The global automotive power electronics market is expected to register a CAGR of 7%, during the forecast period, 2019-2024 according to the report added by ResearchandMarkets.com.
The report titled “Automotive Power Electronics Market – Growth, Trends, and Forecast (2019 – 2024)” predicted that the advent of high-frequency and high-power switching devices has brought a comprehensive application of power electronic converters, for energy conversion and motion control. Technological advancements, along with a reduction in cost and size of components and systems, are expected to play a pivotal role in the growth of the automotive power electronics in the electric vehicles market.
The adoption of electronics in powertrain systems is expected to increase at a faster pace during the forecast period, owing to the increased efforts by the regional governments and environmental agencies to lower emission levels through the use of eco-friendly vehicles (i.e hybrid and electric vehicles).
With growing electrification in vehicles, the demand for power electronics has increased drastically in the past three years, thus, manufacturers who supply various systems, such as transmission system, battery management system, seat system, etc., are gearing up to acquire or establish partners with prominent local automotive power electronics suppliers or expand their production plant in power electronics to strongly compete in the market.
The key trend forecasted in the report is the growing Vehicle Safety Standards. Organizations involved in car safety regulations are focusing on advanced driver assistance systems (ADAS) for enhanced safety of both passengers and pedestrians. The American New Car Assessment Program (NCAP) and the European New Car Assessment Program (Euro NCAP) have made some features, making ADAS as an important feature in new vehicles.
Due to the rise in the number of on-road accidents across the world, according to the World Health Organization, nearly 1.25 million people die annually due to road accidents. The cause of these accidents is mostly attributed to the driver’s inability to judge certain conditions and make the right decisions.
The efforts of various governments to reduce fatalities due to road accidents have led to increased safety standards in new vehicles.
NHTSA is conducting research on various ADAS features to increase vehicle safety standards further. As part of these efforts, NHTSA included AEB to the list of vehicle safety standards, making it mandatory for a car to get a five-star safety rating.
With many countries taking utmost care for the road safety of passengers and increasing adoption of vehicles from the passengers, there exist huge opportunities for applications of power electronics in the automotive industry, in the forecast period.
The report highlights that Europe and North America dominate the automotive power electronics market.
Major players in the market include Texas Instruments Inc., NXP Semiconductors NV, Infineon Technologies AG, Renesas Electronics Corporation, Microsemi Corporation, Vishay Intertechnology Inc., Fairchild Semiconductor International Inc., Toyota Industries Corporation, Valeo Group
The major companies are consistently focusing and expanding their business strategies toward the development of vehicle power electronics.
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