Automotive power electronics market projected to be worth $5.49 billion by 2022
The automotive power electronics market, in terms of value, is projected to grow at a CAGR of 4.48% from 2017 to 2022, according to the report, “Automotive Power Electronics Market – Global Forecast to 2022.” The report, published by MarketsandMarkets, states that the market was valued at $4.30 billion in 2016 and is projected to reach a size of $5.49 billion by 2022. The major factors behind the growth of the automotive power electronics market are the increasing installations of advanced driver assistance systems, stringent automotive safety and security norms introduced by the government, and rising preference of vehicle electrifications among OEMs and Tier I suppliers.
The report also profiles promising players in the power electronics market. The key players in this market are Infineon Technologies AG (Germany), Texas Instruments, Inc. (U.S.), ON Semiconductor Corp. (U.S.), STMicroelectronics N.V. (Switzerland), Maxim Integrated Products, Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Qualcomm, Inc. (U.S.), Vishay Intertechnology, Inc. (U.S.), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan).
Body electronics applications are projected to acquire the largest market share in 2017. With the modernization of vehicles, the number of power electronic components employed in a vehicle has increased. The power electronics-driven operations include electric power steering, power windows, electronic brake systems, electric air conditioning, and others which constitute the major components of the body electronics application.
In terms of growth rate, the safety and security system segment of the automotive power electronics market is expected to show the highest CAGR during the forecast period. This can be attributed to the increasing installations of safety features and ongoing legal mandates regarding this application.
The growing complexity of vehicle electronics, coupled with the increasingly stringent emission norms, has propelled the growth of the passenger car segment of the global automotive power electronics market during the forecast period. The passenger car segment is expected to acquire the maximum market share for power electronics, because of the increasing installation of safety features. The government-approved safety mandates and regulations across the developed nations have created incentives for OEMs to manufacture passenger cars featuring advanced technologies. These factors have boosted the power electronics market for passenger cars worldwide.
The demand for technologically advanced cars has also expanded recently in the Asia-Pacific region with the convergence of the ICT sector, the automotive sector, and the transportation sector. This has resulted in the emergence of the advanced vehicle ecosystem. Upcoming safety regulations are expected to increase the installation of automotive safety technologies in passenger cars. The emergence of driving assistance technologies has created incentives for OEMs to opt for efficient power electronic components to satisfy the ongoing market requirement. Thus, the increasing use of technologically advanced cars is expected to push the need for power electronics in cars in the Asia-Pacific market.
The report is organized by application (body electronics, chassis and powertrain, infotainment and telematics, safety and security), vehicle (PC, CV), EV (PHEV, BEV, HEV), component (MCU, power IC, sensor), and region. To obtain a copy of the report, visit http://www.marketsandmarkets.com/pdfdownload.asp?id=226516353.