Market Overview:

The Automotive Power Electronics Market size is estimated to reach $5.4 billion by 2030, growing at a CAGR of 4.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, 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”

The global shift towards sustainable transportation and stringent emission regulations are fueling the growth of the Automotive Power Electronics industry during the forecast period.

Asia-Pacific Dominated the Market in 2023:

Asia-Pacific is recognized as the largest market for automotive power electronics, accounting for approximately 50% of the global market share in 2023. This dominance is attributed to the region's high vehicle production rates and the increasing integration of advanced electronics in automobiles. Leading countries such as China, Japan, and South Korea are at the forefront of vehicle manufacturing, with major automakers adopting sophisticated power electronic components to boost vehicle efficiency and performance. Notable innovations include Toyota's launch of a new hybrid model in March 2024, which features advanced power electronics for enhanced energy management and fuel efficiency, and BYD's electric vehicle series introduced in February 2024, showcasing cutting-edge inverters and converters. 

Automotive Power Electronics Market: Key Takeaways

Rising Market for the Electric Vehicles:

As the demand for electric vehicles (EVs) continues to surge, manufacturers are increasingly adopting power electronics to enhance vehicle performance and efficiency. This shift towards electrification is fueled by environmental concerns and government incentives aimed at reducing carbon emissions. The growing number of charging stations and advancements in battery technology further support this trend, creating a robust demand for power management integrated circuits (PMICs) and intelligent power modules (IPMs). Consequently, the electrification of powertrains is expected to propel the automotive power electronics market substantially in the coming years.

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Escalating Demand for Advanced Vehicle Connectivity and Infotainment Systems:

Consumers are increasingly seeking vehicles equipped with sophisticated technologies that enhance safety, comfort, and entertainment. This demand has led to a greater emphasis on integrating power electronics within various automotive applications, including body electronics and telematics. Additionally, stringent safety and emission regulations are pushing manufacturers to innovate and incorporate advanced electronic systems to comply with these standards. As a result, the automotive power electronics market is poised for significant growth, driven by technological advancements and changing consumer preferences. 

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


Recent Developments:
  1. In May 2022, STMicroelectronics joined forces with Microsoft to make development of highly secure IoT devices easier.
  2. In March 2023, Infineon Technologies announced the acquisition of GaN Systems, a global leader in gallium nitride (GaN)-based power conversion solutions. This move strengthened Infineon's position in the market.

Automotive Power Electronics Market: Competitive Landscape

Key companies profiled in the Automotive Power Electronics Market are STMicroelectronics N.V., Infineon Technologies AG, Fuji Electric Co., Ltd., NXP Semiconductors N.V., Renesas Electronics Corporation, Toshiba Corporation, Mitsubishi Electric, Huawei Digital Power, Robert Bosch GmbH, Hitachi Energy and others.

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Mr. Venkat Reddy
IndustryARC
USA: (+1) 518-282-4727