Automotive Power Electronics

Automotive Power Electronics

Global Automotive Power Electronics Market to Reach US$6.5 Billion by 2030

The global market for Automotive Power Electronics estimated at US$5.1 Billion in the year 2023, is expected to reach US$6.5 Billion by 2030, growing at a CAGR of 3.4% over the analysis period 2023-2030. Passenger Cars Vehicle Type, one of the segments analyzed in the report, is expected to record a 3.9% CAGR and reach US$5.4 Billion by the end of the analysis period. Growth in the Commercial Vehicle Vehicle Type segment is estimated at 0.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.3 Billion While China is Forecast to Grow at 6.1% CAGR

The Automotive Power Electronics market in the U.S. is estimated at US$1.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2030 trailing a CAGR of 6.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.0% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.7% CAGR.

Global Automotive Power Electronics Market - Key Trends & Drivers Summarized

Why Are Power Electronics So Vital in Modern Automotive Applications?

Automotive power electronics are integral to the efficient functioning of electric and hybrid vehicles, managing the distribution and control of electrical power throughout the vehicle`s systems. As the automotive industry shifts towards electrification, power electronics are becoming increasingly essential for managing battery power, converting energy, and supporting various electronic systems. The rising adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is a primary factor driving the growth of the automotive power electronics market, as these vehicles require sophisticated power management systems to achieve optimal efficiency and performance.

What Technological Advances Are Influencing Automotive Power Electronics?

The automotive power electronics market has experienced significant technological advancements, particularly in the areas of semiconductor technology and power conversion efficiency. Innovations such as silicon carbide (SiC) and gallium nitride (GaN) semiconductors are enabling the production of power electronics with higher energy efficiency, reduced weight, and increased thermal conductivity. These new materials are particularly beneficial for electric vehicles, as they help improve charging efficiency and extend vehicle range. Additionally, the integration of advanced power inverters, converters, and motor controllers has been pivotal in enhancing the efficiency of electric powertrains, while also reducing power losses during energy conversion processes.

How Are Consumer and Market Dynamics Shaping the Demand for Power Electronics?

The growing consumer preference for electric and hybrid vehicles, driven by concerns over environmental sustainability and rising fuel costs, is significantly boosting the demand for automotive power electronics. Consumers expect electric vehicles that offer long driving ranges, efficient charging, and enhanced performance—all of which are made possible by advanced power electronics. Moreover, the trend towards vehicle electrification is not limited to passenger cars but extends to commercial vehicles as well, which requires robust power electronic systems to handle the higher power demands of larger vehicle formats. Additionally, government initiatives and subsidies promoting electric vehicles have accelerated the adoption of power electronic components as automakers invest in electrification technologies to meet regulatory and market demands.

The Growth in the Automotive Power Electronics Market Is Driven by Several Factors.

The growth in the automotive power electronics market is driven by several factors, including the rapid adoption of electric vehicles, which require efficient power management systems for battery charging, power conversion, and energy storage. Advances in semiconductor technology, particularly the adoption of SiC and GaN materials, have led to improved power efficiency and reduced energy losses, which are crucial for enhancing vehicle range and performance. The rising demand for vehicles with advanced infotainment and connectivity systems has also fueled the need for robust power electronics to manage the increased electrical load. Furthermore, supportive government policies, subsidies, and initiatives promoting electric mobility have significantly contributed to the growth of the automotive power electronics market by encouraging automakers to invest in developing electric powertrain technologies.

Select Competitors (Total 46 Featured) -

• Infineon Technologies AG
• Mitsubishi Electric Corporation
• NXP Semiconductors NV
• Robert Bosch GmbH
• Texas Instruments, Inc.
• Toshiba Corporation

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