DUBLIN--(BUSINESS WIRE )--The "Automotive Power Semiconductors Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
It is anticipated that the global market for automotive power semiconductors will expand at a compound annual growth rate (CAGR) of 5.5% during the forecast period, of 2022 to 2030.
Superior Technical Capabilities of Power Semiconductors Driving the Market Revenues
A power semiconductor is, in its most basic form, a device that functions in the power electronics module as either a rectifier or a switch. Alternating current is changed into direct current by rectifiers, which do this by letting a high voltage pulse pass through a one-directional circuit. Switches are utilized in virtually all areas of the automotive industry, including the powertrain, the braking systems of passenger and commercial vehicles, and the inverters and battery charging systems of electric vehicles. Normal semiconductors and power semiconductors have quite distinct differences in terms of their nodal and internal circuit architectures.
As a result, power semiconductors are employed for applications that require them to handle high voltages and power. Power semiconductors have an outstanding capacity for withstanding significant damage in automobile electronics. This is necessary because certain devices, such as power chargers and motor mechanisms, call for high voltage capacitance.
The factors that are regarded to be driving the growth of the automotive power semiconductor market include the increasing adoption of car safety systems as well as certain technological standards. During the time of the forecast, the expansion of the market is anticipated to be driven primarily by the rapidly expanding semiconductors and electronics industries, as well as by automotive applications around the world.
Focus on Environment Policies Compelling Demand for Electric Vehicles
A rise in global demand for electric vehicles as a result of government programmes aimed at achieving sustainable development and an increase in investments made toward the establishment of appropriate infrastructure for these vehicles. The federal government of the United States has approved an investment of $ 4 billion for the development of infrastructure for electric vehicles, in addition to $170 billion for the construction of roads, bridges, and charging stations suitable for EVs throughout the United States.
United States accounted for around 7.2% of the world's shipments of electric vehicles in 2019. In addition, the growing demand for handling power modules in electric vehicles is anticipated to enhance the demand for power semiconductors in the automotive power semiconductor market.
Hybrid Electric Vehicles Segment Leading the Automotive Power Electronics Semiconductors
The sales of hybrid electric vehicles totalled around 6.5 billion USD in the year 2020, according to estimates. Because there is a growing demand for hybrid vehicles, more and more power semiconductors are being integrated into electric vehicles (EVs) by their makers. This allows for a more enjoyable driving experience for customers. Power semiconductors are an essential component of many major automotive equipment, including the charging and powertrain systems of the battery, the engines, the control units, and the inverter mechanisms.
The Powertrains Segment Dominates the Application Market
Increase in the design of plug-in hybrid electric vehicles, electric vehicles that run on batteries, and hybrid vehicles have contributed to an increase in the market's need for powertrains. Crankshafts, clutches, gears, drive shafts, torque converters, and other components help a vehicle generate power, and powertrains are made up of all of these components and more. The Powertrains segment maintained its dominant position in the market in 2021, and is anticipated to grow at a CAGR of 13% during the forecast period.
By Vehicle Type (2020-2030; US$ Million)
By Electric Type (2020-2030; US$ Million)
By Component (2020-2030; US$ Million)
By Material (2020-2030; US$ Million)
By Application (2020-2030; US$ Million)
Region Segment (2020-2030; US$ Million)
Key questions answered in this report
For more information about this report visit https://www.researchandmarkets.com/r/f9mieb
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900