Automotive Power Electronics Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Automotive Power Electronics Market is segmented by Device Type (Power IC, Module, and Discrete), Application Type (Body Electronics, Safety and Security Electronics, and Powertrain), Drive Type (IC Engine Vehicle and Electric Vehicle), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography ( North America, Europe, Asia-Pacific, and Rest of the world). The Report offers market size and forecast for the automotive power electronics market on the basis of value (USD billion) for all the above segments.

Market Snapshot

Automotive Power Electronics Market Size
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >4 %

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Market Overview

The Automotive Power Electronics Market was valued at USD 3.12 billion in 2021 and is expected to reach USD 5.20 billion by 2027, registering a CAGR above 4% during the forecast period (2022 - 2027).

The COVID-19 pandemic has severely impacted the automotive industry across the world. The disruptions in supply chain activities, the interruption in large-scale manufacturing, restrictions on travel, and the decreased sales of light vehicles in 2020, are responsible for the declining growth of the market.

Besides, the U.S.-China trade war and halt in exporting raw materials from China have impacted market revenue. However, as economic activities resume in the latter half of 2020, the market is expected to regain momentum during the forecast period.

Compliance with upcoming safety and vehicle emission standards and increasing demand for vehicle connectivity, infotainment, and powertrain electrification will drive the market for automotive power electronics during the forecast period. In addition, the rising need for electric vehicles is likely to drive the market.

Asia-Pacific region is expected to dominate the market, followed by Europe and North America during the forecast period. Europe and North America are expected to witness positive growth during the forecast period, owing to the rising demand for electric vehicles.

Scope of the Report

Automotive power electronics is a modern technology that efficiently converts, conditions, and controls the electric power within an automobile.

The automotive power electronics market has been segmented by device, application, drive, vehicle, and geography.

By Device type, the market is segmented into Power IC, Module, and Discrete. The market is segmented by Application Type: Body Electronics, Safety, Security Electronics, and Powertrain. By Drive Type, the market is segmented into IC Engine vehicles and Electric Vehicles. The market is segmented by Vehicle Type: Passenger Cars and Commercial Vehicles. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. For each segment, the market sizing and forecast have been done based on value (USD billion).

The report also covers the market size and forecast for the automotive power electronics market across the regions mentioned. For each segment, the market sizing and forecast have been done based on value (USD billion).

Device Type
Power IC
Module and Discrete
Application Type
Body Electronics
Safety and Security Electronics
Powertrain
Drive Type
IC Engine Vehicle
Electric Vehicle
Vehicle Type
Passenger Cars
Commercial Vehicles
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

The Passenger Vehicle Segment Anticipated To Hold Largest Market Share

The passenger vehicle segment significantly contributes to the automotive power electronics market. The increased demand for safety systems and fuel-efficient technology associated with vehicle power trains in emerging markets are fueling factors for the dominance of passenger vehicles.

For the past 5 or 10 years, passenger vehicles are getting installed with various safety, comfort, entertainment, and vehicle management features. This is because of factors such as changing preferences of vehicle buyers supported by government legislation towards enhancing vehicle safety. OEMs are also quite active in launching new variants and models of vehicles that will fulfill the need of customers. Increasing populations in developing economies also encourage OEMs to add specific features in new models of passenger vehicles.

This is done to highlight one's products among other products available in the market. OEMs, Tier I, and Tier II also try to deploy new technology or features in the mass-produced vehicle category, i.e., passenger vehicles. These factors are responsible for the dominance of the passenger vehicle segment in the automotive power electronics market.

Automotive Power Electronics Market Share

The Asia-Pacific Region is Likely to Dominate the Market

The Asia-Pacific Automotive Power Electronics Market is expected to hold a significant share in the market during the forecast period. China, South Korea, and Japan account for the largest share of the automotive power electronics market in the Asia-Pacific region. The Asian-Pacific region's market growth can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China.

These countries' governments have recognized the automotive industry's growth potential and have consequently taken different initiatives to encourage major OEMs to enter their domestic markets. For instance,

  • The Ministry for Road Transport and Highways (India) planned to adopt automotive power electronics features by 2022.

Moreover, the region is home to leading semiconductor suppliers and Tier-1 manufacturers. Hence, adopting electronic components in advanced vehicles post-pandemic is expected to drive market growth over the forecast period.

Automotive Power Electronics Market Growth

Competitive Landscape

The automotive power electronics market is moderately consolidated, with major players dominating the market. Companies are focusing on expanding their product portfolio and are investing in R&D activities to develop advanced products. For instance,

  • In May 2022, STMicroelectronics collaborates with Microsoft to streamline the development of highly secure IoT devices.
  • In March 2020, Infineon Technologies launched new packages for its 80 V and 100 V MOSFETs with OptiMOS™ 5 technology to meet the different requirements of different 48 V applications.

Some major companies dominating the automotive power electronics market include NXP Semiconductors, Infineon Technologies AG, Texas Instruments Incorporated, Renesas Electronics Corporation, and STMicroelectronics.

Recent Developments

  • In September 2021, Infineon Technologies AG and Panasonic Corporation signed an agreement for the joint development and production of the second generation (Gen2) of their proven gallium nitride (GaN) technology, offering higher efficiency and power density levels.
  • In June 2021, STMicroelectronics launched STi2GaN solutions for auto applications. STi2GaN family combines a monolithic power stage, drivers and protections in GaN technology, and System-in-Package (SiP) solutions for application-specific ICs with additional processing and control circuitry.
  • In June 2021, NXP Semiconductors N.V. and TSMC announced the release of NXP’s S32G2 vehicle network processors and the S32R294 radar processor into volume production on TSMC’s advanced 16 nanometers (nm) FinFET process technology. This marks the migration of NXP’s S32 family of processors to increasingly advanced process nodes as automobiles evolve into powerful computing platforms.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Device Type

      1. 5.1.1 Power IC

      2. 5.1.2 Module and Discrete

    2. 5.2 Application Type

      1. 5.2.1 Body Electronics

      2. 5.2.2 Safety and Security Electronics

      3. 5.2.3 Powertrain

    3. 5.3 Drive Type

      1. 5.3.1 IC Engine Vehicle

      2. 5.3.2 Electric Vehicle

    4. 5.4 Vehicle Type

      1. 5.4.1 Passenger Cars

      2. 5.4.2 Commercial Vehicles

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 India

        2. 5.5.3.2 China

        3. 5.5.3.3 Japan

        4. 5.5.3.4 South Korea

        5. 5.5.3.5 Rest of Asia-Pacific

      4. 5.5.4 Rest of the World

        1. 5.5.4.1 South America

        2. 5.5.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles *

      1. 6.2.1 Infineon Technologies AG

      2. 6.2.2 Texas Instruments Incorporated

      3. 6.2.3 Renesas Electronics Corporation

      4. 6.2.4 NXP Semiconductors

      5. 6.2.5 STMicroelectronics

      6. 6.2.6 Microsemi Corporation

      7. 6.2.7 Vishay Intertechnology Inc.

      8. 6.2.8 Semiconductor Components Industries LLC

      9. 6.2.9 Toyota Industries Corporation

      10. 6.2.10 Valeo Group

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Automotive Power Electronics Market market is studied from 2018 - 2027.

The Automotive Power Electronics Market is growing at a CAGR of >4% over the next 5 years.

The Automotive Power Electronics Market is valued at 3 Billion USD in 2018.

The Automotive Power Electronics Market is valued at 5 Billion USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

NXP Semiconductors, Infineon Technologies AG, Texas Instruments Incorporated, Renesas Electronics Corporation, STMicroelectronics are the major companies operating in Automotive Power Electronics Market.

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