Automotive Power Management IC (PMIC) Market Size, Share, Growth Analysis, By Vehicle Type(Heavy Commercial Vehicle, Light Passenger Vehicle, and Passenger Vehicle), By Application(Telematics, Battery Management, ADAS & Safety, Powertrain), By Region - Industry Forecast 2024-2031

Automotive 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.