Watch for the automotive power electronics market to continue to boom through 2027. The $3.6 billion amassed in 2019 is just the beginning, according to a new research document titled Global Automotive Power Electronics Market. Experts expect a compound annual growth rate of 4.7 percent through 2027 in the automotive power electronics market due to the growing demand of hybrid and electric vehicles.
Automobiles require power electronics for a number of applications and functions, including energy transformation and motion control. Power electronics are used to control different vehicle components and systems, including ADAS technologies, electric power steering and braking systems, infotainment applications, seat controls, and telematics.
EV Adoption Plays a Role
The introduction of stricter vehicle safety norms, along with growing environmental awareness will drive expansion within the global automotive power electronics market. Reports from Edison Electric Institute show a steady increase in electric vehicle adoptions. First-quarter 2017 sales were 197,000 units compared with 312,000 units in the first quarter of 2018. That was a 58 percent increase.
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Global Automotive Power Electronics Market, a nine-chapter, 150-plus page report from Market Study Report breaks down expected revenue and growth areas. The report also includes an analysis of different global markets and which companies are the top producers. Here are some additional highlights in the report about the state of the global automotive power electronics market: