The global automotive power electronics market was valued at USD 4.05 billion in 2023 and is anticipated to reach USD 4.23 billion in 2024 from USD 5.95 billion by 2032, growing at a CAGR of 4.37% from 2024 to 2032.
Automotive power electronics are used to control car engines for proper control and conversion. It offers a wide range of applications, such as central locking, anti-brake system, power steering, brake system, and seat control. The application of solid-state devices such as thyristors, diodes, silicon-controlled rectifiers (SCRs), power MOSFETs, gate-cut thyristors, and others to control the flow of electrical energy with the help of electronic circuits is called power electronics. Automotive power electronics are used to control high voltage and convert electrical energy in the most efficient way. These devices help to control energy consumption in an optimized way.
The coming of high-power, high-recurrence exchanging gadgets has brought a total use of electronic force converters for power transformation and movement control. Technological advancements, along with reductions in the cost and size of components and systems, are determined to play a central role in the growth of automotive power electronics in the electric vehicle market. The adoption of electronics in powertrains is determined to rise at a significant rate over the outlook period because of the efforts by several provincial governments and environmental agencies to curb emissions in vehicles (i.e., hybrid and electric vehicles). With the rising call for electric vehicles, the demand for power electronics has also witnessed a spike in the last three years, where makers are offering different systems, such as battery management systems, transmission systems, etc., which are preparing to acquire or establish partners with major local automotive power electronics suppliers or expand their power electronics production facility to compete strongly in the market.
The increase in vehicle production, the rising adoption of safety systems such as Advanced Driver Assistance Systems (ADAS), as well as the strict safety and security standards introduced by the government and regulatory authorities are some of the main factors that are expected to drive the growth of the global automotive powder electronics market. Additionally, the growing preference for vehicle electrification coupled with the rising need for improved performance and fuel efficiency are other factors determined to drive target market growth during the foreseen period. Increasing environmental concerns and attention to reducing the cost and size of components and systems are likely to drive the market in the future. In addition, the increase in R&D activities related to the automotive and power electronics sector is foreseen to create potential revenue opportunities for manufacturers operating in the global market.
However, the complex design and integration process may slow the growth of the global automotive power electronics market during the conjecture period. A recent trend observed in the target market is that the demand for devices that work with low-consumption batteries is increasing day by day.
Because of the negative effect of coronavirus, a portion of the non-clinical manufacturing organizations have begun producing clinically related items, such as masks, ventilators, related segments, sanitiser, and others, leading automotive power electronics solution providers have announced the suspension of production due to decreased demand, and supply chain bottlenecks and to protect the safety of their employees in different parts of the world during the COVID-19 pandemic. Consequently, the automotive power electronics business is supposed to record a decline in 2020. Manufacturers will likely adjust production to avoid bottlenecks and schedule production based on demand from OEMs and tier-one manufacturers.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
4.37% |
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Segments Covered |
By Components, Application, Drive Type, Commercial Vehicles, Two Wheelers, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Application, Component, Vehicle Type, Electric Vehicle Type, and Others. |
Among the applications, the chassis and powertrain segment is estimated to account for a significant portion of the global market.
Among the components, the power integrated circuit segment is foreseen to record a substantial portion of global market revenue.
Among these, the passenger car segment is expected to post a significant growth rate over the conjecture period.
In Europe, the growth of electric car sales is mainly concentrated in a limited number of countries, such as the United Kingdom, France, Norway, Germany, Sweden, and the Netherlands. These electric vehicles primarily receive power control units (engine regulators) and battery management control units, which have additionally supported the car power hardware market in Europe. In addition, the European government has decided that vehicles that do not meet exhaust emission standards are strictly prohibited on the roads of urban cities, such as Paris. These initiatives are likely to increase the demand for electric vehicles and in turn, see an increase in the demand for power electronics in the European market during the conjecture period. Asia-Pacific dominated the global automotive power electronics market. Increased car production, regulations for the installation of automotive safety technologies, and the presence of large manufacturers are important factors estimated to drive the growth of the automotive power electronics business in Asia-Pacific. Increasing adoption of electronic power electric vehicles with rising efforts by regional governments and environmental agencies to reduce emission levels. Besides, the rising need for passenger and commercial vehicles from developing countries such as India and China is foreseen to drive the target market. The Middle East, Africa, and Latin America market represents a considerable part of the world market and is expected to register a considerable growth rate over the next 10 years.
Robert Bosch GmbH, Continental AG, Infineon Technologies, NXP Semiconductors, Texas Instruments Inc., Toshiba Corporation, Fuji Electric Co., Renesas Electronics, On Semiconductors, Rohm Semiconductor. Some of the market players that dominate the global automotive power electronic market.
By Application
By Component
By Vehicle Type
By Electric Vehicle Type
By Region
Frequently Asked Questions
The Global Automotive Power Electronics Market is expected to grow with a CAGR of 4.37% between 2023-2028.
The Global Automotive Power Electronics Market size is expected to reach a revised size of US$ 4.95 billion by 2028.
Robert Bosch GmbH, Continental AG, and Infineon Technologies are the three Automotive Power Electronics Market key players.
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