Depending on the vehicle type, the market has been further segmented into passenger vehicles and commercial vehicles. Moreover, the market is classified based on electric-vehicle type, which includes plug-in hybrid electric vehicles, battery electric vehicles, and hybrid electric vehicles. And in terms of components, the market splits into MCUs, sensors, and power ICs.
When it comes to region, the automotive power electronics market segments into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). The North America region is expected to hold the largest market share followed by Europe, due to a well-established automotive industry and the rising adoption of electric vehicles. The market in the Asia-Pacific region is projected to witness the highest growth in coming years, owing to a rapid increase in electric-vehicle adoption in countries such as China and Japan.
Continental AG, Mitsubishi Electric Corp., Texas Instruments Inc., Robert Bosch GmbH, Toshiba Corp (Japan), ON Semiconductor Corp., Infineon Technologies AG, Maxim Products Inc., NXP Semiconductors N.V., Qualcomm Inc., Robert Bosch GmbH, Renesas Electronics Corp., and Vishay Intertechnology Inc. are the key players in the automotive power electronics market. These companies have been adopting several strategies, such as expansion in developing regions, in order to tap the underlying opportunities in these markets.
Joydeep Roy is a Senior Research Analyst at Acumen Research and Consulting.
