Report Code: A02770 | Pages: 89 | ||
Tables: 19 | Charts: 22 |
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The power electronics for electric vehicle market size was valued at $2.59 billion in 2018, and is projected to reach $30.01 billion by 2026, growing at a CAGR of 35.5% from 2019 to 2026. Power electronics is a circuitry device that transfers power from a source to a load in an efficient, compact, and robust manner to ensure convenient utilization. This device is used to control the conversion of electric power from one form to another using diodes, transistors, and thyristors.Â
In electric cars, power electronic is responsible for converting and controlling electric power in system. Some of the major power electronic components and functionalities are used in electric vehicle system. These include inverter, converter, and on-board charger. Operations at high voltage or high current can be efficiently executed by utilizing power electronic devices, as they deliver faster switching rate at higher efficiency. In addition, power electronics control both unidirectional as well as bidirectional flow of energy, depending on the usage, and the regenerated energy can be sent back to utility.
Power electronic is a key technology used in various applications to optimize energy management, providing the conversion to operate motors, battery storage, and generators. Complex power electronics are represented as the interconnection of conversion blocks in AC/DC, DC/AC, DC/DC, and AC/AC. This complex electrical architectures in marine applications increase the need for power converters with high reliability and simple maintenance requirements.Â
Power electronics is used in EV that require high power electric energy to rotate the electric motors. Power modules reduce power loss, owing to their high frequency. In addition, the components such as silicon-based power MOSFETs and IGBTs are used as power electronic switches in the power train automotive electric and electronic systems for reducing the overall size.Â
The major factors that drive the power electronics for electric vehicle market growth include surge in demand for energy-efficient battery-powered devices, stringent emission regulations to reduce vehicle weight and emission, and government initiatives to balance environmental pollution and vehicle emission. However, high cost of vehicle and complexity in designing and integrating advance power electronic components in electric vehicles hinder the power electronics for electric vehicle market growth.Â
Furthermore, technological advancements in vehicle battery and increase in R&D activities are expected to create lucrative growth opportunities for the power electronics for electric vehicle market. In addition, power electronics support high input impedance and improved parallel current sharing, which increases the adoption of power electronic components in electric cars.Â
Segment Overview
The power electronics for electric vehicle market is segmented on the basis of application, end use, and region. The application segment is divided into inverter, converter, and on-board charger. By end use, the market is classified into automotive, railway, marine, and electrically powered airborne vehicles. Â
Top Impacting Factors
The significant impacting factors in the power electronics for electric vehicle market include surge in demand for energy-efficient battery-powered devices, stringent emission regulations to reduce vehicle weight and emission, and government initiatives to balance environmental pollution and vehicle emission. However, high cost of vehicle and complexity in designing and integrating advance power electronic components in electric vehicles hinder the power electronics for electric vehicle market trends.Â
Furthermore, technological advancements in vehicle battery and increase in R&D activities are expected to create lucrative growth opportunities for the power electronics for electric vehicle market. In addition, power electronics supports high input impedance and improved parallel current sharing, which increases the adoption of power electronic components in EV.Â
Some Major Factors Impacting the Power Electronics for Electric Vehicle Market Growth are Given Below:
Surge in Demand for Energy-Efficient Battery-Powered Devices
Rise in interest of energy efficiency power devices and environmental protection has led to the development of electric vehicle technology. The primary energy sources in these vehicles are batteries or capacitors instead of gasoline or diesel fuel in the conventional ICE vehicles. The power electronics are key components in propulsion system that effectively drive the adoption of electric motor and control the power converters.Â
The implementation of innovative battery technology in electric vehicle is in progress, which is expected to reduce the cost of these vehicles. Currently, the performance of lithium-ion battery cathodes is being improved, which also reduces battery cost; thereby, reducing the cost of electric vehicle as compared to gas power vehicle in the coming years. Â
Stringent Emission Regulations to Reduce Vehicle Weight and Emission
Over the past few years, the electric vehicles have witnessed an increase in demand due to their lightweight nature and higher efficiency. This has led to surge in installation of e-axles and in-wheel hub motor in all type of electric vehicles. Moreover, such installation helps reduce CO2 emissions and space required for engines. The conventional gas-powered vehicle makes use of an internal combustion engine to generate power.Â
In an ideal scenario, the combustion system fully incinerates the fuel and only creates carbon dioxide and water as waste; however, the combustion system generates various greenhouse gases, leading to environmental pollution. On the other hand, an electric vehicle uses an electric motor powered via a continuous supply of current, hence, it does not lead to emission of pollutants. These factors are expected to boost the growth of the power electronics for electric vehicle market during the forecast period.
Government Initiative to Balance Environmental PollutionÂ
Governments have increased their efforts to improve safety standards and environmental conditions. The increase in number of government agencies are focusing to prevent distracted driving. The automotive safety studies continue to drive the government to push for continuous emphasis on enhanced automotive technological systems. This regulation forced on the automotive industry and its output has become constricted.Â
Now, many governments are promoting the use of electric vehicle by providing new facilities including tax reduction and financial subsidies, as well as enforcing regulations such as zero-emission zones and ultralow-emission vehicles. Thus, this helps balance environmental pollution and vehicle emission. Â
Competitive Analysis
The key players profiled in the power electronics for electric vehicle market report include Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Delphi Technologies, and other companies secured major share in automotive electronics market. The other key player profiled in this report include Continental AG, Hitachi Automotive Systems, Ltd., Delphi Technologies, Valeo, Mitsubishi Electric Corporation, Denso Corporation, Infineon Technologies, Robert Bosch GmbH, Hella, Panasonic Corporation, Tesla Inc., Toyota Industries Corporation, and Hangzhou Tiecheng Information Technology.
Key Players:
Power Electronics for Electric Vehicle Market Report Highlights
Aspects | Details |
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By APPLICATION |
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By END USE |
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By Region |
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Key Market Players | Denso Corporation, Delphi Technologies, Tesla Inc., Infineon Technologies, Toyota Industries Corporation, Valeo, Hitachi Automotive Systems, Ltd., Hangzhou Tiecheng Information Technology, Mitsubishi Electric Corporation, Panasonic Corporation, Infineon Technologies AG, Hella, Continental AG, Robert Bosch GmbH |
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The power electronics for electric vehicle market is projected to depict a prominent growth during the forecast period, owing to surge in demand for energy-efficient battery-powered devices, stringent emission regulations to reduce vehicle weight and emission, and government initiatives to balance environmental pollution and vehicle emission. Power electronics is a circuitry device that transfers power from a source to a load in an efficient, compact, and robust manner to ensure convenient utilization. This device is used to control the conversion of electric power from one form to another using diodes, transistors, and thyristors. In electric vehicle, power electronic is responsible for converting and controlling electrical power in system. Some of major power electronic components and functionalities are used in electric vehicle system. Â
Power electronics is an engineering study of converting electric power from one form to another. The world-wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated, is being reprocessed or recycled through some form of power electronic systems. A lot of energy is wasted during this power conversion process due to low power conversion efficiency. It is, therefore, very important to improve the efficiency of these power conversion systems. With the extensive use of efficient and cost-effective power electronics technology across the globe, the energy consumption is expected to reduce up to 35% during the forecast period. Â
The key players profiled in the report include Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Delphi Technologies, and other companies that secured major share in the automotive electronics market. The other key player profiled in this report include Continental AG, Hitachi Automotive Systems, Ltd., Delphi Technologies, Valeo, Mitsubishi Electric Corporation, Denso Corporation, Infineon Technologies, Robert Bosch GmbH, Hella, Panasonic Corporation, Tesla Inc., Toyota Industries Corporation, and Hangzhou Tiecheng Information Technology.
A. The Global Power Electronics for Electric Vehicle Market is expected to grow at CAGR of 35.5% from 2019 to 2026.
A. The Global Power Electronics for Electric Vehicle Market size is excepted to reach $30,008.1 million by 2026
A. To get the latest version of sample report
A. Surge in demand for energy-efficient battery-powered devices, stringent emission regulations to reduce vehicle weight and emission, and governments initiatives to balance environmental pollution and vehicle emission are some of the major factors driving the growth of power electronics for electric vehicle market.
A. The key players operating in the market include Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Delphi Technologies, Continental AG, Hitachi Automotive Systems, Ltd., Delphi Technologies, Valeo, Mitsubishi Electric Corporation, Denso Corporation, Infineon Technologies, Robert Bosch GmbH, Hella, Panasonic Corporation, Tesla Inc., Toyota Industries Corporation, and Hangzhou Tiecheng Information Technology.
A. On the basis of top growing big corporations, we select top 10 players.
A. The global power electronics for electric vehicle market is segmented by application and end use
A. The key growth strategies of power electronics for electric vehicle market players include business expansion, product launch, partnership, and agreement
A. By application, the Inverter segment is expected to dominate the market by the end of 2026
A. By end use, the railways segment would exhibit the highest CAGR during the forecast period
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