ALBANY, New York, November 21, 2017 /PRNewswire/ --
According to a new Market report published by Transparency Market Research titled "Automotive Power Electronic Market [(By Electric Vehicle - Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV) and Plug-in Hybrid Electric Vehicles (PHEV); By Vehicle Type - Passenger Cars (PC) and Commercial Vehicles (CV); By Application - Powertrain and Chassis, Body Electronics, Safety & Security Systems, Infotainment & Telematics and Others)] - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025," The global automotive power electronic market is expected to reach of US$ 22,658.4 Mn by 2025. The Market is projected to expand at a CAGR of 19.0% during the forecast period from 2017 to 2025. With the growing demand of technologically advanced solutions for vehicle system is expected to drive the automotive power electronics market.
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In terms of revenue, North America dominated the automotive power electronics market in 2016, with majority share. The U.S. spends substantially in battery operated electric vehicles and this fosters adoption of automotive power electronics in this region. Extensive research and development in electric vehicles broadens the scope of automotive power electronics market. Asia Pacific is anticipated to witness relatively fast adoption of technologically advanced electric vehicle with the convergence of the automotive sector, the ICT sector and the transportation sector over the forecast period. In Asia Pacific, countries such as China, Japan and Australia are anticipated to drive growth of automotive power electronics market. This is owing to the government taking initiatives for adoption of smart transportation solutions in upcoming years. Furthermore, Europe after Asia Pacific, is forecast to emerge as highest growth contributor among the regions in the near future. Large number of European countries such as U.K., Germany, France, Italy and Norway make considerable efforts towards the development of automotive industry. The government takes positive approach towards the installation of safety features in electric vehicle. As the transportation sector in North America and Europe region has widely adopted advanced driver assistant system for transportation, the market is expected to experience steady growth over the forecast period. Adoption of battery operated electric vehicles flourishes the use of automotive power electronics in large number of vehicles owing to its easy adaptability and performance with higher precision.
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In 2016, of the electric vehicle segment, the majority revenue share in the global automotive power electronics market was held by hybrid electric vehicles (HEV), as the HEV is playing major role in decarbonizing the transport sector and reducing its reliance on fossil fuels. However, in terms of revenue battery electric vehicles (BEV) segment followed by plug-in hybrid electric vehicles (PHEV) is also projected to expand at a faster rate in the automotive power electronics market. Based on vehicle type, the global automotive power electronics market has categorized into passenger cars (PC) and commercial vehicles (CV). The passenger car segment is expected to not only contribute major revenue share in the global automotive power electronics market but projected to expand at a significant pace during the forecast period from 2017 to 2025, owing to the government initiatives for adoption of advanced vehicle ecosystem to minimize environment pollution. Upcoming safety rules is expected to increase the installation of automotive safety technologies and security features in passenger cars. The emergence of advanced driving assistance technologies has pushed the original automotive equipment manufacturers to choose for efficient power electronic components to meet the current market requirement.
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The body electronics application segment is expected to contribute major revenue share in the global automotive power electronics market whereas safety and security system application segment is projected to expand at a significant pace during the forecast period from 2017 to 2025. Owing to government initiatives for adoption of smart transportation solutions with advanced safety features. Furthermore, in terms of revenue, after safety & security systems segment, advanced driver assistance system (ADAS) followed by powertrain and chassis application segment is the highest growing segment of automotive power electronics market in the forecast period from 2017 to 2025. The positive outlook and response towards smart transportation with growing number of adoption across different geographies, especially in countries including U.K., U.S. and China.
The key players profiled in the global automotive power electronics market include Infineon Technologies AG, Texas Instruments, Inc., ON Semiconductor Corp., Maxim Integrated Products Inc., NXP Semiconductors N.V., Qualcomm, Ins., Renesas Electyronics Cor., Robert Bosch GmbH, Mitsubishi Heavy Industries Ltd., Vishay Intertechnology Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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