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Automotive Power Electronics Market Size

Report ID: GMI6796
Published Date: Sep 2023
Report Format: PDF

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Automotive Power Electronics Market Size

Automotive Power Electronics Market size was valued at USD 4.8 billion in 2022 and is anticipated to grow at a CAGR of over 4.5% between 2023 & 2032. The increasing modernization of vehicles is a significant factor driving the global market growth. As vehicles become more advanced and sophisticated, the demand for power electronics components rises. These components are essential for efficient energy management, motor control, and the operation of electronic systems within vehicles. As modernization continues to enhance vehicle performance and features, the need for power electronics solutions is expected to grow steadily, propelling the overall industry forward.

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Automotive power electronics refers to a specialized branch of electronics focused on the design, development, and application of electronic systems & components in vehicles. Their primary purpose is to control and manage electrical energy within the vehicle, facilitating tasks such as power distribution, electric propulsion in electric & hybrid vehicles, efficient energy conversion, and the operation of various vehicle systems including engine control units, infotainment systems, and Advanced Driver Assistance Systems (ADAS). Automotive power electronics play a crucial role in enhancing vehicle efficiency, performance, and functionality while reducing emissions & improving the overall driving experience.

Automotive Power Electronics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Automotive Power Electronics Market Size in 2022:	4.8 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 7 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	870
Segments covered:	Component, Material, Application, Vehicle Type, Propulsion Type, and Region
Growth Drivers:	Increasing modernization of vehicles Rising demand for energy-efficient, battery-powered devices Growing trend of vehicle electrification Increasing awareness of environmental issues and the desire for sustainable transportation Development of wide-bandgap semiconductors
Pitfalls & Challenges:	Increasing overall cost of vehicles Complex design & integration process required for advanced application

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The increasing overall cost of vehicles can be a pitfall for the automotive power electronics market as it reduces consumer affordability. Higher vehicle costs, driven by expensive power electronics components, can deter potential buyers and slow down-market adoption. This price sensitivity can hinder the widespread integration of advanced power electronics technologies in vehicles, potentially limiting market growth and the industry's ability to achieve economies of scale.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for automotive power electronics was valued at USD 4.8 billion in 2022 and is anticipated to grow at a CAGR of over 4.5% between 2023 & 2032, backed by the increasing modernization of vehicles.

The power IC segment held a market share of over 70% in 2022 and is expected to grow at a lucrative pace by 2032 as these ICs offer high power density and thermal performance, enabling better energy management in vehicles.

Asia Pacific held a market share of over 30% in 2022 and is poised to generate lucrative growth opportunities as the region, home to major automotive manufacturers & a burgeoning middle class, is witnessing an increased demand for vehicles.

Delphi Technologies, Danfoss, Fuji Electric, Infineon Technologies AG, Maxim Integrated, Mitsubishi Electric Corporation, NXP Semiconductor, ON Semiconductor, Renesas, Robert Bosch GmbH, STMicroelectronics, Texas Instruments, Inc., and Toshiba Corporation among others.