Automotive Power Management IC Market Growth till 2031

1. Automotive Power Management IC Market Will Record Rapid Growth till 2031 In the dynamic landscape of the automotive industry, the push for electric and hybrid vehicles has brought forth a need for advanced technologies to manage power efficiently. The Automotive Power Management IC (Integrated Circuit) Market plays a pivotal role in addressing this challenge. Power Management ICs are the unsung heroes behind the scenes, responsible for efficiently distributing and regulating electrical power within a vehicle's complex network. In the context of automotive applications, these ICs are specifically designed to optimize power consumption, manage battery life, and enhance the overall efficiency of electric and hybrid vehicles. The global automotive power management IC market is projected to reach $10,186.4 million by 2031 from $4,176.0 million in 2021, at a CAGR of 9.5% during the forecast period 2022-2031. The growth in the automotive power management IC market is expected to be

2. driven by technological advancements and increasing demand for advanced driver assistance systems (ADAS). ADAS and Safety Segment Accounts for Highest Share of the Market The ADAS and safety segment accounts for a significant share of the automotive power management IC market. This is due to the wide adoption of public charging stations for facilitating EV adoption in developing countries. Various OEMs and EV network operators are investing and deploying DC fast chargers across commercial parking facilities, highways, gas and petrol stations, and the retail and hospitality sectors. Some companies are collaborating with gas stations for the rapid deployment of fast chargers. The leading companies that are working toward public charging infrastructural plans are IONITY, EVGo, Charge Point, and Tritium. These are some of the prominent EV DC fast-charging network operators stimulating public fast chargers' growth across countries. The federal government and state government also play a vital role in the deployment of public fast chargers by providing tax rebates and subsidies to DC fast charger installing companies and EV customers. Light Commercial Vehicles Segment is Anticipated to Grow at a Substantial Growth Rate in the Automotive Power Management IC Market The light commercial vehicle segment is expected to dominate through the forecast period 2022-2031. High demands for battery-operated devices, fast-paced technological advances, and the proliferation of new semiconductor applications have contributed to the surge in power management integrated circuits (PMICs) usage. Light commercial vehicle system designers turn to PMICs to optimize power management, protect against overvoltage or overcurrent faults, implement human-machine interfaces, manage battery life and charging, and perform many other control functions for mechanical, electromechanical, and electronic devices. 6-32 V Power Range Segment Expected to have the Biggest Share in the Automotive Power Management IC Market Automotive power management ICs with 6-32 V power range are expected to dominate the market during the forecast period. This segment is expected to grow at a moderate growth rate between 2021 and 2031. This is due to the high demand for advanced driver assistance systems (ADAS) applications, as these ICs utilize an independent voltage reference and an adjustable independent oscillator to realize the supervisory features. Request A Free Detailed Sample on Automotive Power Management IC Market! Recent Developments in the Automotive Power Management IC Market ● In June 2022, Renesas Electronics Corporation launched the ISL78083, a power management IC (PMIC) aimed at simplifying power supply design for use in multiple HD

3. camera modules, reducing development cycles, bill of materials (BOM) cost, and supply chain risks. In June 2021, Microchip expanded its broad portfolio of dsPIC33C DSCs to cover the large memory segment with the new ISO 26262-compliant dsPIC33CK1024MP7xx family. This new family of dsPIC33C DSCs with 1 MB Flash enables applications running automotive software such as AUTOSAR, OS, MCAL drivers, ISO 26262 functional safety diagnostics, and security libraries. The family of dsPIC33 DSCs also includes a high-performance central processing unit (CPU) with a deterministic response and specialized peripherals for general automotive, advanced sensing and control, digital power, and motor control applications. In April 2021, STMicroelectronics launched a new fully integrated power management IC (PMIC) for AMOLED displays that combine a low quiescent current and enhanced flexibility to extend the battery runtime of portable devices. In April 2021, Infineon Technologies AG introduced a new family of battery management ICs, including TLE9012DQU and TLE9015DQU. The ICs enable an optimized solution for battery cell monitoring and balancing. The devices are suitable for a wide range of industrial, consumer, and automotive applications, such as mild hybrid electric vehicles (MHEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery-powered electric vehicles (BEV). ● ● ● Asia-Pacific and Japan to Witness the Highest Growth in the Market during the Forecast Period (2022-2031) The market in Asia-Pacific and Japan is expected to growing CAGR during the forecast period owing to the increasing demand for power management IC components. The automotive power management IC Market holds a significant share in different regions such as North America, China, Asia-Pacific and Japan, and Europe, owing to the presence of a large number of manufacturers focusing on meeting the requirements of digital signal processor (DSP)-controlled automotive systems such as advanced driver assistance systems (ADAS) across these regions. Moreover, in 2021, the shortage of power management chips worsened and prevented companies from manufacturing cars, PCs, and items with batteries or an on-off switch. This is also one of the key reasons various giant companies install their production plants or procure raw materials and components from North American countries. However, in the same year, the demand for PMICs increased with the emergence of electric cars and the growing demand for PCs and consumer electronics. Access More: Get Detailed Insights on Automotive Market Research Reports Competitive Landscape The automotive power management IC market's competitive landscape consists of different strategies undertaken by key players across the e-mobility industry to gain traction and market share presence. Some strategies adopted by fast charger system manufacturers are new

4. product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, partnerships and collaborations have led to the popular choice of the strategies implemented in the automotive PMICs competitive landscape. On the other hand, companies supplying power management have lead times of up to a year for production, even though the lack of chips has forced some car makers to stop taking orders and cease the production of a few models. Car makers have shut factories because of semiconductor shortages, and automotive chips are being used in more expensive vehicles. Moreover, automotive power management IC producers are boosting their capacity to make these inexpensive chips. For instance, Texas Instruments is building a new facility in Richardson, Texas, where it will make PMICs starting in the year 2023.