Global Automotive Power Electronics Market 2020is slated to mature at a CAGR of 5.12% and reach USD 5.5 billion by 2023
Over the past few years, the global automotive power electronics market has experienced potential growth and the market has been analysed to expand at the same rate during the forecast period. Increased demand for new technologies in cars, increasing environmental issues leading to an increased usage of electric vehicles and increased protection of electronic control panels in vehicles are the reasons responsible for the growth of the automotive electronics industry. In electric vehicles, which need power electronics for system safety, advancements in technologies such as electronic stability control (ESC), advanced driver assistance systems ( ADAS), and electronic control units (ECU) have emerged.
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The growth in the use of power electronics in cars has contributed to this development in technology. During the projected era, the rise in the use of power electronics in electric vehicles resulted in market development. The rising environmental problem caused by pollution has contributed to increased demand for electric cars. Increasing demand for electric vehicles has led to an increase in the use of power electronics, which will drive the market. The price of crude oil per barrel has risen very steadily over the last decade, and its supply has declined day by day. Because of these reasons, the population’s demand for electric cars is changing.
Based on the feature, function, vehicle model, and area, the automotive power electronics market has been segmented. The market has been segmented as MCU, Control IC, and Sensor on a part basis. During the forecast era, the sensor segment is expected to experience the highest growth since it is the main component of electric vehicles.