According to a new report published by Allied Market Research, titled, โAutomotive Power Electronics Market,โ The automotive power electronics market was valued at $5 billion in 2022, and is estimated to reach $8.1 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
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Power electronics includes the structure, and implementation of numerous electronic components and systems, such as AC/DC converters, inverters, vehicle motors, vehicle battery management systems, and other electrical control units, which finds an increased application of power electronics. The power electronic system used in vehicle helps in optimizing the performance of the vehicle trough proper battery management & consumption along with ensuring efficient electric propulsion & at the same time maintaining proper vehicle safety.
With the advancement in technology, the global automotive industry has experiences an increased support for developing effective automotive components. This has enabled numerous companies to develop & offer components to be used in automotive industry thus supplementing the growth of the market across the globe. Nations heavily reliant on crude oil imports, which represent a substantial portion of their expenditures, are now observing a remarkable surge in the adoption of electric vehicles. Moreover, electric vehicles utilize electricity as a cleaner energy source, making them an attractive and sustainable transportation solution for countries grappling with both dependence on imported crude oil and the challenges posed by escalating carbon emissions. Owning to the rising demands of electric vehicles, key market players are expanding their business presence to meet these demands. For instance, in February 2023, Infineon Technologies AG announced that it was starting the construction of its new plant in Dresden, Germany. The plant specialized in the manufacturing of analog/mixed-signal technologies and power semiconductors. Furthermore, the plant was to begin production by 2026. This allowed Infineon to strengthen their capabilities and product presence in the automotive power electronics market size.
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In addition, the rising adoption of electric vehicles necessities the requirement of charging infrastructure, the development of which is also on a rise. For instance, in 2023, Tata Power, one of Indiaโsโ largest EV charging solutions provider announced their plans to install around 25,000 new EV charging points across the nation in the next 5 years. Such instances, are expected to result in increased demands for automotive power electronics in the future, thereby propelling the growth of the market.
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By device, the Module/Discrete segment dominated the Automotive Power Electronics Market in terms of growth rate.
By application, the Module/Discrete segment is anticipated to exhibit a remarkable growth during the forecast period.
By drive type, the Electric Vehicle segment is anticipated to exhibit a remarkable growth during the forecast period.
By region, the North America region is anticipated to exhibit a remarkable growth during the forecast period.
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The key players profiled in this automotive power electronics market 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.
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