Automotive Power Electronics Market Segmentation by Vehicle Type:...

Automotive Power Electronics Market Segmentation by Vehicle Type: Passenger Cars, Commercial Vehicles, and Electric Vehicles

Posted 2023-03-20 07:23:10

Automotive Power Electronics Market Overview

The global automotive power electronics market 2023 is slated to mature at a CAGR of 5.12% by 2030

Automotive Power Electronics Market highlights

Over the past few years, the global automotive power electronics market has experienced potential growth and the market has been analysed to expand at the same rate during the forecast period. Increased demand for new technologies in cars, increasing environmental issues leading to an increased usage of electric vehicles and increased protection of electronic control panels in vehicles are the reasons responsible for the growth of the automotive electronics industry. In electric vehicles, which need power electronics for system safety, advancements in technologies such as electronic stability control (ESC), advanced driver assistance systems ( ADAS), and electronic control units (ECU) have emerged.

The growth in the use of power electronics in cars has contributed to this development in technology. During the projected era, the rise in the use of power electronics in electric vehicles resulted in market development. The rising environmental problem caused by pollution has contributed to increased demand for electric cars. Increasing demand for electric vehicles has led to an increase in the use of power electronics, which will drive the market. The price of crude oil per barrel has risen very steadily over the last decade, and its supply has declined day by day. Because of these reasons, the population's demand for electric cars is changing.

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Automotive Power Electronics Market Segmental Analysis

Based on the feature, function, vehicle model, and area, the automotive power electronics market has been segmented. The market has been segmented as MCU, Control IC, and Sensor on a part basis. During the forecast era, the sensor segment is expected to experience the highest growth since it is the main component of electric vehicles.

Sensors are used mostly in ADAS, Electronic Stability Control (ESC) and Electronic Unit of Control (ECU) systems, which are leading technologies used in electric vehicles.

The market has been segmented as chassis & powertrain, body electronics, infotainment & telematics, and protection & security systems, based on applications. Due to increasing government regulations and the initiative to adopt smart transportation solutions with advanced safety features, the body electronics segment is expected to dominate the market during the forecast period.

Due to increasingly growing sales of electric vehicles, the passenger car segment is expected to dominate the market during the forecast period based on the vehicle model.

Automotive Power Electronics Market Regional Synopsis

North America, Asia Pacific , Europe, and the rest of the world are segmented on a region-based basis.

North America is expected to lead the car industry for power electronics since the U.S. has invested the most on battery-operated electric cars in North America.

Due to the increased acceptance of emerging technologies in electric vehicles, Asia Pacific is anticipated to have the largest market share during the forecast period. This would increase demand for power electronics, which is projected to lead to industry growth over the forecast period.

In Europe, countries such as the United Kingdom, Germany, France and Italy have made significant strides to improve technologies in the automobile field. This development in technology has resulted in the growth of the market during the forecast period.

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Automotive Power Electronics Market Competitive Dashboard