Global Shift Toward Electric and Hybrid Vehicles Spurring Need for Intelligent Power Devices in Automobiles: Fact.MR Report
Global Shift Toward Electric and Hybrid Vehicles Spurring Need for Intelligent Power Devices in Automobiles: Fact.MR Report
According to a new study published by Fact.MR, the global automotive intelligent power device market is estimated to reach US$ 1.71 billion in 2024 and has been analyzed to expand at a remarkable 14.5% CAGR from 2024 to 2034. Gradual shift globally toward electric and hybrid vehicles is a key factor driving the deployment of automotive intelligent power devices.
Intelligent power tools for automobiles are responsible for ensuring proper power distribution in electric power trains, which leads to energy efficiency and improved vehicle performance. Intelligent power devices are an important part of the power systems used in the transportation of electric vehicles. They are essential to the improved performance of energy solutions.
East Asia is leading with a significant market share. Intelligent power devices require semiconductor components, and East Asia has a well-established supply chain and manufacturing infrastructure for them. The automotive industry relies on this strong infrastructure to facilitate innovation and large-scale production.
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Key Takeaways from the Market Study:
“Key players in the market are focusing on manufacturing more reliable, cost-effective, and efficient automotive intelligent power devices, which include advancements in semiconductors technologies as well as new material to improve device performance,” says a Fact.MR analyst.
Higher Need for Automotive Intelligent Power Devices in Electric and Hybrid Vehicles
Compared to vehicles with internal combustion engines (ICEs), electric and hybrid vehicles use a higher number of automotive intelligent power devices (IPDs) since these devices are crucial for managing the power demands of electric powertrains. These cars require intelligent power components that guarantee controlled voltages, safe energy conversion from battery power to electric power, and an electrical fault protection mechanism. On the other hand, less sophisticated power management solutions are needed for ICE-based vehicles since they primarily depend on mechanical and simpler electronic systems.
Rising Demand for Electric and Hybrid Vehicles Driving Intelligent Power Device Adoption
The global shift toward electric and hybrid vehicles is fueling the demand for automotive intelligent power devices. These advanced power solutions play a crucial role in optimizing energy distribution within electric powertrains, ensuring efficient energy use and enhanced vehicle performance.
Intelligent power devices are becoming increasingly vital in the automotive sector as they help regulate voltage and current, minimizing energy losses during battery charging while providing essential protection against electrical faults. As the transition to electrified mobility accelerates, the significance of these devices in improving power system efficiency continues to grow.
High Production Costs and Complexity Hindering Market Expansion
The manufacturing of automotive intelligent power devices involves the use of advanced materials, intricate production processes, and stringent quality control measures to ensure optimal performance and reliability. These factors significantly increase production costs, making the final products more expensive for manufacturers and consumers alike.
The addition of advanced features further drives up development costs, ultimately raising the market price of these devices. As a result, manufacturers face growing concerns over cost-effectiveness, which poses a challenge to the widespread adoption of intelligent power devices in the automotive industry.
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Key Market Players:
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive intelligent power device market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (automotive IGBTs, automotive power MOSFETs), vehicle type (ice-based vehicles, electric/hybrid vehicles), and application (body control units, powertrains, lighting, HVAC systems, fuel injection, on-board charging, battery management systems, motor drives, electric power steering, electric braking systems, infotainment systems, airbag systems),across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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An intelligent power device is a component used in electric vehicles to manage power distribution, ensuring energy efficiency and improved performance.
Electric vehicles (EVs) are automobiles powered by electric motors instead of internal combustion engines, utilizing energy stored in batteries.
A power MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a type of transistor used for switching and amplifying electronic signals in power applications.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period.
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