Automotive Power Electronics Market Booming by Rising Trend of Vehicle Electrification
The Automotive Power Electronics Market is expected to reach USD 5.49 billion by 2022, at a CAGR of 4.48% between 2017 and 2022. The most significant factor driving the automotive power electronics market is the increasing vehicle production which, in turn, is leading to the rise in demand for the installation of power electronic components in the automobiles.
Northbrook, IL -- (SBWire) -- 11/26/2018 --The Automotive Power Electronics Market is expected to reach USD 5.49 billion by 2022, at a CAGR of 4.48% between 2017 and 2022. The most significant factor driving the automotive power electronics market is the increasing vehicle production which, in turn, is leading to the rise in demand for the installation of power electronic components in the automobiles. The rising trend of vehicle electrification and the growing demand for advanced safety, convenience, and comfort systems are the other factors driving the growth in the installation of the power electronic components in the automobiles.
The increased demand for high-end vehicles and the growing stringency of emission regulations have changed the market dynamics for automotive power electronic component manufacturers. Along with this, the leading OEMs are also adopting collaboration strategies with local players to expand their product base and customers. For example, in 2017, Bosch, is collaborating with Sony Semiconductor Solutions (Japan), to design sensors for automotive HDR cameras. The factors mentioned above are driving innovations in automotive technologies and products. One such innovation is the light-weight power electronics used in various applications of the automotive industry.
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The automotive power electronics market is dominated by few global players and many regional players. The ecosystem of the automotive power electronics market includes research & development, raw material supply, assembly and manufacturing, system integration, marketing and sales, automotive manufacturing, end-users, and post sales services. The report also profiles the most promising players in the automotive power electronics market. The vendor micro quadrant matrix of this market presents an interesting picture where many big and small players have become a force to reckon with. Few of the profiled key players include STMicroelectronics N.V. (Switzerland), ON Semiconductors Corp. (U.S.), Toshiba Corp. (Japan), Renesas Electronics Corp. (Japan), and Qualcomm (U.S.).
STMicroelectronics N.V. is a global automotive component supplier with a major focus on power electronics and its components such as power ICs, microcontroller units (MCU), and sensors. The company has achieved a complete specialization in the production of semiconductor components. It offers a wide range of product portfolio for automotive power electronics. For example, in 2016, STMicroelectronics N.V. introduced new MCUs, especially for catering the safety and security applications in the automotive industry. This MCU is designed for airbags, Anti-lock Braking Systems (ABS) in cars and motorcycles, power steering, and DC/DC converters/inverters for hybrid/electric vehicles.
Another major player is ON Semiconductors Corp. (U.S.), which is one of the largest suppliers of automotive power electronics components, across the globe. ON Semiconductors Corporation completes the acquisition of Fairchild Semiconductors for USD 2.4 billion. The motto of this acquisition was to improve the cost structure and to expand the profitability of the company, as stated by the company's CEO.
Other major players in the power electronics manufacturing market for automotive are mainly focusing on expanding their regional presence to achieve continuous and sustainable development. This is evident from several collaborations and joint venture projects these companies have undertaken in the recent years.
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