Pune, India, July 28, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Power Electronics market size to Rise at an Accelerated Pace Owing to Electrification of Automotive Worldwide. The global automotive power electronics market is expected to foresee substantial growth owing to emergence of electric vehicles and technological advancement during the forecast period.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Automotive power electronics is a modern technology that efficiently converts, conditions, and controls the electric power within an automobile. Presently, every automaker is integrating power circuits with almost all the new electromechanical as well as electrical devices. With massive stress on depleting fuels that cause high-level carbon emission, there has been a rising demand for electrification of automotive.
This has led to the emergence of electric vehicles across the globe that are efficient and possess the ability to lower down carbon emissions drastically. In addition to this, advancement in technology is driving the demand for automakers to produce electric vehicles owing to increasing demand for them across the globe.
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Electrification of Vehicles to Stimulate Growth
Depleting fuel resources and public outcry over rising pollution levels that have led to global warming and other environmental degradation has propelled the surge of electric vehicles across the globe. Electric vehicles are witnessed as a pivotal shift towards modern mobility solution, which provides a clean and efficient mode of transport as compared to traditional automotive. Furthermore, technological development is expected to drive the growth of the market during the forecast period.
For instance, in April 2020, Visteon Corporation, a leading automotive technology provider, displayed its new Smart core cockpit also known as virtual dashboard. According to the company, it is the first cockpit controller platform with a 3rd generation QUALCOMM snapdragon automotive cockpit. This interface is set to be installed in Guangzhou Automobile Group’s, a leading Chinese automaker, new electric vehicle platform, Aion LX.
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Increasing Demand for Safety in Automotive to Spur Demand in Asia-Pacific
Among the regions, Asia-Pacific is expected to remain dominant and gain major automotive power electronics market revenue during the forecast period. This is ascribable to factors such as increasing demand for installing advanced safety features in automotive. Europe, on the other hand, will witness substantial growth for the market. This is attributable to factors such as increasing demand for electric vehicles and strict government regulations regarding emission limits. The market in North America is anticipated to rise significantly during the projected horizon. Factors such as increasing adoption of advanced technology and rising demand for electric vehicles is expected to boost demand for the market in the forthcoming years.
Merger and Acquisition Strategies Adopted by the Companies to Boost Demand
In March 2020, Infineon, a European semiconductor company, announced that it is set to acquire Cypress Semiconductor and the deal, while the deal is in the final stage. According to the Company, the acquisition is estimated to be worth EURO 9 billion and will strategically boost and expand its product portfolio along with market presence across Europe. Adoption of strategies such as merger and acquisition, collaboration, and expansion activities by the companies to gain maximum market share is likely to drive the growth of the market between 2019 and 2026.
- Robert Bosch GmbH (Germany)
- Danfoss Group (Denmark)
- NXP Semiconductors (Netherlands)
- Continental AG (Germany)
- Qualcomm Inc. (U.S.)
- Among others
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Global Automotive Power Electronics Market Segmentation:
By Electric Vehicle Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Application:
- Chassis & Powertrain,
- Infotainment & Telematics
- Body Electronics
By Component Type:
- Microcontroller Unit
- Power Integrated Unit
By Vehicle Type:
- Passenger cars
- Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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