In the consumer electronics industry, power electronics are used in smartphone chargers, laptop PC AC adapters, smart speakers, home theater amplifiers, TVs and gaming devices, portable electronics & tools, and other consumer electronic devices for regulating the voltage levels and managing the power supply. The adoption of consumer electronics devices among consumers is growing across the globe. For instance, according to Canalys, the demand for smartwatches has grown by 3%, and for basic watches, the demand increased by 21% in 2022 from 2021. Consumers across the globe adopt smartwatches to track fitness and health data. Major players in the smartwatch industry engage in adding features to smartwatches to attract more customers. For instance, in July 2023, Apple Inc. developed a smartwatch capable of identifying Parkinson's disease, diabetes, and Lyme disease, which is expected to become popular among the geriatric population and driving the power electronics market. Power electronics optimize the power supply in smartwatches by ensuring efficient use of battery life and extending the device usage time. Power electronics are also integrated into smartwatches to regulate the voltage level and prevent fluctuations by allowing the safe and stable operation of smartwatch components. Thus, the rising adoption of consumer electronic devices and appliances among consumers boosts the power electronics market growth.

Power electronics are used in electric vehicles to manage battery charging and discharging, operate the electric motor, and regulate power flow. Power electronics play a crucial role in modern automotive and transportation systems. From controlling the engine to managing the flow of energy in electric vehicles, power electronics are essential for efficient and smooth operation. LED headlights and taillights are controlled by power electronics, providing improved energy efficiency and safety. Additionally, they are used to control the stiffness of the suspension, thereby improving ride comfort and handling. Thus, fueling the power electronics market. Further, In August 2023, Vishay Intertechnology introduced a new 650V E Series power MOSFET of the fourth generation that provides high efficiency and power density for telecom, industrial, and computing applications. The Vishay Siliconix n-channel SiHP054N65E reduces on-resistance by 48.2%. It offers a 59% reduction in resistance times gate charge, a key figure of merit (FOM) for 650V MOSFETs used in power conversion applications.

India is the world's third-largest automobile market. From April 2021 to March 2022, the automobile industry manufactured a total of 22.93 million cars, which included passenger cars, commercial vehicles, three-wheelers, two-wheelers, and quadricycles. India has a substantial presence in the international heavy vehicle market since it is the world's largest tractor manufacturer, second-largest bus maker, and third-largest heavy truck manufacturer. Moreover, according to the India Brand Equity Foundation, by 2030, the Government of India has committed that 30% of the new vehicle sales in the country will be electric. Therefore, increasing demand for the automotive sector is increasing the demand for power electronics among automotive manufacturers. Thus, driving the power electronics in the country during the forecast period.

Infineon Technologies AG, Semiconductor Components Industries, L.L.C. (On Semiconductor), STMicroelectronics NV, Mitsubishi. Electric Corp, Fuji Electric Co Ltd, ROHM Co Ltd, Renesas Electronics Corp, Littelfuse, Inc, Toshiba Electronic Devices & Storage Corp, and Vishay Intertechnology Inc are among the key power electronics market players profiled in the report.

Key Findings of Study:

Based on industry vertical, the power electronics market is segmented ICT, automotive & transportation, consumer electronics, industrial, energy & power, and others. The consumer electronics segment is projected to grow at a notable CAGR of the global power electronics market during the forecast period. Power electronics are used to regulate voltage levels and manage power supplies in consumer electronics products such as computers, cellphones, and televisions. The consumer electronics segment is likely to account for the largest power electronics market share over the forecasted period. The growing use of consumer electronic devices, particularly smartphones, tablets, and smart wearables, particularly in emerging countries, is likely to fuel the power electronics market in the coming years. Furthermore, the increasing integration of power electronics in household appliances is expected to contribute to the power electronics market growth of the consumer electronics segment.

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