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Automotive Power Electronics Market Projected To Reach $4.7 Billion by 2025: MarketsandMarkets

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  • Asia -Pacific likely to emerge as the largest automotive power electronics market said the report
  • The increasing use of mechatronics devices and comfort features inside the vehicle is expected to result in the dominance of body control and comfort segment in the automotive power electronics market
Image for representation (pic credit-ceth ksu)

The automotive power electronics market is projected to grow from $ 3.8 billion in 2020 to $4.7 billion by 2025, at a CAGR of 4.7 per cent as per a report by MarketsandMarkets. The report said that increasing electronics content inside the vehicle for the operation of specific vehicle applications and government mandates related to carbon emissions and vehicle safety are crucial factors that will fuel the market growth. Developments in the power converters of the electric vehicle is also another factor that will drive the automotive power electronics market.

The report said, “Vehicle production was low in April and May 2020 in the major European, Asia Pacific countries and the US due to the ongoing COVID-19 pandemic. Earlier, the Automotive Power Electronics Market was expected to witness rapid growth from 2022 onward as major safety regulations are outlined to be imposed. As vehicle production is suspended, any new investment for advanced technology is unlikely. OEMs and tier 1 players are either using cash reserves or acquiring funds to continue operations during the crisis. OEMs are still skeptical about the recovery of vehicle sales to 2019 levels in 2020.”

Increasing use of mechatronics devices

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As per the report, the increasing use of mechatronics devices and comfort features inside the vehicle is expected to result in the dominance of body control and comfort segment in the automotive power electronics market. It said that body control and comfort comprise of features like tire pressure monitoring system (TPMS), lighting, seat control, heating, ventilation, and air conditioning (HVAC) and start-stop module. Vehicles globally are getting installed with the latest versions of these sub-applications of body control and comfort. It said that start-stop module sub-application is showing good growth in recent years. hand vehicles are getting installed with modern LED technologies for both interior and exterior lighting.

As per the report, “TPMS is treated as a good to have feature in the vehicle. Luxury vehicles are getting fitted with advanced seat controls and heated/ventilated seats. These applications are becoming essential features in passenger vehicles. Also features like LED lightings, TPMS and star-stop modules are getting installed in other category of vehicles like light commercial and heavy commercial vehicles. These are main factors that is fueling the market for body control and comfort segment by application type of automotive power electronics market.”

Asia-Pacific to lead

The report also said that the increasing use of modern materials like SiC and GaN for power modules and discrete is helping power module/discrete to take the lead in the automotive power electronics by device type. Power semiconductor devices like power IC, module and discrete are considered as main solid-state devices in power electronics. The traditional mechanically operated systems or applications are getting advanced and efficient with more use of electronic content inside the vehicle. Power modules and discrete are essential for its proper functioning.

It said that the number of installations of power modules and discrete is more than power IC. Due to operational advantages of Silicon Carbide (SiC) and Gallium Nitride (GaN) over traditionally used transistors, power modules are getting advanced and are suitable for handling critical to operate system. This helps power module/discrete segment to dominate the market.

The report added, “Power IC segment is also showing good individual growth in the automotive power electronics market by device type. It is a must have device type for the power electronics of a vehicle. Power ICs are costlier than that of power module/discrete. However, prices of these devices types are going down every year.”

Asia -Pacific likely to emerge as the largest automotive power electronics market said the report. It added that Asia Pacific is always seen as a revenue-generating region in the automotive sector. Regions consist of technologically advanced countries like Japan, South Korea, and countries with increasing populations and improving economies. Vehicles here are getting advanced at the backdrop of customer need and implementation of government regulations related to vehicle safety and carbon emissions. The report said that all kinds of key vehicle categories like passenger vehicle, light, and heavy commercial vehicles are getting advanced. It added that changes in the powertrain technology, inclusion of modern safety features, and technology for vehicle management are some of the key trends that is helping Asia Pacific region to lead the market.

Ir added, “Also, Asia Pacific is considered as key region in semiconductor space. Countries like Japan, China and Taiwan are main exporter of semiconductor components. This makes the smooth supply-chain for semiconductor supply in Asia Pacific.”

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