The global automotive power electronics market is gaining from the rising sales of electric vehicles for environmental considerations. Several governments in the world are encouraging the adoption of electric vehicles as they do not emit harmful emissions that are detrimental to the environment. For instance, in the U.K, the sale of petrol and diesel cars is anticipated to be banned by 2040 as the government is undertaking consistent efforts to improve the air quality.
A report by Transparency Market Research (TMR) projects the global automotive power electronics market to clock an impressive 19.0% CAGR between 2017 and 2025, for the market to reach a valuation of US$22,658.4 mn by the end of 2025.
Passenger Cars to Remain Attractive due to Government Norms in Developed Countries to Enhance Vehicular Safety
The global automotive power electronics market is segmented on the basis of electric vehicle, vehicle type, application, and geography. On the basis of electric vehicle, the segments of the market include battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Amongst them, in 2016, the hybrid electric vehicles (HEV) segment held the leading share of the market as it plays a key role in decarbonizing the transport sector and in reducing dependence on fossil fuels.
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On the basis of vehicle type, the global automotive power electronics market is categorized into passenger cars (PC) and commercial vehicle (CV). Of the two, the passenger car segment is anticipated to account for the leading revenue contribution expanding at a significant CAGR during the forecast period between 2017 and 2025. The growth of the passenger car segment is mainly because of government initiatives for equipping advanced electronics in passenger cars to minimize environmental pollution.
The global automotive power electronics market is segmented into powertrain and chassis, body electronics, safety & security systems, infotainment & telematics, and others based on application. Amongst them, the body electronics segment is anticipated to account for the leading share in the overall market vis-à-vis value and volume. On the other hand, the safety and security systems is anticipated to witness significant growth during the forecast period on the back of government initiatives for safety and security norms in the transportation sector.
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Europe to Contribute Substantially through 2025
Geography-wise, the global automotive power electronics market is bifurcated into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. Asia Pacific, amongst all, is anticipated to display the leading growth rate of 20.3% between 2017 and 2025. Europe, on the other hand, is anticipated to display second-leading growth rate owing to government initiatives that encourage adoption of smart transportation solutions.
Prominent participants in the global automotive power electronics market include Infineon Technologies AG, Texas Instruments Inc., ON Semiconductor Corp., Renessa Electronics Corp., Mitsubishi Heavy Industries Ltd., Maxim Products Inc., NXP Semiconductors N.V., Qualcomm Ins., Robert Bosch GmbH, and Vishay Intertechnology Inc.