Automotive Power Electronics Market Companies Analyzed in report:
Infineon Technologies AG (Germany), Texas Instruments Inc. (U.S.), ON Semiconductor Corp. (U.S.), Renessa Electronics Corp. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Maxim Products Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Qualcomm Ins. (U.S.), Robert Bosch GmbH (Germany), and Vishay Intertechnology Inc. (U.S.).
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The global market of Automotive Power Electronics market will grow at a rapid pace over the forecast period. The Automotive Power Electronics market is expected to reach $5.5 billion by 2023, at a CAGR of 5.12%.The factors that are responsible for the growth of automotive electronics market are increased demand of the advance technology in vehicles, growing environment concern leading to increased use of electric vehicles, and increase in safety of the electronics control panel in vehicles. The advancement in technology such as advanced driver assistance systems (ADAS), electronic stability control (ESC), and electronic control unit (ECU) have been emerging in the electric vehicles, which require power electronics for the protection of the system. This advancement in the technology have resulted in the increase use of power electronics in the vehicles.
The increase in use of power electronics in electric vehicles have resulted in the growth of the market during the forecast period. The growing environmental concern due to the pollution have resulted in growing demand for electric vehicles. The growing demand for electric vehicles have resulted in the increase use of power electronics, which will drive the market in the future.
The automotive power electronics market has been segmented based on component, application, vehicle type, and region. On the basis of component, the market has been segmented as MCU, Power IC, and Sensor. The sensor segment is expected to witness the highest growth during the forecast period because it is the key component in the electric vehicles. Sensors are mainly used in ADAS technology, electronic stability control (ESC), and electronic control unit (ECU), which are the key technologies used in electric vehicles. Based on applications, the market has been segmented as body electronics, chassis & powertrain, infotainment & telematics, and safety & security system. The body electronics segment is expected to dominate the market during the forecast period due to growing government regulations and initiative for the adoption of smart transportation solution with advance safety features. On the basis of vehicle type, passenger car segment is expected to dominate the market during the forecast period due to rapidly increasing sales of electric cars.
On the basis of region, the market is segmented as North America, Asia Pacific, Europe, and Rest of the World. North America region is expected to dominate the power electronics in automotive market because in North America, U.S. has spent the highest in the battery operated electric vehicle. Asia Pacific is expected to have the highest market share during the forecast period due to increased adoption of advance technology in electric vehicles. This will result in growing demand of power electronics, which is expected to result in the growth of the market during the forecast period. In Europe, countries such as U.K., Germany, France, and Italy have made considerable effort for the development of technology in automotive industry. This development in technology has resulted in the growth of the market during the forecast period.
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Target Audience of Report:
This report mainly focuses on Automotive Power Electronics market Manufacturers, Distributer & Supplier companies, and end Users. Investment bankers and consultants with end user for Automotive Power Electronics market also analyzed. And finally Government and Independent Regulatory Authorities involved with Global Automotive Power Electronics market studied.
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