Global Automotive Power Electronics Market 2019 By Trends, Demand, Development Factors, Sales and Segmentation, Future Projections with Detailed Analysis, Forecast 2024
Global Automotive Power Electronics Market has been thoroughly analyzed in the report for an inclusive understanding. The report includes several sections that offer indicative market insights. In the report, readers will come across analysis of market dynamics.
Dallas, United States – August 27, 2019 /MarketersMedia/ —
Global Automotive Power Electronics Market 2019-2024:
The global automotive power electronics market is expected to register a CAGR of ~7%, during the forecast period, 2019-2024.
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.
This study presents the Automotive Power Electronics production, revenue, market share and growth rate for each key company, and also covers the breakdown data by regions, type and applications.
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Major players in the market include Texas Instruments Inc., NXP Semiconductors NV, Infineon Technologies AG, etc. The major companies are consistently focusing and expanding their business strategies toward the development of vehicle power electronics. For instance, Infineon Technologies AG plans to develop new products and solutions for automotive power electronics, as well as artificial intelligence, by setting up new development center at its Dresden, Germany and expected to launch in the course of 2018.
Scope of the Global Automotive Power Electronics Market Report:
The global car rental market has been segmented by device type, application type, drive type, vehicle type, and geography.
Key Market Trends of Global Automotive Power Electronics Market Report:
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 right decisions.
NHTSA is conducting research on various ADAS features to increase the 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 regard to other ADAS features, NHTSA is researching on inclusion of rear-end crash avoidance system (RECAS), collision mitigation breaking system (CMBS), blind spot detection, overtaking assistance system, and lane keeping and changing assistance systems. Furthermore, countries, such as Japan and China, are adopting various automotive safety regulations with regard to the ADAS features, as specified by the European Union.
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.
Europe and North America Dominate the Market:
Europe and North America dominated the global automotive power electronics market.
In Europe, the growth of electric car sales is mostly concentrated in a limited number of countries, such as the United Kingdom, France, Norway, Germany, Sweden, and the Netherlands. These electric vehicles mainly adopt power control units (motor controllers) and battery management control units, which has further driven the automotive power electronics market in Europe.
Additionally, European government initiated that vehicles which do not meet exhaust emission standards have been strictly banned on the roads of urban cities like Paris. Such initiatives are likely to drive more demand for electric vehicles and in turn, experience growth in the demand for power electronics in the European market, during the forecast period.
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France is one of the leading markets in European electric vehicles sales, which has experienced an average growth rate of 30% from 2014 to 2017. But, plug-in hybrid and pure electric vehicles sales shared a deficient percentage of 0.9% of total vehicle sales in the country (including ICE and electric vehicles).
The presence of nearly more than 13,000 charging points located in the country is driving automakers to produce more plug-in electric vehicles along with the strong support from the European government. The government is incentivizing French customers to opt for electric vehicles by providing purchase subsidiaries and ownership benefits, such as annual tax reduction and reduction in electricity cost. Moreover, the government also started to support the automotive business development by providing other local benefits, such as free parking, access to bus lanes, no tool-free, free charging access to the restricted areas in the city. With these advantages, the government of France aims at manufacturing about two million electric vehicles, by 2022.
Automakers in France are focusing to deploy reliable and robust power electronics in the vehicle systems, especially in their hybrid and electric vehicles production, that meets high energy requirements and ultimately achieve low fuel consumption rate and CO2 emissions in the market.
Competitive Landscape of Global Automotive Power Electronics Market Report:
Some of the major companies dominating the global automotive power electronics market NXP Semiconductors NV, Infineon Technologies AG, Texas Instruments Inc., Renesas Electronics Corp., and STMicroelectronics NV. The market is moderately consolidated with major players dominating the market.
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