USD 4170.2 Million
Report ID:
SQMIG25A2114 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Automotive Power Management ICs (PMICs) Market size was valued at USD 4.57 billion in 2022 and is poised to grow from USD 5.00 billion in 2023 to USD 10.42 billion by 2031, growing at a CAGR of 9.60% during the forecast period (2024-2031).
The purpose of the automotive PMICs market is to provide efficient, reliable, and safe power management solutions for modern vehicles. These solutions help to reduce energy consumption, improve the performance and efficiency of automotive systems, and enhance the overall driving experience for consumers. The primary driving factor for the automotive PMICs market is the growing demand for electric and hybrid vehicles, which require advanced power management solutions to optimize energy efficiency and reduce emissions. The increasing adoption of advanced automotive systems, such as ADAS, infotainment systems, and autonomous driving technologies, is driving demand for more sophisticated PMICs. The main restraining factors for the automotive PMICs market include the high cost of advanced PMIC solutions, as well as the complexity of integrating PMICs into existing automotive systems. Moreover, the limited availability of raw materials required to produce PMICs may also limit market growth.
One of the main challenges in the automotive PMICs market is to develop solutions that can withstand harsh automotive environments, including high temperatures, vibration, and electromagnetic interference. Another challenge is to develop solutions that are compatible with various automotive systems and architectures, as different vehicles may require different power management solutions. One of the key opportunities in the automotive PMICs market is to develop solutions that can improve the efficiency and performance of electric and hybrid vehicles. Additionally, the growing demand for advanced automotive systems, such as ADAS and infotainment systems, presents an opportunity for PMIC manufacturers to develop more sophisticated and specialized solutions. The increasing adoption of autonomous driving technologies is expected to drive demand for more advanced and reliable PMICs. The global Automotive Power Management ICs (PMICs) market is expected to witness significant growth in the coming years, driven by the growing demand for advanced power management solutions in modern vehicles.
US Automotive Power Management IC (PMIC) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4170.2 Million
Largest Segment
Heavy Commercial Vehicle
Fastest Growth
Heavy Commercial Vehicle
Growth Rate
9.6% CAGR
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The global automotive power management ICs (PMICs) market is segmented on the basis of vehicle, application, and region. By vehicle, the market is segmented into heavy commercial vehicle, light passenger vehicle, and passenger vehicle. Based on application, the market is categorized into battery management, telematics, powertrain, body electronics & infotainment systems, and adas & safety.
Automotive Power Management ICs (PMICs) Market Analysis by Vehicle
With respect to segmentation by vehicle, the heavy commercial vehicle segment earned the largest share in 2022. Anticipated growth in heavy commercial vehicle requirements is projected to increase the demand for automotive Power Management Integrated Circuits (PMICs). The e-commerce sector's expansion has led to an upsurge in goods transportation demands, consequently driving the need for large commercial vehicles. The rise of megacities has further contributed to the growing demand for goods transportation services, spurring market growth. To comply with strict pollution standards, Original Equipment Manufacturers (OEMs) are compelled to manufacture more fuel-efficient and environmentally friendly large commercial vehicles, including electric commercial vehicles, thus elevating the demand for PMICs. The passenger vehicle segment is predicted to experience moderate revenue growth during the forecast period. Electric vehicles (EVs) are at the forefront of technologies aimed at reducing air pollution, with several governments worldwide offering incentives to encourage their adoption. With electric vehicles operating on lithium-ion batteries that support hybrid charging, they are being increasingly adopted by ride-hailing businesses to replace their internal combustion engine fleet. For instance, Uber India has ambitious plans to incorporate about 3,000 electric vehicles into its fleet by the end of 2021. These factors collectively contribute to the growth of the passenger vehicles market, especially electric passenger cars, thereby propelling the global automotive power management Integrated Circuit (IC) market's revenue growth.
Automotive Power Management ICs (PMICs) Market Analysis by Application
The battery management segment earned the dominant share in 2022. The latest iteration of power management ICs (PMICs) incorporates multiple functions within a single device, aiming to reduce the number of components and board space needed for efficient power regulation in various devices, all while maintaining a cost-effective approach. Similarly, the most recent integrated circuits for battery management focus on enhancing battery capacity, extending battery lifespan, and closely monitoring the charging process. These cutting-edge circuits support a wide array of battery chemistries and offer cost-effective, high-precision voltage regulation solutions with minimal external components, resulting in reduced design size, cost, and complexity. Battery management ICs are of utmost importance as they ensure user safety and optimize the performance of battery-operated devices. Moreover, these integrated circuits safeguard user safety by continuously monitoring cell temperatures during operation and charging, automatically adjusting energy usage if temperature limits are surpassed.
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In 2022, Asia Pacific dominated the global automotive power management ICs (PMICs) market in terms of revenue share. This can be attributed to the flourishing automotive industry in the region, particularly in China where the new energy vehicle sector is leading the market for battery electric vehicles. The increasing demand for electric cars in the region has also contributed significantly to the growth of the market, with global electric car sales expected to reach almost seven million units in 2022.
North America is projected to register a faster growth rate in revenue over the forecast period. Advancements in the automotive industry in this region are expected to drive market growth, particularly with the rise of electric mobility in key North American countries. The United States is expected to dominate the market share in this region due to the presence of major automobile OEMs and supportive government initiatives and policies, including infrastructure and electric vehicle regulations. The increasing demand for safety and comfort features in automobiles, such as ADAS technologies, is also contributing to the growth of the market in North America. The preference of younger generations for premium automobiles is also expected to provide lucrative opportunities for the market.
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Automotive Power Management ICs (PMICs) Market Drivers
Increasing Demand for Electric Vehicles
Technological Advancements in Automotive Industry
Automotive Power Management ICs (PMICs) Market Restraints
High Cost of Advanced PMIC Solutions
Limited Technological Expertise
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The presence of a large number of players have resulted in an intense competition for the global automotive power management ICs market. vendors compete on grounds of product innovation, price, performance, and customer service. The market is characterized by a high level of technological innovation, as companies continue to develop and introduce new, more advanced PMIC solutions to meet the increasing demands of the automotive industry. Prominent players are indulged in the development of advanced PMIC solutions offering more efficient, intelligent, and reliable solutions than the existing ones. They are also investing heavily in research and development to stay ahead of the competition and introduce new technologies and solutions to the market. The global Automotive Power Management ICs (PMICs) market is highly competitive, with a large number of players competing for market share.
Automotive Power Management ICs (PMICs) Market Top Player’s Company Profiles
Automotive Power Management ICs (PMICs) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive power management ICs market analyses, this is a large and competitive industry that is experiencing significant growth. PMICs are critical components in vehicles, helping to manage the flow of power between the battery, motor, and other components. The market is driven by several key factors, including the increasing demand for electric and hybrid vehicles, the growing focus on energy efficiency, and the increasing complexity of automotive systems. The adoption of advanced manufacturing processes and the emergence of new markets are also shaping the industry, driving innovation and new product development. The leading players in the market are focused on developing advanced PMIC solutions that are more efficient, intelligent, and reliable than existing solutions. They are also investing heavily in research and development to stay ahead of the competition and introduce new technologies and solutions to the market. The market is highly competitive, with a large number of players competing for market share. The markt is expected to continue to grow in the coming years, driven by increasing demand for more efficient and intelligent power management solutions in vehicles.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4170.2 Million |
Market size value in 2031 | USD 9515.94 Million |
Growth Rate | 9.6% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Automotive Power Management IC (PMIC) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Power Management IC (PMIC) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Power Management IC (PMIC) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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REQUEST FREE CUSTOMIZATIONAutomotive Power Management ICs (PMICs) Market size was valued at USD 4170.2 Million in 2021 and is poised to grow from USD 4570.54 Million in 2022 to USD 9515.94 Million by 2030, at a CAGR of 9.6% during the forecast period (2023-2030).
The presence of a large number of players have resulted in an intense competition for the automotive power management ICs market. vendors compete on grounds of product innovation, price, performance, and customer service. The market is characterized by a high level of technological innovation, as companies continue to develop and introduce new, more advanced PMIC solutions to meet the increasing demands of the automotive industry. Prominent players are indulged in the development of advanced PMIC solutions offering more efficient, intelligent, and reliable solutions than the existing ones. They are also investing heavily in research and development to stay ahead of the competition and introduce new technologies and solutions to the market. The Automotive Power Management ICs (PMICs) market is highly competitive, with a large number of players competing for market share. 'Texas Instruments Inc. (US)', 'Infineon Technologies AG (Germany)', 'NXP Semiconductors N.V. (Netherlands)', 'STMicroelectronics N.V. (Switzerland)', 'ON Semiconductor Corporation (US)', 'Renesas Electronics Corporation (Japan)', 'Maxim Integrated Products, Inc. (US)', 'ROHM Semiconductor (Japan)', 'Toshiba Corporation (Japan)', 'Analog Devices, Inc. (US)', 'Melexis NV (Belgium)', 'Dialog Semiconductor (UK)', 'Microchip Technology Inc. (US)', 'Vishay Intertechnology, Inc. (US)', 'Diodes Incorporated (US)', 'Semtech Corporation (US)', 'Delta Electronics, Inc. (Taiwan)', 'Fuji Electric Co., Ltd. (Japan)', 'Nuvoton Technology Corporation (Taiwan)', 'Richtek Technology Corporation (Taiwan)'
The demand for electric vehicles has been growing at a significant pace due to the increasing concerns over the environment and the need to reduce carbon emissions. This has led to a surge in the demand for power management ICs that are required to manage the power supply to the electric vehicles efficiently.
Growing focus on energy efficiency: With environmental concerns becoming more prominent, there is a growing focus on energy efficiency in the automotive industry. PMICs play a critical role in improving energy efficiency by reducing power consumption and optimizing power usage. As a result, there is a growing demand for PMICs that are more efficient and intelligent.
In 2022, Asia Pacific dominated the automotive power management ICs (PMICs) market in terms of revenue share. This can be attributed to the flourishing automotive industry in the region, particularly in China where the new energy vehicle sector is leading the market for battery electric vehicles. The increasing demand for electric cars in the region has also contributed significantly to the growth of the market, with electric car sales expected to reach almost seven million units in 2022.
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Report ID: SQMIG25A2114