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Global Automotive Power Electronics Market size is predicted to reach $5.4 billion by 2030, growing at a CAGR of 4.2% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The global shift towards sustainable transportation and stringent emission regulations are poised to propel the market growth, finds IndustryARC in its recent report, titled “Automotive Power Electronics Market – By Component (Microcontroller Unit, Power Integrated Circuit, Sensors, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Electric Vehicle Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles), By Application (Powertrain & Chassis, Body Electronics, Safety & Security, Infotainment & Telematics, Energy Management System, Battery Management System), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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Asia-Pacific to Register Highest Growth:
Asia-Pacific is the fastest-growing market for automotive power electronics. The region’s rapid growth is driven by technological advancements and strategic collaborations between automotive manufacturers and technology firms. For instance, Hyundai’s partnership with LG Electronics in April 2023 aims to develop next-generation battery management systems, reflecting a commitment to innovation. The focus on sustainable transportation solutions is evident in the launch of new models equipped with state-of-the-art power electronics, which enhance driving ranges and reduce charging times. This confluence of production volume and technological integration positions Asia-Pacific as a leader in the automotive power electronics sector, ensuring continued growth in the coming years.
Automotive Power Electronics Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
4.2% |
|
Market Size in 2030 |
$5.4 billion |
|
Segments Covered |
By Component, By Vehicle Type, By Electric Vehicle Type, By Application, and By Region |
|
Geographies Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa). |
|
Key Market Players |
1. STMicroelectronics N.V. 2. Infineon Technologies AG 3. Fuji Electric Co., Ltd. 4. NXP Semiconductors N.V. 5. Renesas Electronics Corporation 6. Toshiba Corporation 7. Mitsubishi Electric 8. Huawei Digital Power 9. Robert Bosch GmbH 10. Hitachi Energy |
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Automotive Power Electronics Market Report – Key Takeaways:
The demand for automotive power electronics in passenger cars is rising due to government initiatives promoting advanced electronics integration. Policies aimed at enhancing vehicle efficiency, safety, and environmental performance are key contributors. For example, in March 2024, the European Union mandated advanced driver-assistance systems (ADAS) in all new cars, significantly increasing the need for sophisticated power electronics. Similarly, the U.S. government has boosted funding for electric vehicle (EV) infrastructure, encouraging automakers to adopt power-efficient components. Additionally, China’s January 2024 tax incentives for electric and hybrid vehicles have accelerated the adoption of power electronics, fostering innovation in essential components like inverters and onboard chargers.
The demand for automotive power electronics in hybrid electric vehicles is surging due to the global push for decarbonizing the transport sector and decreasing fossil fuel reliance. Governments worldwide are enforcing strict regulations and offering incentives to accelerate hybrid and electric vehicle adoption. In January 2024, the European Union enhanced subsidies for hybrid vehicle purchases while tightening emission standards, significantly boosting the power electronics market. Concurrently, the U.S. launched the “Clean Transport Initiative” in April 2023, providing tax breaks and grants for hybrid manufacturers. Japan’s energy policy, announced in February 2024, aims to phase out internal combustion engines, further driving demand for advanced power electronics in hybrid vehicles.
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Key Opportunity Analysis:
Electrification of Powertrains Creating Opportunities in the Market
The electrification of powertrains presents a significant opportunity in the automotive power electronics market. As the automotive industry shifts towards electric and hybrid vehicles, the demand for advanced power electronics components, such as inverters and converters, is set to rise. This transition is driven by stringent government regulations aimed at reducing carbon emissions and promoting sustainable transportation. The increasing adoption of electric vehicles (EVs) will necessitate the development of high-efficiency power electronics that enhance energy management and performance. Consequently, automotive manufacturers and suppliers are likely to invest heavily in research and development to innovate and meet this growing demand.
Opportunities in the Market Due to Connected Vehicle Technologies
The rise of connected vehicle technologies offers a substantial opportunity for growth in the automotive power electronics market. As vehicles become increasingly equipped with advanced infotainment systems, driver assistance features, and connectivity modules, the need for efficient power management systems becomes critical. These connected systems rely on power electronics to regulate electrical power and ensure optimal performance. The growing consumer demand for enhanced convenience, safety, and entertainment in vehicles drives the adoption of connected technologies. As a result, automotive companies are expected to focus on integrating advanced power electronics solutions, creating a favorable environment for market expansion and innovation.
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The report also covers the following areas:
Automotive Power Electronics Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Automotive Power Electronics Market:
The Global Automotive Power Electronics Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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