Automotive Power Electronics Market Worth $4.7 Billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, July 2, 2020 /PRNewswire/ -- According to the new market research report "Automotive Power Electronics Market by Device Type (Power IC, Module & Discrete), Application, Component (Sensor & Microcontroller), Material, Vehicle Type (Passenger Vehicle, LCV & HCV), Electric Vehicle Type, and Region - Global Forecast to 2025", published by MarketsandMarkets, the global Automotive Power Electronics Market size is projected to grow from USD 3.8 billion in 2020 to USD 4.7 billion by 2025, at a CAGR of 4.7%.

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314 – Tables
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271 – Pages

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The increasing electronics content inside the vehicle for the operation of specific vehicle applications and government mandates related to carbon emissions and vehicle safety are some of the key factors that will drive the market for Automotive Power Electronics Market. Developments in the power converters of the electric vehicle is also one of the factor that drives the Automotive Power Electronics Market.

Vehicle production was low in April and May 2020 in the major European, Asia Pacific countries and the US due to the ongoing COVID-19 pandemic. Earlier, the Automotive Power Electronics Market was expected to witness rapid growth from 2022 onward as major safety regulations are outlined to be imposed. As vehicle production is suspended, any new investment for advanced technology is unlikely. OEMs and tier 1 players are either using cash reserves or acquiring funds to continue operations during the crisis. OEMs are still skeptical about the recovery of vehicle sales to 2019 levels in 2020.

Increasing use of mechatronics devices and comfort features inside the vehicle is expected to result in the dominance of body control & comfort segment in Automotive Power Electronics Market

Body control & comfort comprise of features like tire pressure monitoring system (TPMS), lighting, seat control, heating, ventilation and air conditioning (HVAC) and start-stop module. Vehicles across the globe are getting installed with latest versions of these sub-applications of body control & comfort. Start-stop module sub-application is showing tremendous growth in recent years. On the other hand vehicles are getting installed with modern LED technologies for both interior and exterior lighting. TPMS is treated as a good to have feature in the vehicle. Luxury vehicles are getting fitted with advanced seat controls and heated/ventilated seats. These applications are becoming essential features in passenger vehicles. Also features like LED lightings, TPMS and star-stop modules are getting installed in other category of vehicles like light commercial and heavy commercial vehicles. These are main factors that is fueling the market for body control & comfort segment by application type of Automotive Power Electronics Market.