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Soaring Demand for Electric Vehicles Worldwide to Increase Usage of Automotive Power Electronics


Soaring Demand for Electric Vehicles Worldwide to Increase Usage of Automotive Power Electronics

The global automotive power electronics market is set to achieve a valuation of US$ 6 billion by 2033, advancing at 4.1% CAGR from 2023 to 2033, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.

Power electronics is a general term that refers to a category of solid-state devices used for power regulation and conversions, such as silicon-controlled rectifiers (SCRs), diodes, thyristors, power MOSFETs, gate turn-off thyristors, and many others. They have a significant role in the control of automotive electronics. Automotive electronics is a sophisticated term formed from power electronic devices and their applications in modern electric power steering, seat control, braking systems, central body management, HEV main inverters, etc.

Increasing acceptance of electric vehicles (EVs) is the main factors driving the global automotive power electronics market. Electric vehicles are seen as a critical transition toward modern mobility solutions, providing a cleaner and more efficient method of transportation than traditional automotive. Depleting fuel resources and public uproar over rising pollution levels have fueled the demand for electric vehicles worldwide.


Compliance with safety and vehicle emission norms, as well as rising demand for vehicle connectivity, infotainment, and powertrain electrification, is expected to propel the global automotive power electronics market over the forecast period. The usage of electronics in powertrain systems is predicted to expand at a higher rate throughout the forecast period due to growing efforts by regional governments and environmental agencies to reduce emissions levels through the use of environmentally-friendly automobiles (i.e., hybrid and electric vehicles).

Key Takeaways from Market Study

  • The global automotive power electronics market amounted to US$ 4 billion in 2023.
  • Worldwide demand for automotive power electronics is estimated to increase at a CAGR of 4.1% from 2023 to 2033 (forecast period).
  • The market is forecasted to reach a size of US$ 6 billion by 2033.
  • Asia Pacific accounted for 38.7% share of the worldwide market in 2022.
  • The passenger cars segment is predicted to evolve at a CAGR of 3.7% during the forecast period.

“Global automotive power electronics market projected to witness considerable growth due to increasing modernization of vehicles, expanding demand for vehicle electrification, and rising need for connected car devices,” says a Fact.MR analyst.

Regional Analysis

Asia Pacific is leading the global automotive power electronics market. Japan and South Korea are aiding the market growth in Asia Pacific due to the increasing production of automobiles.

The North American market is expanding significantly. The United States is ruling the North American market due to the presence of major electric vehicle makers such as Tesla. Furthermore, Germany is contributing substantially to the European market growth due to the growing adoption of electric vehicles.

Electronic Thermal Management Materials

Electronic Thermal Management Materials Market size to Surpass $8.7 Bn by 2026

As per the latest research conducted by Global Market Insights Inc., the Electronic Thermal Management Materials Market revenue is anticipated to cross USD 8.7 billion until 2026

With the growing need for special solutions to remove excess heat in miniaturized electronic devices, the deployment of electronic thermal management materials has been gaining momentum worldwide. The burgeoning trend of miniaturization and the rapidly increasing power ratings of electronic modules have led to high heat flux, thus requiring complex thermal management techniques.

These increased products sales during the pandemic are asserting a positive influence on electronic thermal management materials market development in recent years.

The rising awareness about the reliability of thermal management materials is making them a sought-after solution for implementation in myriad industry verticals, including automotive and healthcare. Listed below are 4 factors spurring the electronic thermal management materials business for industrial applications:

  • Need for temperature monitoring of EV batteries

In the electric vehicle industry, thermal management of the EV battery and systems is one of the major concerns. To solve a range of challenging management problems and allow the battery to operate efficiently and safely, the adoption of battery thermal management systems for electric vehicles has been a key focus of vehicle makers. 

Over the years, more and more auto companies have been emphasizing the expansion of their EV fleet. Ford, for example, unveiled plans to boost the production capacity of EVs to 600,000 units by 2023 globally. This, in turn, could fuel the demand for temperature monitoring systems designed for EV batteries, to increase the reliability, range, and robustness of the vehicles.

  • Mandatory thermal management requirements of space vehicles

Space is considered one of the central technological platforms, with advanced electronics being a fundamental element in the aerospace sector. Over recent years, various aerospace companies have been increasingly developing orbital launch vehicles. 

Citing an instance, in September 2020, Isar Aerospace commenced the production of launch vehicles in its promising segment of medium- and small-sized satellites and satellite constellation. Factors like these are augmenting the growth of the electronic thermal management materials market, as the precise thermal management of electronic devices used in space vehicles is mandatory for their efficient functioning. 

  • Demand for semiconductor technology with improved thermal performance

Over the years, government departments have been making significant investments to advance 5G wireless networking. In August 2021, the U.S. Department of Energy, for example, unveiled plans to invest $6 million in 5 research and development projects to boost 5G wireless networking for various science applications like environment and climate data gathering. 

Despite the accelerating deployment of 5G networks, there are multiple challenges associated with thermal management materials. This factor could influence telecom service providers to adopt wide-bandgap semiconductors such as gallium nitride with improved thermal performance, contributing to electronics thermal management materials market expansion from telecom applications.

  • Importance of thermal management of medical devices

To boost domestic production and create a pipeline of innovative medical devices, several medical research bodies are undertaking strategic measures in emerging nations like India. For example, in November 2021, the ICMR (Indian Council of Medical Research) partnered with the IITs to develop centers of excellence. This initiative was aimed at amplifying the strategic Make in India product commercialization and development in the diagnostics and medical device sectors.

Since efficient thermal management is crucial for the reliability and performance of medical equipment, escalating product launch initiatives like these could support the growth of manufacturers of thermal management materials for medical electronics.


global Integrated Passive Devices pulp demand power

The Global Market for Power Electronics is Anticipated to Grow at a CAGR of 5% from 2022 to 2032

The global market for power electronics is anticipated to reach a value of US$ 28 billion by 2022, growing at a CAGR of 5% from 2022 to 2032. By the end of 2032, it is anticipated that sales of power electronics will generate an opportunity worth an absolute 44 billion dollars. The demand for power electronics in the market is expected to increase due to increasing use across consumer electronics and power-generating industries.

To control the flow of energy, switching electronic circuits are used. These switching electronic circuits are called power electronics. Power electronics are also considered for the conversion of electric power. Semiconductor devices like diodes, transistors, thyristors etc perform such conversions. Power electronics devices have several advantages including optimum forward and reverse backing capabilities, simplified circuits, compact designs, etc. Moreover, power electronics find their applications in the connection of renewable energy resources to power grids, transportation in electric trains, motor drives, and lighting. The major use of power electronic devices is heat sinking as well as soft starting of equipment deploying power electronic devices.

Global Power Electronics Market: Segmentation

The global power electronics market can be segmented into geography, types, and applications. Based on geography, the global power electronics market can be segmented into America, Europe, Asia Pacific, and Middle East & Others. Considering types, the global power electronics market can be segmented into diode rectifiers, ac-dc converters, ac-ac converters, dc-dc converters, dc-ac converters, and static switches. Because of applications, the global power electronics market can be segmented into industrial activities, solar power, wind power, electric cars, aerospace, and consumer electronics.

Global Power Electronics Market: Region-Wise Outlook

In terms of power electronics market value, Asia Pacific is the largest geography. America is the fastest growing region; Europe is considered a very promising market comprising Germany and the UK while the Middle East also grants an impetus to the growth of the global power electronics market.

Global Power Electronics Market: Drivers

Various factors are fueling the growth of the global power electronics market including the rapid use of renewable sources of energy followed by the increase in the adoption of electric cars and defense. ICT, telecommunications, self-monitoring and diagnostics systems, hospitals, and healthcare are the major fields driving the global power electronics market to grow apparently.

Global Power Electronics Market: Restraints

There are various challenges faced by the global power electronics market like high initial costs, and deposition of GaN on silica materials that are in turn very difficult to reach in high voltage ranges. Moreover, manufacturing power electronics is excessively expensive and time-consuming thus posing a restraint to the global power electronics market.


Photonic Packaging Market to Grow at 5.7% CAGR, Expected to Reach US$ 452.3 Billion by 2032

According to Fact.MR, a market research and competitive intelligence provider, the global photonic packaging market is estimated at US$ 452.3 billion in 2032 and is expected to expand at a healthy CAGR of 5.7% during the forecast years of 2022-2032. The market is poised to grow due to remarkable use case of photonics in several end-use digital applications.

With the rise of 2.5D and 3D package integration techniques and the emergence of the Internet of Everything, connectivity requirements are skyrocketing. The number of mobile devices, such as smartphones and tablets, is increasing quickly. Their data communication needs are increasing the required capacity of global communication networks. The transfer of data, logic, and applications to the cloud increases the need for latency reduction while allowing for increased network capacity by using photonics.

The broad range of methods and technical know-how required to create optical, mechanical, thermal, electrical, and occasionally chemical connections between a PIC and the outside world are together referred to as photonic packaging. The integration of electronic chips, microchips, laser chips, and microfluidics on PICs is among the most well-known applications of photonic packaging.

The other aspects of the field also include the impedance matching of transmission lines from external connectors to PICs’ microscopic photonic components and high-speed (25 Gbps) routing. Additionally, it is done due to the effective thermal stabilization and thermal cooling required to keep the PIC within its operational limit.

Owing to technological developments in the photonics market, demand for its sustainable and robust packaging is expected to witness significant growth over the coming years.

Key Takeaways from Market Study

  • The global photonic packaging market is projected to grow 1.7X and reach US$ 452.3 billion by 2032.
  • The market witnessed 4.1% CAGR between 2017 and 2021.
  • Under packaging technology, optical photonic packaging dominates the market with US$ 110.9 billion valuation in 2022.
  • APAC dominated the market with 68.2% market share in 2021.
  • Together, the Americas and EMEA are likely to represent 32.2% market share in 2022.

Based on region, demand for photonic packaging is expected to increase at CAGRs of 5.1% and 6.6%, respectively, in APAC and the Americas.

“Advanced packaging technologies provide a route to improved scaling of photonics devices, especially for high-volume applications,” says a Fact.MR analyst.

Market Development

Technological advancements such as passive Fibre-to-PIC alignment, more accurate flip-chip vertical integration, improved thermal-stack design, and others have created a significant impact. Moreover, with ‘soft’ developments such as the adoption and publication of packaging standards and the consolidation and expansion of the component and material supply chain, there has been a dynamic shift in the overall photonic packaging landscape.

The need to create co-packaging solutions that integrate photonics with electronics, microfluidics, and MEMs will increase as photonics becomes more prevalent and finds more applications across vivid domains. The biggest prospects for this technology are in automotive, healthcare, and ICT end use. Thus, key companies are looking to diversify their offerings to gain an early mover advantage in this space.

Competitive Landscape

Prominent photonic packaging manufacturers are Aim Photonics, boschman, Fiberoptics Technology Inc, IBM, Inphotec, Juniper Networks, Keysight, MSRI Systems, PHIX, Technobis, Tyndall National Institute, and VLC Photonics.

The clear trend is for more compact photonic packaging designs with higher levels of integration (MEMs and electrical), effective and ideally passive thermal stabilization, and lower insertion loss. To solve this challenge, companies in photonic packaging are transforming towards developing scalable and standardized solutions from a legacy of individually customized prototypes. All in all, this will create higher relative profit margins in the optical packaging market.

  • In Sept 2020, MRSI Systems, in its new offering, introduced ‘MRSI-S-HVM’. It has features such as wafer-level packaging, co-packing photonic and electronic chips, and a flexible 0.5 micrometer die bonder for silicon photonics.
  • In January 2022, Phix, a photonics packaging business, and Nanoscribe announced a cooperation to offer the photonic packaging industry on-fiber printing services. Phix is using this new technological method to produce standard lensed fibre arrays using Nanoscribe’s nano-precision alignment capabilities with new high-performance 3D microlens printing technology (LFAs).

5 Major Trends Transforming mPOS Terminals Market Outlook Over 2021-2027

Growing penetration of smartphones in conjunction with increased consumer proclivity towards UPI payment methods has led to the transformation of the payment landscape. The increasing card transactions across the globe are driving the adoption of mPOS payment solutions across various sectors including, hospitality, retail, healthcare, entertainment, etc. In March 2021, over 1.5 billion debit card transactions were recorded in the UK which represents an increase of 21.4% as compared to February 2021. A notable rise in the usage of card payments is expected to give a major impetus to mPOS terminals market over the upcoming years. The market size is projected to surpass USD 70 billion by 2027, cited the latest report by Global Market Insights Inc.

The industry growth is being further stimulated by the pivotal trends mentioned below:

Development of innovative solutions by market players

Various major players operating in the industry are inclined on developing advanced solutions that can suit the customer requirements and offer an enhanced experience. For instance, in 2021, Mastercard partnered with Global Payments Inc. and NMI to roll out the pilot of its first live Cloud Tap on Phone with Computer Engineering Group. This product is apparently Mastercard’s next-generation acceptance product, where the software is hosted on Microsoft’s Azure cloud platform.

Increasing consumer preference for cloud-based mPOS

Cloud-based mPOS terminals are observing mounting demand especially among small stores and restaurants owing to their low cost of installation and maintenance. These terminals require an efficient internet connection for carrying out payment transactions which reduce the need for costly infrastructure. The cost-effectiveness and space constraints encourage small merchants to deploy cloud-based mPOS systems.

Growing popularity of contactless payments

The massive popularity of contactless payment transactions due to the expansion of e-commerce sector and the emerging trend of card-on-delivery has accelerated the deployment of mPOS terminals. Consumers are now preferring contactless payment methods owing to more convenience and safety while performing transactions. Besides, the COVID-19 pandemic has also expedited the trend of contactless payments globally. For instance, effective from May 2020, the France government increased the limit on contactless payment from USD 35 to USD 59, on the recommendation of the European Banking Authority (EBA).

Increasing adoption in restaurants

Restaurants are increasingly adopting the mPOS terminals as they intend to enhance the customers’ dining experience. A large number of cafes, restaurants, bars and pantries are now investing in innovative POS devices to facilitate faster transactions during peak hours. For instance, in 2020, Shift4 Payments launched a contactless QR code ordering solution for restaurants. According to the company, this system provides restaurants with a customized QR code that can be displayed on placemats, table tents, etc. The customers can scan the code using their phone to access the menu and place an order. The order is then sent directly to the restaurant’s POS system.

Burgeoning demand in the hospitality sector of North America

mPOS terminals industry is witnessing significant growth in North America owing to the increasing adoption of POS terminals in the regional hospitality sector. The thriving travel & tourism industry has impelled the construction of various luxury hotels and resorts in the region. Citing an instance, in 2021, Wyndham Hotels & Resorts, Inc. announced the launch of a luxury hotel brand amid the recovery of the luxury sector from the pandemic. Several independent casinos, hotels, and resorts owners use mPOS solutions for providing the guests with a seamless experience and convenience while paying bills.

The industry will grow exponentially over the ensuing years as people around the world are showing great interest in more innovative and convenient ways of payments. This is indeed prompting numerous industrial sectors to invest in innovative POS solutions to meet customer demand. Increasing penetration of the internet and smartphones will further strengthen the mobile POS terminals industry landscape.