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The report " 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", The automotive power electronics market, in terms of value, is projected to grow at a CAGR of 4.48% from 2017 to 2022. The market was valued at USD 4.30 Billion in 2016 and is projected to reach a market size of USD 5.49 Billion by 2022.
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The major factors behind the growth of the automotive power electronics market are the increasing installations of advanced driver assistance systems, stringent automotive safety and security norms introduced by the government, and rising preference of vehicle electrifications among OEMs and Tier I suppliers.
Body Electronics Application: To acquire the largest market share in 2017
With the modernization of vehicles, the number of power electronic components employed in a vehicle has increased. The power electronics-driven operations include electric power steering, power windows, electronic brake systems, electric air conditioning, and others which constitute the major components of the body electronics application.
Passenger Car Segment: The largest share of the in 2017
In terms of growth rate, the safety and security system segment of the automotive power electronics market is expected to show the highest CAGR during the forecast period. This can be attributed to the increasing installations of safety features and ongoing legal mandates about this application.
The growing complexity of vehicle electronics, coupled with the increasingly stringent emission norms, has been propelling the growth of the passenger car segment of the global automotive power electronics market during the forecast period. The passenger car segment is estimated to acquire the maximum market share for power electronics, owing to the increasing installation of safety features. The government approved safety mandates and regulations across the developed nations have incentivized the OEMs to manufacture passenger cars featuring advanced technologies. These factors have boosted the power electronics market for passenger cars, all over the world.
Asia-Pacific: Rapid vehicle electrification in the Chinese market is propelling the growth of the automotive power electronics market in the Asia-Pacific region
The demand for technologically advanced cars has also witnessed a boost recently in the Asia-Pacific region with the convergence of the ICT sector, the automotive sector, and the transportation sector. This has resulted in the emergence of the advanced vehicle ecosystem. Upcoming safety regulations would increase the installation of automotive safety technologies in passenger cars. The emergence of driving assistance technologies has incentivized the OEMs to opt for efficient power electronic components to satisfy the ongoing market requirement. Thus, the increasing use of technologically advanced cars is expected to push the need for power electronics in cars in the Asia-Pacific market.
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