The advent of high frequency and high power switching devices has brought about a comprehensive application of power electronic converters for energy conversion and motion control. Advancements in technology in the form of safety and driver assistance systems, infotainment, powertrain advancements, and several others, due to the never-ending R&D in the automotive and power electronics sector, make power electronics one of the prominent segments in the current automotive market scenario. The electrical components in automotive systems have gradually evolved from basic lighting and battery charging to infotainment, sensors, and safety. Reduction in cost and size of the components and systems will play a pivotal role in the growth of the market. Switched-mode power supplies (SMPS), is one such advancement in power electronics, which helps to handle the high loads of a powertrain efficiently.
Source : Statista/Mordor Intelligence Analysis
Integration of advanced driver assistance, safety, and convenience systems in almost all automotive vehicles will be the major factor boosting the demand for automotive power electronics. Also, the increase in the sale of electric and hybrid vehicles will considerably help the market to grow over the forecast period. Hybrid electric vehicles have already gathered a huge momentum globally, especially from the European and North American countries. This popularity of hybrid technology will help the growth of power electronics market to a reasonable extent. The dominance of electrics and electronics in these vehicles will constitute the bulk of the share in automotive power electronics market.
Incorporating electrical components and replacing the conventional mechanical and hydraulic loads in the powertrain will help to improve efficiency in the vehicle by about 20%. The use of power electronics in powertrain systems for better engine propulsion, like that in controlling the engine parts or for transmission and controls, will be a major trend in the market during the forecast period. The adoption of electronics in powertrain systems will be more applicable to electric vehicle concepts – hybrid (HEV) and pure (EV) with increased efforts by the regional governments and environmental agencies to lower emission levels.
The market is segmented by device type, application, and geography. Among the different types of automotive power electronics applications, body electronics accounts for the majority, followed by safety and convenience systems. Powertrain and emission control are some of the other major power electronics applications in an automotive. The demand for lightweight multi-portable devices will help drive the growth of advanced power electronics significantly. Growing demand for passenger and light commercial vehicles from developing economies, such as China, India, and the Latin American countries (Brazil and Mexico), will help drive the market. Global economic uncertainty and a declining growth rate in production will pose a hindrance to the automotive electronics market.
February 2018: Punch Powertrain acquires French electronics firm Apogee.
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