Power Electronics Market Growth Opportunities
Rising Use of Power Electronics in Electric Vehicles
Electric vehicles (EVs) are central to modern transportation, and power electronics play a crucial role in their functionality. These components efficiently control and convert electricity, facilitating the operation and adoption of EVs.
Inverters, converters, sensors, and control systems in EVs manage power flow between the battery and motor, converting DC to AC, and regulating motor speed. Power electronics are particularly vital in hybrid electric vehicles and technologies like kinetic energy retention systems.
Market players are focusing on developing power electronics devices for EVs. For example, in April 2023, Infineon Technologies AG launched HybridPACK™ Drive G2 for traction inverters in EVs. Similarly, in December 2022, STMicroelectronics NV introduced high-power modules that enhance EV performance and driving range. These innovations are expected to boost the adoption of power electronics in EVs.
Power Electronics Market Analysis: Key Findings
By Product Type: Power ICs Segment to Dominate
Based on product type, the market includes power diodes, power transistors, thyristors, power electronic circuits, power ICs, power switches, power regulators, power modules, power drivers, and other products. In 2024, the power ICs segment is expected to hold the largest market share at 25.0%. This is attributed to the rising demand for power in IoTs, wearables, automotive, and industrial applications. Innovations like Nordic Semiconductor's nPM1300™ Power Management IC for battery-operated applications highlight this trend.
Based on geography, the power electronics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the power electronics market. The large share of the region is attributed to the rising demand for energy-efficient hybrid electric vehicles, the rising adoption of consumer electronics devices, and the presence of well-established power electronics companies such as Renesas Electronics Corporation (Japan), Mitsubishi Electric Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Fuji Electric Co., Ltd. (Japan), TDK Corporation (Japan) and Toshiba Corporation (Japan).
Moreover, Asia-Pacific is expected to register the highest CAGR during the forecast period. Growth of the market is driven by rising government initiatives and investment in renewable power generation and the growing focus of market players on innovative product offerings. For instance, in January 2023, Renesas Electronics Corporation (Japan) launched new gate driver IC that is designed to drive high-voltage power devices such as IGBTs (Insulated Gate Bipolar Transistors) and SiC (Silicon Carbide) MOSFETs for electric vehicle (EV) inverters.
Key Players:
The key players operating in the power electronics market are ON Semiconductor Corporation (U.S.), ABB Ltd. (Switzerland), Infineon Technologies AG (Germany), Texas Instruments Incorporated (U.S.), ROHM Co. Ltd (Japan), STMicroelectronics NV (Switzerland), Renesas Electronics Corporation (Japan), Vishay Inter technology Inc. (U.S.), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Analog Device Inc. (U.S.), TDK Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Fuji Electric Co., Ltd. (Japan) and NXP Semiconductors N.V. (Netherlands).
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Key Questions Answered in the Report-
• Which are the high-growth market segments based on product type, application, and end-use industry?
• What was the historical market for power electronics?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the power electronics market?
• Who are the major players, and what shares do they hold in the power electronics market?
• How is the competitive landscape in the power electronics market?
• What are the recent developments in the power electronics market?
• What are the different strategies adopted by the major players in the power electronics market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global power electronics market, and how do they compete with the other players?
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