsequently driving market growth in the future.
In recent years, there has been a significant rise in demand for high efficiency electronic components across various industries. This surge can be attributed to several factors driving technological advancements and market trends. One key driver is the increasing focus on energy efficiency and sustainability. As the world becomes more conscious of the environmental impact of energy consumption, industries are striving to develop and utilize electronic devices that are highly efficient in converting energy into useful output. High efficiency electronic components, such as power electronics play a crucial role in achieving these objectives by minimizing energy losses and maximizing performance.
Furthermore, the advent of emerging technologies like the Internet of Things (IoT) and 5G networks has accelerated the demand for high efficiency electronic components. With advanced technologies such as such as autonomous driving and connected cars gaining popularity, components that can handle the increased data processing and transmission while minimizing power consumption are expected to rise in demand. This is expected to create additional demand for efficient power electronics, which, in turn, is expected to create numerous opportunities for the growth of the automotive market during the forecast period.
The automotive power electronics market is segmented into device, application, drive type, and region. By device, the market is segmented into power IC and module/discrete. On the basis of application, the market is segmented into Chassis & Powertrain, Safety & Security System, Infotainment & Telematics, and Body Electronics. On the basis of drive type, it is bifurcated into IC engine vehicle and electric vehicle. On the basis of end user, the market is bifurcated into residential and commercial. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include BorgWarner Inc., Continental AG, Danfoss A/S, Denso Corporation, Infineon Technologies AG, Mitsubishi Electric Corporation, NXP Semiconductors, ON Semiconductors, Renesas Electronics Corporation and Robert Bosch. These companies hold a prominent share in the global automotive power electronics industry due to their wider range of products offered by these companies.
Key Market Insights
- By device, the Power IC segment was the highest revenue contributor to the market, with $3.17 billion in 2022, and is estimated to reach $4.75 billion by 2032, with a CAGR of 4.3%.
- By application, the others segment was the highest revenue contributor to the market, with $2.29 billion in 2022, and is estimated to reach $3.32 billion by 2032, with a CAGR of 4.0%.
- By drive type, the ICE Vehicle segment dominated the global market, and is estimated to reach $4.64 billion by 2032, with a CAGR of 3.6%.
- Based on region, North America was the highest revenue contributor, accounting for $1.75 billion in 2022, and is estimated to reach $2.74 billion by 2032, with a CAGR of 4.7%.
Companies Mentioned
- BorgWarner Inc.
- Continental Aktiengesellschaft.
- Danfoss A/S
- Denso Corporation
- Infineon Technologies AG.
- Mitsubishi Electric Corporation
- NXP Semiconductors
- Renesas Electronics Corporation
- Robert Bosch GmbH
- Semiconductor Components Industries, LLC.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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