Selbyville, Delaware , Nov. 15, 2023 (GLOBE NEWSWIRE) -- Automotive Power Electronics Market is expected to be worth over USD 7 billion in revenue by the end of 2032, according to the latest report by Global Market Insights Inc.
Rising investments in EV infrastructure and charging networks are stimulating the demand for reliable and high-performance power electronics components to support efficient energy management and fast charging capabilities. To that end, the growing focus of industry players on investing in expanding their production facilities to cater to the growing needs for ensuring scalable production capabilities will augment the industry outlook. For instance, in March 2023, green tech solution provider Anevolve Powertronics launched its first innovative plant for power electronics in Rajasthan, India to manufacture EV products, such as AC/DC converters, inverters, and onboard chargers.
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Automotive sensors to gain significant traction
Automotive power electronics market from the sensors component segment is projected to witness momentum from 2023 to 2032. The increasing demand for electric and hybrid vehicles is surging the need to integrate advanced sensors within power electronics units to ensure optimal energy management and enhanced overall vehicle safety. Moreover, the continual innovations in sensor design and functionality along with the higher focus on developing robust and reliable sensor solutions is likely to propel segment growth.
Growing demand in infotainment and telematics applications
Automotive power electronics market is anticipated to record higher demand from the infotainment and telematics application segment between 2023 and 2032. With modern vehicles increasingly incorporating advanced multimedia systems and telematics functionalities, the demand for robust power electronics solutions is rising. Additionally, the growing emphasis on in-vehicle connectivity and enhanced user experience is contributing to the widespread application of power electronics in infotainment and telematics systems, boosting the segment growth.
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Europe to provide lucrative growth opportunities
Europe automotive power electronics market is poised to witness over 5% CAGR from 2023 to 2032 attributed to the strong automotive manufacturing base and the increasing adoption of electric and hybrid vehicles. Additionally, the surging focus in the region for promoting sustainable mobility solutions is driving the rising investments in EV infrastructure. Additionally, the continuous emphasis on technological innovations and the development of efficient and reliable power electronics solutions will foster the market expansion. For instance, in July 2022, Renault Group and Vitesco Technologies, a German automotive supplier collaborated on the development of power electronics for electric cars with the goal of reducing the size and weight of the control units.
Automotive Power Electronics market participants
Some of the leading automotive power electronic companies are Danfoss, ABB, Continental AG, Delphi Technologies, Fuji Electric, Infineon Technologies AG, Maxim Integrated, Mitsubishi Electric Corporation, STMicroelectronics, and Toshiba Corporation, among many others. These industry players are working on strategic initiatives, such as partnerships, collaborations, and acquisitions to solidify their market position. To cite an instance, in January 2023, Infineon and Semikron Danfoss signed a multi-year batch supply contract for silicon-based electric vehicle chips consisting of IGBTs and diodes used in power modules of inverters of EV main drives.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
