Automotive power electronics market to expand by 2025
The global automotive power electronic market is projected to expand at a CAGR of 19.0% from 2017 to 2025, to reach a value of $22,658.4 million by 2025, according to Transparency Market Research. In its new market report, "Automotive Power Electronic Market [(By Electric Vehicle - Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV) and Plug-in Hybrid Electric Vehicles (PHEV); By Vehicle Type - Passenger Cars (PC) and Commercial Vehicles (CV); By Application - Powertrain and Chassis, Body Electronics, Safety & Security Systems, Infotainment & Telematics and Others)] - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025," Transparency Market Research projects that the global automotive power electronics market will be driven by growing demand for technologically advanced solutions for vehicle systems.
According to the study, North America dominated the automotive power electronics market in 2016. The U.S. invests substantially in battery-operated electric vehicles, and this fosters adoption of automotive power electronics in this region. Extensive research and development in electric vehicles broadens the scope of the market. Asia Pacific is anticipated to witness relatively fast adoption of technologically advanced electric vehicles with the convergence of the automotive sector, the ICT sector, and the transportation sector over the forecast period. In Asia Pacific, countries such as China, Japan, and Australia are anticipated to drive growth of the market. This is because of government initiatives for adoption of smart transportation solutions in upcoming years. Furthermore, Europe, after Asia Pacific, is forecast to emerge as the highest growth contributor among the regions in the near future. Many European countries such as the U.K., Germany, France, Italy, and Norway make considerable efforts toward development of the automotive industry. The government takes a positive approach toward the installation of safety features in electric vehicles. As the transportation sectors in North America and in Europe have widely adopted advanced driver assistance systems for transportation, the automotive power electronics market is expected to experience steady growth over the forecast period. Adoption of battery-operated electric vehicles expands the use of automotive power electronics in vehicles because it enables increased ease of adaptability and more precise performance.
In 2016, of the electric vehicle segment, the majority revenue share in the global automotive power electronics market was held by hybrid electric vehicles (HEV), as the HEV is playing a major role in decarbonizing the transport sector and reducing its reliance on fossil fuels, according to the study. However, in terms of revenue, the battery electric vehicle (BEV) segment followed by the plug-in hybrid electric vehicle (PHEV) segment is also projected to expand at a faster rate in the market. Based on vehicle type, the global market is categorized into the passenger car (PC) and commercial vehicle (CV). The passenger car segment is expected to not only contribute major revenue share in the global automotive power electronics market but is projected to expand at a significant pace during the forecast period from 2017 to 2025, due to government initiatives for adoption of advanced vehicle ecosystems to minimize environmental pollution. Upcoming safety rules are expected to increase the installation of automotive safety technologies and security features in passenger cars. The emergence of advanced driver assistance technologies has pushed the original automotive equipment manufacturers to incorporate efficient power electronic components to meet the current market requirement.
The body electronics application segment is expected to contribute major revenue share in the global automotive power electronics market, whereas the safety and security system application segment is projected to expand at a significant pace during the forecast period. This growth is expected to be driven by government initiatives for adoption of smart transportation solutions with advanced safety features. Furthermore, in terms of revenue, after the safety and security systems segment, the advanced driver assistance system (ADAS) followed by the powertrain and chassis application segment is the highest growing segment of the market in the forecast period. The positive outlook and response toward smart transportation follows the growing number of adoptions across different regions and countries, including the U.K., U.S., and China.
The key players profiled in the global automotive power electronics market include Infineon Technologies AG, Texas Instruments, Inc., ON Semiconductor Corp., Maxim Integrated Products Inc., NXP Semiconductors N.V., Qualcomm, Ins., Renesas Electronics Corp., Robert Bosch GmbH, Mitsubishi Heavy Industries Ltd., and Vishay Intertechnology Inc.
For more information about the report, go to https://www.transparencymarketresearch.com/automotive-power-electronics-market.html.