Automotive Power Electronics Market Key Players Analysis and Growth Forecast by 2031

The automotive power electronics market is expected to register a CAGR of 5.3% during 2023–2031. The evolution of advanced technologies and the introduction of high-end electric vehicles will likely remain a key trend in the market.

Automotive Power Electronics Market Analysis

• Growing auto industries and increasing demand for high-end electric vehicles are factors enhancing market growth.
• The growing trend of electrification in the automotive industry and the rising demand for electric vehicles are driving significant growth in the global automotive power electronics market.
• Prospects for market expansion are anticipated to be aided by the rising demand for high-efficiency electronic components and the development of autonomous driving technologies.
• Original equipment manufacturers are strengthening their businesses by funding innovative technologies to boost growth and preserve client relevance globally.

Automotive Power Electronics Market Overview

• Electrical energy flow control and management through the use of electronic devices and systems refer to automotive power electronics.
• In contemporary vehicles, power electronics are used more widely to improve the vehicle's performance, efficiency, and safety.
• Thereby, voltage regulators and inverters are broader parts used in automotive power electronics. The vehicle's electric power steering, regenerative braking, battery charging system, and other systems are all under their control.
• The automotive industry's gradual shift toward electric and hybrid vehicles has made automotive power electronics more significant. Automotive power electronics are a crucial component for managing energy consumption and providing power to various components in advanced vehicles. Additionally, it is anticipated that automotive power electronics will be essential to transportation in the future.

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Automotive Power Electronics Market: Strategic Insights

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Automotive Power Electronics Market Drivers and Opportunities

Growing Demand for Electric Vehicles to Favor the Market

• The environmental movement is reaching greater heights with the growing demand for electric vehicles, or EVs. EVs provide major environmental benefits, such as moving away from fossil fuels and toward electricity.
•  Automotive power electronics are in high demand worldwide as a result of the transportation sector's shift to electric mobility.
• EV systems, which include lighting and HVAC, depend on these essential parts to control and optimize the flow of electrical energy. Global demand for electric vehicles (EVs) has increased as a result of the remarkable efficiency of MOSFETs, which have been used to power electronic switches to reduce overall size.

Advancement in Connectivity Technology of Vehicle

• The operation of these interconnected systems depends on several electronic systems, including connectivity modules, infotainment systems, and driver assistance systems, all of which need power electronics. The power electronics assist in controlling all of the electrical power within the vehicle.
• Therefore, there is a direct correlation between the demand for power electronics and the demand for connected vehicles since the connected vehicles' efficient operation depends on the system.
• It is anticipated that the market for automotive power electronics will expand as a result of the growth and development of connected vehicles.

Automotive Power Electronics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive power electronics market analysis are vehicle type, component, and application.

• Based on the vehicle type, the automotive power electronics market is divided into battery electric vehicles, hybrid electric vehicles, plug-in hybrid vehicles, and fuel cell electric vehicles.
• based on the component, the market is divided into Switched-mode power supply (SMPS), DC to DC converters, traction inverter (DC/AC), and onboard charger (AC/DC).
• Based on application, the automotive power electronics market is divided into powertrain and chassis, body electronics, safety and security, infotainment, and telematics.

Automotive Power Electronics Market Share Analysis by Geography

• The automotive power electronics market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive power electronics market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive power electronics market in these regions.

Automotive Power Electronics Market Regional Insights

The regional trends and factors influencing the Automotive Power Electronics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Power Electronics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Power Electronics Market Report Scope

Automotive Power Electronics Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Power Electronics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Power Electronics Market are:

1. Danfoss Group
2. Infineon Technologies AG
3. Mitsubishi Electric Corporation
4. NXP Semiconductors
5. Renesas Electronics Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Power Electronics Market News and Recent Developments

The automotive power electronics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive power electronics market are listed below:

• Vishay Intertechnology, Inc. announced that the company will be showcasing its industry-leading power electronic components at ELECRAMA 2023, taking place Feb. 18-22 at the India Expo Mart in Greater Noida, NCR, India. At the event, Vishay will exhibit its extensive offering of Vishay ESTA power electronic capacitors (PEC) and LVAC power capacitors. Visitors to booth H16B3 will also experience a wide range of the company’s passive, semiconductor, and optoelectronics solutions in a series of demonstrations that are paving the way for next-generation products in today’s fastest-growing markets, including locomotive, industrial, renewables, e-mobility, and on- and off-board chargers. (Source: Vishay Intertechnology, Inc., Company Website, February 2023)
• Denso Corporation, a leading mobility supplier, and United Semiconductor Japan Co., Ltd. (“USJC”), a subsidiary of global semiconductor foundry United Microelectronics Corporation (“UMC”), announced a collaboration to produce insulated gate bipolar transistors* (IGBT), which have entered mass production at the 300mm fab of USJC. A first shipment ceremony was held today to mark this important milestone. It comes just one year after the companies announced a strategic partnership for this critical power semiconductor used in electric vehicles. (Source: Denso Corporation, Company Website, May 2023)

Automotive Power Electronics Market Report Coverage and Deliverables

The “Automotive Power Electronics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive power electronics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive power electronics market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Automotive power electronics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the automotive power electronics market
• Detailed company profiles