Amidst a high concentration of savvy players in the global automotive power electronics market,
the crème-de-la-crème are investing heavily to employ advanced
technology and develop novel products, states Transparency Market
Research (TMR) in a new report. For instance, key players such as
Infineon Technologies AG, Texas Instruments Inc., ON Semiconductor
Corp., Renesasa Electronics Corp., and Mitsubishi Heavy Industries Ltd.
Are investing heavily to develop technologically advanced electric
vehicles for transportation.
Some prominent participants in the global
automotive power electronics market are Maxim Products Inc., NXP
Semiconductors N.V., Qualcomm Ins., Robert Bosch GmbH, and Vishay
Intertechnology Inc.
As per the TMR report, the global
automotive power electronics market is likely to clock an impressive
19.0% CAGR during the forecast period from 2017 to 2025, for the market
to become worth US$22,658.4 mn by the end of 2025.
Among the various segments based on
electric vehicle, hybrid electric vehicles (HEV) held the leading share
in the global automotive power electronics market in 2016. The growth of
HEV segment is mainly because of its role in decarbonizing the
transport sector and reducing dependence on fossil fuels. In terms of
vehicle type, the passenger car segment is not only expected to
contribute the leading revenue over the forecast period of 2017 to 2025,
but also expand at a significant pace during this period. On the basis
of geography, Asia Pacific is anticipated to surpass other key regions
in terms of growth rate over the forecast period. This is mainly because
of fast adoption of technologically advanced cars.
Thrust to Equip Vehicles with Advanced Power Solutions stokes Growth
The foremost factor driving the global
automotive power electronics market is the growing demand for
technologically advanced power solutions for vehicles. Automotive power
electronics are devices installed in electric vehicles to control the
high magnitude of voltage and to convert varied electric power most
efficiently. With the introduction of high frequency and high power
converting devices, the applications of power electronic converters have
increased manifold.
Further, increasing installation of
advanced driver assistance systems and safety and convenience systems
have been stoking growth of automotive power electronics market.
Environmental Concerns Leading to Adoption of Electric Vehicles Benefits Market
Apart from this, the rising number of
electric vehicles is also a significant factor boosting the growth of
automotive power electronics market. Electric vehicles are increasingly
becoming popular as they are battery-operated and do not release
emissions that are harmful for the environment. As a result, the
automotive power electronics market is anticipated to witness
substantial growth for the forecast period between 2017 and 2025. For
instance, in the U.K., the sale of diesel and petrol cars is anticipated
to be banned by 2040 as part of the government’s efforts to improve the
air quality. Due to this, the sale of electric vehicles is likely to
shoot up substantially in the next decade.
On the downside, high cost of electric
vehicles leading to slow adoption is anticipated to challenge the
automotive power electronics market.
Download Report TOC for in-depth analysis @ https://www.transparencymarketresearch.com/report-toc/34853
