COVID-19 impact on Automotive Power Electronics Market Research Report - Global Forecast till 2023
Posted May 5,2020 in Cars and Vehicles.
A solid-state circuit device that converts the current from the source to the load is known as a power electronics device. The primary purpose of a power electronic device is to control the power fluctuation in the components such as monitoring diodes and transistors. It also manages the power to enhance energy conservation and energy efficiency. Various application of power electronics includes chassis & powertrain, body electronics, safety and security system, and infotainment and telematics.
Power electronics are used to control the flow of the current in both ways viz. unidirectional and bidirectional. Major application of automotive power electronics in the generation of power is to enhance the efficiency and high power withstanding temperature. Power electronics are used in several end-user industries such as aerospace, electronic systems, and automotive electrical. Power electronics are mostly used in electric vehicles but are also installed in passenger cars and commercial vehicles to avoid power failure of systems.
The global power electronics market is anticipated to witness fast-paced ascension during the forecast period. Various factors responsible for the growth of the market include the acceleration noted in the automotive industry and the upscaling demand for technologically advanced vehicles. Moreover, growing environmental concerns has led to higher adoption of electric cars, further fostering market growth for power electronics. Increasing safety of the electronic panel in the vehicles is another factor providing traction to the market.
Furthermore, advancements in technology such as electronic stability control, advanced driver assistance systems, and electronic control unit are observed to emerge in the automotive industry. These technologies require support from power electronics to gain protection against system failure. Hence, the global COVID-19 impact on Automotive Power Electronics Market is anticipated to ascend at 5.12% CAGR over the assessment period.
The global COVID-19 impact on Automotive Power Electronics Market is studied for multiple segments which are analyzed on the basis of component, application, vehicle type, and region. Based on component, the global COVID-19 impact on Automotive Power Electronics Market is segmented into MCU, Power IC, and Sensor. The sensor segment is expected to witness a higher growth trajectory as compared to other market segments as it is a key component in electric vehicles.
Based on application, the COVID-19 impact on Automotive Power Electronics Market is segmented into body electronics, chassis & powertrain, infotainment & telematics, and safety & security system. The body electronics segment is anticipated to hold the largest market share over the forecast period. This is owed to the increasing government regulations and initiative for the adoption of smart transportation solution and advanced safety features.
Based on vehicle type, the global COVID-19 impact on Automotive Power Electronics Market is segmented into passenger type and commercial type. Among these two segments, the passenger car segment is estimated to dominate the market through the assessment period.
Detailed Regional Analysis
The global COVID-19 impact on Automotive Power Electronics Market is segmented into the regions of Asia Pacific, Europe, Middle East & Africa, North America, and Latin America. Domination over the COVID-19 impact on Automotive Power Electronics Market is held by North America during the forecast period. Within the region, the US is anticipated to lead the country-specific market for automotive power electronics. This can be owed to the presence and adoption of the highest number of battery-operated electric vehicles.
Asia Pacific is expected to boast the highest market growth during the forecast period owing to the increased adoption of advanced technology electric vehicles in the region. India and China are expected to be significant contributors to regional market growth.
Some market giants, as mentioned in the report by MRFR, include Technologies AG (Germany), Texas Instruments Inc. (U.S.), ON Semiconductor Corp. (U.S.), Renessa Electronics Corp. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Maxim Products Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Qualcomm Ins. (U.S.), Robert Bosch GmbH (Germany), and Vishay Intertechnology Inc. (U.S.).
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