Automotive Power Electronics Market to Record 4.48% CAGR to 2022, Forecasts M&M in Its New Report Available at MarketPublishers.com
22 Aug 2017 • by Natalie Aster
LONDON – Worldwide, the automotive power electronics market is estimated to grow from USD 4.41 billion as of 2017 to be valued at USD 5.49 billion by end-2022, recording a 4.48% CAGR. The electrification of power train, due to the growth of HEVs and fully EVs, is projected to boost the usage of power electronic components in cars in a great measure on a short-term horizon.
The market for automotive power electronics has gained steady momentum in developing economies of China, India, and the Middle East region. Meantime, notwithstanding elevated demand for cutting-edge automotive power electrical systems, the market is facing some challenges of providing light-weight, integrated components alongside optimising cost and maintaining the standards of quality.
With respect to application area, the body electronics segment is set to grab the major share of the market as of 2017, which is due to a broad scope of advanced features like HVAC system, steering booster, instrument binnacle, and lighting of passenger cars and commercial motor vehicles.
Based on component, sensors will likely see the highest CAGR in the foreseeable future, driven by the rising installation rate of elaborate safety and security features in vehicles.
APAC region is poised to post the highest CAGR in terms of value in the foreseeable future to become the largest regional market for automotive power electronics, driven by elevated demand for advanced electronic and safety features in the light motor vehicle in the region. Furthermore, forthcoming legislations for safety technologies in developing nations is also the major factor that is poised to fuel the market.
New in-demand report “Automotive Power Electronics Market - Global Forecast to 2022” created by M&M offers a detailed understanding of the market performance on a global level.
The study casts light on the market dynamics, covering restraints, drivers, opportunities, challenges. It includes Porter’s five forces analysis, and contains an exhaustive technical overview. The report provides segmentation of the market based on application, component, vehicle type, EV type, and region-wise. The publication casts light on the competitive landscape, includes granular profiles the 12 prominent players operating in the power electronics market covering business overview, product portfolios, product offerings, business strategies, and recent industry developments, etc. Furthermore, the report provides a future outlook of the global automotive power electronics marketplace through to 2022.
More new reports drawn up by this publisher can be found in MarketsandMarkets catalogue at MarketPublishers.com.