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Global $5.49 Billion Automotive Power Electronics Market 2017-2022
August 15, 2017 | Business WireEstimated reading time: 1 minute
The "Automotive Power Electronics Market by Application (Body Electronics, Chassis & Powertrain, Infotainment & Telematics, Safety & Security), Vehicle (PC, CV), EV (PHEV, BEV, HEV), Component (MCU, Power IC, Sensor), and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
The electrification of drivetrain, owing to the growth of hybrid electric vehicles (HEV) and fully electric vehicles (EV), is expected to increase the usage of power electronic components in automobiles to a large extent in the near future. The automotive power electronics market has shown steady growth in developing countries such as India, China, and the Middle East. However, despite the high demand for advanced automotive power electrical systems, the market faces challenges of providing integrated and lightweight components along with optimizing cost and maintaining the quality standards.
The body electronics application is estimated to hold the largest share of the power electronics market in 2017. The growth of this segment can be attributed to the wide range of advanced features such as power steering, HVAC system, instrument cluster, and lighting of passenger cars as well as commercial vehicles. The increased installation rate of high-end electronics in passenger cars increases the complexity in the power electronic modules of the system. This factor drives the cost of components used in body electronics, which accounts for the largest share of the automotive power electronics market.
The sensors market is estimated to grow at the highest CAGR during the forecast period. The growing installation rate of advanced safety and security features in a vehicle has triggered the growth of the sensors market. OEMs are also focusing on research and development for widening the application of sensors in a vehicle, which is making sensors a lucrative market for Tier I manufacturers and OEMs.
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