Semiconductors are materials that possess the characteristics of a conductor as well as an insulator. Moreover, Semiconductors are used to regulate the flow of electricity and make it unidirectional. Power semiconductors are capable of handling high voltages and large currents and have different structure than semiconductors, which enables them to handle higher currents and voltages without harm. Power semiconductors are employed in automotive electronics and are known as automotive power semiconductors.
Demand for automotive power semiconductors is likely to rise at a significant pace during the forecast period owing to a rise in preference of society toward electric vehicles. Rise in production of electric vehicles (EVs) is fueling the need for converters, switches, chargers, and inverters. This in turn is anticipated to propel the demand for power semiconductors during the forecast period. Furthermore, most manufacturers are entering into the production of hybrid and electric vehicles, owing to stringent emission norms, which is likely to boost the automotive power semiconductor market. Thus, the manufacturers involved in the manufacturing of automotive electronic components are likely to boost the production of the components that contain a large number of power semiconductors.
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The global automotive power semiconductor market can be segmented based on component, material, electric vehicle, vehicle type, and region. Based on component, rectifiers are likely to be a leading segment of the automotive power semiconductor market, as almost all vehicles are incorporated with rectifiers, even in diesel and gasoline powered vehicles, and the rising production of EVs is likely to boost the rectifiers segment significantly. However, voltage suppressor and charging systems segments are likely to expand at a considerable growth rate during the forecast period.
Based on material, the SiC (silicon carbide) segment is likely to account for a prominent share of the automotive power semiconductor market, as its losses are significantly lower, which makes the material suitable for application in EVs in order to develop vehicles with maximum traveling range.
In terms of electric vehicle, the hybrid vehicle segment is expected to hold a major share of the automotive power semiconductor market owing to the high production of hybrid vehicles, globally, as compared to all other segments of EVs. However, the battery electric vehicle segment is likely to expand at a rapid pace during the forecast period owing to its zero emission capability and the development of EVs with higher range.
Based on vehicle type, the passenger vehicle segment is expected to hold a notable share of the automotive power semiconductor market due to high production of passenger vehicles globally. Furthermore, the commercial vehicle segment is anticipated to expand during the forecast period owing to increasing investment in development of electric commercial vehicles.
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In terms of region, Asia Pacific is anticipated to hold a significant share of the global automotive power semiconductor market owing to the high production of vehicles in the region and the production of a large number of EVs in China and Japan. Europe follows Asia Pacific in terms of share of the global automotive power semiconductor market.
Key players operating in the global automotive power semiconductor market include Infineon Technologies, S TMicroelectronics, NXP Semiconductor, Texas Instruments, and Freescale Semiconductor.
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