Global Automotive Power Management ICs (PMICs) Market

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


Report ID: SQMIG25A2114 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 75

Automotive Power Management IC (PMIC) Market Insights

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.

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FAQs

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.

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Global Automotive Power Management ICs (PMICs) Market

Report ID: SQMIG25A2114

$5,300
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