Automotive Power Electronics Market Report 2024

The automotive power electronics market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.31 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to several factors including improved fuel efficiency, greater adoption of electric vehicles, the proliferation of electric and hybrid vehicles, heightened awareness of environmental concerns, and increasing urbanization trends.

The automotive power electronics market size is expected to see strong growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to several factors, the increasing prominence of electric and hybrid vehicles, advancements in fast charging capabilities, rising investments in charging infrastructure, and a growing demand for effective charging solutions. Key trends expected during this period include the incorporation of smart charging features, ongoing technological advancements, the introduction of new products and services, integration of smart grid technologies, and increased partnerships and collaborations within the industry.

The increasing production of hybrid electric vehicles (HEVs) is expected to drive growth in the automotive power electronics market moving forward. HEVs are vehicles that combine an internal combustion engine with an electric motor, offering improved fuel efficiency and the flexibility to use both electric and traditional fuels, which appeals to environmentally-conscious and cost-conscious consumers. Automotive power electronics play a crucial role in HEVs by efficiently managing and optimizing the flow of electrical energy between the internal combustion engine, electric motor(s), battery pack, and other components. For example, in April 2024, the International Energy Agency reported a nearly 35% increase in electric car sales in China during the first quarter of 2024 compared to the same period in 2023, with plug-in hybrid sales rising by approximately 75%. This growth underscores the expanding adoption of HEVs globally, which in turn is propelling the automotive power electronics market forward.

Major players in the automotive power electronics market are increasingly focusing on developing cutting-edge technologies such as smart power electronics to enhance vehicle efficiency, reliability, and performance. Smart power electronics refer to advanced electronic components and systems equipped with intelligent features such as real-time monitoring, control, and optimization capabilities. For example, in June 2021, STMicroelectronics NV, a semiconductor manufacturing corporation based in Switzerland, introduced a new family of ST Intelligent and Integrated Gallium Nitride (GaN) solutions named STi2GaN. These solutions are designed to meet the demanding requirements of the automotive industry by leveraging the high-power density and efficiency of GaN technology. ST's innovative bond-wire-free packaging technology ensures high robustness, reliability, and performance in these products. The STi2GaN family offers a range of devices in 100V and 650V clusters, delivering scalability, compactness, and exceptional performance that are unique in the industry. This strategic initiative by STMicroelectronics exemplifies the industry's drive towards integrating smart power electronics to advance the capabilities of automotive power systems, catering to the evolving needs of electric and hybrid vehicles.

In February 2024, Infineon Technologies AG, a semiconductor manufacturing company headquartered in Germany, completed the acquisition of GaN Systems Inc., a Canada-based manufacturer specializing in automotive power electronics components utilizing gallium nitride (GaN) semiconductor technology. The acquisition was undertaken to enhance Infineon's GaN portfolio significantly, aiming to accelerate innovation in power electronics. Infineon plans to leverage GaN Systems' advanced technology in gallium nitride to strengthen its position in the market and drive forward the development of next-generation automotive power solutions.

Major companies operating in the automotive power electronics market are Robert Bosch GmbH, Hitachi Automotive Systems Ltd., LG Electronics Inc., Panasonic Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Texas Instruments Incorporated, STMicroelectronics, Infineon Technologies AG, Infineon Technologies, NXP Semiconductors N.V., Delta Electronics Inc., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor, Microchip Technology Inc., Rohm Semiconductor, Vishay Intertechnology, Maxim Integrated, Fairchild Semiconductor, Allegro Microsystems, Cree Inc.

Asia-Pacific was the largest region in the automotive power electronics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automotive power electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive power electronics encompass specialized electronic components and systems employed in vehicles to manage and regulate electrical power. These components, which include inverters, converters, motor controllers, and sensors, are crucial for efficiently distributing electrical energy within electric and hybrid vehicles. They ensure optimal performance, energy efficiency, and safety of the vehicle's electrical systems.

Key components of automotive power electronics include the microcontroller unit (MCU), power integrated circuit (IC), and sensors. The MCU is a compact integrated circuit containing a processor core, memory, and programmable input/output peripherals, all integrated into a single chip. These components are utilized across various vehicle types, including passenger cars and commercial vehicles, and are integral to different types of electric vehicles such as battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). Automotive power electronics find applications in areas such as body electronics, chassis and powertrain, entertainment and telematics, as well as safety and security systems.

The automotive power electronics market research report is one of a series of new reports that provides automotive power electronics market statistics, including automotive power electronics industry global market size, regional shares, competitors with an automotive power electronics market share, detailed automotive power electronics market segments, market trends and opportunities, and any further data you may need to thrive in the automotive power electronics industry. This automotive power electronics market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive power electronics market consists of sales inverters, battery management systems, motor controllers, power distribution units, and electric power steering (EPS) systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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