The automotive power electronics market size was USD 4.24 Billion in 2022 and is expected to register a revenue CAGR of 4.7% during the forecast period according to the latest analysis by Repots and Data. Increasing need for battery-powered, energy-efficient vehicle is driving the revenue growth of the market. Power electronics market prospects in the transportation industry are anticipated to grow significantly as Plug-in Hybrid Electric Vehicle (PHEV) production and sales increase. In addition, the proliferation of charging stations encourages the adoption of power electronic components such as Insulated Gate Bipolar Transistors (IGBT), Intelligent Power Modules (IPMs), and standard power integrated modules. One of the most significant developments in the environmental movement has been the introduction of Electric Vehicles (EVs). They are environmentally beneficial since they run on electricity rather than fossil fuel. This has contributed to high demand for electric vehicles expanding. A lot of electronic equipment is used in their production owing to the fact that these vehicles are entirely powered by electricity. In the upcoming years, the power electronics market is expected to be significantly impacted by revenue growth of the electric vehicles market.
However, advanced application design and integration process complexity could restrain revenue growth of the market. The integration of various functionality on a single chip is becoming more popular in the automotive power electronics sector, which eventually leads to complicated designs. This change underscores the industry's drive for innovative, cost-effective solutions that result in smaller modules, lower switching losses, and higher power efficiency. However, high switching frequency of these high-tech gadgets presents a unique set of design difficulties. The switching speed is decreased by complicated design structure of control algorithms, which has an impact on the control structure's overall performance. In addition, some technologies provide cooling difficulties for design engineers, which could also hamper revenue growth of the market.
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Some Key Highlights From the Report
- The power IC segment accounted for the largest revenue share in 2022. Vehicle batteries have a finite amount of power storage capability. To make sure that the power supply is effective while an electrically powered application is in use, power management Integrated Circuits (ICs) are widely employed which is driving the revenue growth of the segment.
- The passenger vehicle segment accounted for the largest revenue share in 2022. Increased need for safety measures and fuel-efficient technologies is driving revenue growth of the segment. Since last five to ten years, several safety, comfort, entertainment, and vehicle management systems have been added to passenger automobiles. This is owing to elements including shifting consumer preferences for vehicles backed by governmental regulations. Original Equipment Manufacturers (OEMs) are also quite active in introducing new car models and variations that will satisfy consumer demand. In addition, rising populations in emerging nations motivate OEMs to include particular features in new passenger car models. This is done in order to emphasize one's own items among those on the market. OEMs from Grade I and Tier Two also attempt to include innovative features or technologies in mass-produced passenger cars, which is driving revenue growth of the segment.
- The market in North America accounted for largest revenue share in 2022. Rising Research and Development (RD) owing to presence of key players in this region is expected to boost market growth. On 5 December 2022 for instance, KOSTAL announced the building of a new 262,000 square-foot (21,000 square meters) plant in Querétaro, Mexico, as part of an expansion of its power electronics production into North America to service the rapidly expanding electric vehicle market. A total of 750 jobs will be created in Mexico and several jobs in the U.S. to support research, engineering, and production after production starts in late 2023. The new facility is the business's first power electronics facility in North America. The facility will be highly advanced and offer a hygienic working environment. At the location, KOSTAL will produce onboard chargers for EV charging and related parts for electric vehicles.
Competitive Landscape:
Robert Bosch GmbH, Continental AG, Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, TOSHIBA CORPORATION, Fuji Electric Co, Renesas Electronics Corporation, Semiconductor Components Industries, LLC, and ROHM CO., LTDThe global market is further segmented into type and application:
Device Outlook (Revenue, USD Billion; 2019-2032)
- Power IC
- Power Module/Discrete
Component Outlook (Revenue, USD Billion; 2019-2032)
- Microcontroller
- Sensor
Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Material Outlook (Revenue, USD Billion; 2019-2032)
- Silicon
- Silicon Carbide
- Gallium Nitride
- Others
Application Outlook (Revenue, USD Billion; 2019-2032)
- ADAS safety
- Body control comfort
- Infotainment
- Telematics
- Engine management powertrain
- Battery management
Electric vehicle Outlook (Revenue, USD Billion; 2019-2032)
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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