Automotive Power Electronics Market to Expand 5.1% CAGR Through 2032 : Allied Market Research
Automotive Power Electronics Market
Market Size : The global automotive power electronics market size was valued at USD 5 billion in 2022, and is projected to reach USD 8.1 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
Get Research Report Sample Pages :
https://www.alliedmarketresearch.com/request-sample/4285
Automotive power electronics is a part of electrical and electronic systems used in automobiles for controlling, converting, and distributing electrical power supply within a vehicle. Application of power electronic component used in a vehicle ensures effective transfer of electric energy to all the necessary components of an automobile along with ensuring that all the associated components are operating in an efficient manner. In addition, with the introduction of suitable power electronics to be used in vehicles, the demand for smarter & efficient automotive components has increased which has created a wider scope for the growth of the market across the globe. In addition, automotive components such as semiconductors, ICs, safety components & others operate on power electronics which also proves to be a factor supplementing the growth of the automotive power electronics market across the globe.
Power electronics includes the structure, and implementation of numerous electronic components and systems, such as AC/DC converters, inverters, vehicle motors, vehicle battery management systems, and other electrical control units, which finds an increased application of power electronics. The power electronic system used in vehicle helps in optimizing the performance of the vehicle trough proper battery management & consumption along with ensuring efficient electric propulsion & at the same time maintaining proper vehicle safety.
With the advancement in technology, the global automotive industry has experiences an increased support for developing effective automotive components. This has enabled numerous companies to develop & offer components to be used in automotive industry thus supplementing the growth of the market across the globe. Nations heavily reliant on crude oil imports, which represent a substantial portion of their expenditures, are now observing a remarkable surge in the adoption of electric vehicles. Moreover, electric vehicles utilize electricity as a cleaner energy source, making them an attractive and sustainable transportation solution for countries grappling with both dependence on imported crude oil and the challenges posed by escalating carbon emissions. Owning to the rising demands of electric vehicles, key market players are expanding their business presence to meet these demands. For instance, in February 2023, Infineon Technologies AG announced that it was starting the construction of its new plant in Dresden, Germany. The plant specialized in the manufacturing of analog/mixed-signal technologies and power semiconductors. Furthermore, the plant was to begin production by 2026. This allowed Infineon to strengthen their capabilities and product presence in the automotive power electronics market size.
Moreover, with the advancement in technology, there has been developments carried out by the key players towards offering a wider range of automotive power electronic system & associated components which creates numerous opportunities for the growth of the market across the globe. In addition, vehicle safety features such as anti-lock braking systems (ABS), electronic stability control (ESC), adaptive cruise control (ACC), and lane departure warning (LDW) rely on advanced power electronic components which enables companies to offer effective components thus creating a wider scope for the growth of the market across the globe.
Procure Complete Research Report Now :
https://www.alliedmarketresearch.com/automotive-power-electronics-market/purchase-options
Developments have been carried out by the key players & government organizations to offer subsidies & support the automobile industry infrastructure which has created a wider scope for the growth of the market across the globe. For instance, in September, 2022, Government of India's Ministry of Road Transport and Highways mandated the vehicle manufacturers to install six air bags in a vehicle in order to ensure safety of the passengers in a vehicle. Similarly, organizations across Europe & America have implemented regulations & standards such as Euro NCAP, NHTAS to ensure safety on roads.
For instance, in January 2023, STMicroelectronics introduced a new automotive safety microcontroller aimed at enhancing the reliability and functionality of advanced driver assistance and autonomous driving systems. The microcontroller, developed with 40nm FD-SOI process technology, features multiple redundant CPUs, memory protection units, and hardware-based safety mechanisms to ensure high-performance, secure, and fail-safe operation. Furthermore, it complies with various safety standards such as ISO 26262 and ASIL-D, making it suitable for deployment in safety-critical applications within the automotive industry.
Leading Market Players :
Mitsubishi Electric Corporation, NXP Semiconductors, Continental Aktiengesellschaft., BorgWarner Inc., Renesas Electronics Corporation, Infineon Technologies AG., Denso Corporation, Semiconductor Components Industries, LLC., Robert Bosch GmbH, Danfoss A/S
Inquire Before Buying :
https://www.alliedmarketresearch.com/purchase-enquiry/4285
Key Findings Of The Study :
By device, the Module/Discrete segment dominated the Automotive Power Electronics Market in terms of growth rate.
By application, the Module/Discrete segment is anticipated to exhibit a remarkable growth during the forecast period.
By drive type, the Electric Vehicle segment is anticipated to exhibit a remarkable growth during the forecast period.
By region, the North America region is anticipated to exhibit a remarkable growth during the forecast period.
Browse More Trending Reports :
Automotive Garage Equipment Market
https://www.alliedmarketresearch.com/automotive-garage-equipment-market
U.S. Third-Party Logistics Market
https://www.alliedmarketresearch.com/u-s-third-party-logistics-3pl-market-A105892
Residential EV Charging Station Market
https://www.alliedmarketresearch.com/residential-ev-charging-station-market-A265244
Electric Cargo Bike Market
https://www.alliedmarketresearch.com/electric-cargo-bike-market-A08498
Medical Courier Market
https://www.alliedmarketresearch.com/medical-courier-market-A313234
About Us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
LinkedIn
Facebook
YouTube
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
