$4.7 Billion Worldwide Automotive Power Electronics Industry to 2025 - Featuring Robert Bosch, Continental & Infineon Among Others
DUBLIN, July 28, 2020 /PRNewswire/ -- The "Automotive Power Electronics Market by Device Type (Power IC, Module & Discrete), Application, Component (Sensor & Microcontroller), Material, Vehicle Type (Passenger Vehicle, LCV & HCV), Electric Vehicle Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global automotive power electronics market size is projected to grow from USD 3.8 billion in 2020 to USD 4.7 billion by 2025, at a CAGR of 4.7%.
Increasing electronic content per vehicle, adoption of new safety features, development in vehicle powertrain and increasing vehicle management & connectivity features are fuelling factors for the growth of the automotive power electronics market.
Growing demand for safety and connectivity features inside the passenger vehicle likely to drive the growth of the automotive power electronics market during the forecast period
The automotive industry is witnessing a rapid evolution of safety features, which is expected to increase exponentially in the coming years to provide a safer and more convenient driving experience. Major OEMs are launching more passenger vehicles with ADAS & safety, infotainment and telematics features. Economy and mid-size class of passenger vehicles are getting inspired by safety and connectivity features from luxury vehicles.
They are getting installed with seat control, lighting, and infotainment features at an affordable price. Tier I and Tier II companies also try and develop new features in passenger vehicles only. Such features at the initial stage are offered in luxury vehicles. As the economies of scale reach, such features are offered in mid-size and economy vehicles. Government mandates related to vehicle safety and emission also force people to buy new vehicles. This has helped passenger vehicle to show the fastest growth among vehicle type segment for the automotive power electronics market.
Innovations in the field vehicle power converters for electric vehicles are helping the AC-DC, DC-AC & DC-DC converter segment to dominate the automotive power electronics market
In the context of electric vehicle power electronics, power converters are one area where innovation and development are ongoing. Power converters include an AC-DC converter known as a rectifier, DC-AC converter known as an inverter and DC-DC converter. These power converters are required in every kind of electric vehicles. Continuous innovation leads to the fluctuation of prices associated with the components of power converters.
This translates into the bigger market for AC-DC, DC-AC & DC-DC converter. In May 2019, Infineon Technologies launched power modules for xEV inverters. At the PCIM trade fair 2019, Infineon presented four new HybridPACK Drive modules optimized for different inverter performance levels between 100 kW and 200 kW. Such innovations in power converters lead to the dominance of AC-DC, DC-AC & DC-DC converter segment.
The flourishing automotive market in developing countries is driving the regional automotive power electronics market.
The Asia Pacific is holding the largest share in the automotive power electronics market. Whereas, South America is showing the highest growth rate among other regions. Both these regions comprise of some of the fastest-growing economies in the World. India, China, Brazil are considered as developing economies. These countries are large in terms of population, hence are the potential market for the automotive industry. The Asia Pacific has Japan and South Korea which are among the most developed countries in the context of technology innovation and adoption for automotive. Government mandates related to vehicle safety, emissions, connectivity in these countries are applicable for mass-produced vehicles.
TheCOVID-19 crisis has resulted in manufacturing and supply disruptions across the globe, due to which, the automobile industry in every region has experienced a decline in demand with an uncertain recovery timeline. Additionally, OEMs have stopped production across their manufacturing facilities in different regions, which has resulted in a decline in production as well as sales. Automotive-related high-tech tests that companies were carrying out in the different region have also been suspended.
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