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Power Electronics for Electric Vehicle Market By Application (Inverter, Converter, and On-board Charger) and End Use (Automotive, Railways, Marine, and Electrically Powered Airborne Vehicles): Global Opportunity Analysis and Industry Forecast, 2019–2026

A02770
Pages: 89
Jan 2020 | 5880 Views
 
Author(s) : Avinash Savekar & Asavari Patil
Tables: 19
Charts: 22
 

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Power Electronics for Electric Vehicle Market Outlook - 2026

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. 

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 Electronics For Electric Vehicle Market

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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. 

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. 

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. 

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. 

Power Electronics for Electric Vehicle Market
By Application

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Inverter segment is expected to dominate the market in 2026.

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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.  

Power Electronics for Electric Vehicle Market
By End Use

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Railways would exhibit the highest CAGR of 8.0% during 2019-2026.

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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. 

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. 

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. 

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.  

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. 

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 Pollution 

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. 

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.  

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 Benefits for Stakeholders:

  • This study comprises analytical depiction of the power electronics for electric vehicle market size along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall power electronics for electric vehicle market analysis is determined to understand the profitable trends to gain a stronger foothold. 
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current power electronics for electric vehicle market forecast is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the power electronics for electric vehicle industry. 
  • The report includes the power electronics for electric vehicle market share of key vendors and market trends.

Key Market Segments:

By Application 

  • Inverter 
  • Converter
  • On-board Charger

By End Use

  • Automotive
  • Railways 
  • Marine 
  • Electrically Powered Airborne Vehicles

Key Players:

  • 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 
  • Hangzhou Tiecheng Information Technology 
 

CHAPTER 1: INTRODUCTION

1.1. Report description
1.1. Key benefits for stakeholders
1.2. Key market segments
1.3. Research methodology

1.3.1. Primary research
1.3.2. Secondary research
1.3.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings

3.2.1. Top impacting factors
3.2.2. Top investment pockets

3.3. Porter’s five forces analysis
3.4. Market dynamics

3.4.1. Drivers

3.4.1.1. Surge in demand for energy-efficient battery-powered devices
3.4.1.2. Stringent emission regulations to reduce vehicle weight and emission
3.4.1.3. Government initiative to balance environmental pollution

3.4.2. Restraints

3.4.2.1. Increasing cost of electric vehicles
3.4.2.2. Complexity in designing and integration of advance power electronic components in electric vehicles

3.4.3. Opportunity

3.4.3.1. Technological advancements in vehicle
3.4.3.2. Improvement in electric vehicles R&D & battery technology

3.5. Power Electronic For Electric Vehicle Market – Value Chain Analysis

3.5.1. Semiconductor Industry-Value Chain Analysis

CHAPTER 4: GLOBAL POWER ELECTRONICS FOR ELECTRIC VEHICLE MARKET, BY APPLICATION

4.1. Overview
4.2. Inverter

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market share analysis, by supplier (Automotive and Non-Automotive)
4.2.3. Company snapshot for five Tier 1 suppliers

4.2.3.1. Continental AG
4.2.3.2. Hitachi Automotive Systems Ltd.
4.2.3.3. Delphi Technologies PLC
4.2.3.4. Valeo S.A.

4.2.3.5. Mitsubishi Electric Corporation

4.3. Converter

4.3.1. Key market trends, growth factors, and opportunities
4.3.1. Market share analysis, by supplier (Automotive and Non-Automotive)
4.3.2. Company snapshot for five Tier 1 suppliers

4.3.2.1. Denso Corporation
4.3.2.2. Robert Bosch GmbH
4.3.2.3. Infineon Technologies AG
4.3.2.4. Continental AG
4.3.2.5. Hella KGaA Hueck & Co.

4.4. On-Board Charger

4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market share analysis, by supplier (Automotive and Non-Automotive)
4.4.3. Company snapshot for five Tier 1 suppliers

4.4.3.1. Nichicon Corporation
4.4.3.2. Tesla, Inc.
4.4.3.3. Panasonic Corporation
4.4.3.4. Toyota Industries Corp.
4.4.3.5. Hangzhou Tiecheng Information Technology Co., Ltd.

CHAPTER 5: POWER ELECTRONIC FOR ELECTRIC VEHICLE MARKET, BY END USE

5.1. OVERVIEW
5.2. Automotive

5.2.1. Key market trends, growth factors, and opportunities

5.3. Railways

5.3.1. Key market trends, growth factors, and opportunities

5.4. Marine

5.4.1. Key market trends, growth factors, and opportunities

5.5. Electrically Powered Airborne Vehicles

5.5.1. Key market trends, growth factors, and opportunities

LIST OF TABLES

TABLE 01. POWER ELECTRONIC FOR ELECTRIC VEHICLE INDUSTRY PLAYERS BENCHMARKED BY VALUE CHAIN ANALYSIS
TABLE 02. SEMICONDUTOR INDUSTRY PLAYERS BENCHMARKED BY VALUE CHAIN ANALYSIS
TABLE 03. POWER ELECTRONIC FOR ELECTRIC VEHICLE MARKET, BY APPLICATION, 2018-2026 ($MILLION)
TABLE 04. CONTINENTAL AG: COMPANY SNAPSHOT
TABLE 05. HITACHI AUTOMOTIVE SYSTEMS LTD.: COMPANY SNAPSHOT
TABLE 06. DELPHI: COMPANY SNAPSHOT
TABLE 07. VALEO: COMPANY SNAPSHOT
TABLE 08. MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
TABLE 09. DENSO CORPORATION: COMPANY SNAPSHOT
TABLE 10. ROBERT BOSCH GMBH.: COMPANY SNAPSHOT
TABLE 11. INFINEON TECHNOLOGIES AG: COMPANY SNAPSHOT
TABLE 12. CONTINENTAL AG: COMPANY SNAPSHOT
TABLE 13. HELLA KGAA HUECK & CO: COMPANY SNAPSHOT
TABLE 14. NICHICONCORPORATION: COMPANY SNAPSHOT
TABLE 15. TESLA, INC.: COMPANY SNAPSHOT
TABLE 16. PANASONIC CORPORATION: COMPANY SNAPSHOT
TABLE 17. TOYOTA INDUSTRIES CORP.: COMPANY SNAPSHOT
TABLE 18. HANGZHOU TIECHENG INFORMATION TECHNOLOGY CO., LTD.: COMPANY SNAPSHOT
TABLE 19. GLOBAL POWER ELECTRONICS FOR ELECTRIC VEHICLE MARKET, BY END USE, 2018-2026($MILLION)

LIST OF FIGURES

FIGURE 01. KEY MARKET SEGMENTS
FIGURE 02. EXECUTIVE SUMMARY, BY SEGMENTATION
FIGURE 04. TOP IMPACTING FACTORS
FIGURE 05. TOP INVESTMENT POCKETS
FIGURE 06. LOW BARGAINING POWER OF SUPPLIERS
FIGURE 07. MODERATE THREAT OF NEW ENTRANTS
FIGURE 08. MODERATE THREAT OF SUBSTITUTES
FIGURE 09. HIGH INTENSITY OF RIVALRY
FIGURE 10. MODERATE BARGAINING POWER OF BUYERS
FIGURE 11. POWER ELECTRONIC FOR ELECTRIC VEHICLE MARKET – VALUE CHAIN ANALYSIS
FIGURE 12. POWER ELECTRONIC FOR ELECTRIC VEHICLE MARKET – BUSINESS MODEL ANALYSIS
FIGURE 13. SEMICONDUCTOR INDUSTRY: VALUE CHAIN ANALYSIS
FIGURE 14. SEMICONDUCTOR INDUSTRY – BUSINESS MODEL ANALYSIS
FIGURE 15. GLOBAL POWER ELECTRONICS FOR ELECTRIC VEHICLE MARKET SHARE, BY APPLICATION, 2018–2026 (%)
FIGURE 16. AUTOMOTIVE INVERTERS MARKET SHARE ANALYSIS, 2018 (%)
FIGURE 17. NON-AUTOMOTIVE INVERTERS MARKET SHARE ANALYSIS, 2018 (%)
FIGURE 18. AUTOMOTIVE CONVERTERS MARKET SHARE ANALYSIS, 2018 (%)
FIGURE 19. NON-AUTOMOTIVE CONVERTERS MARKET SHARE ANALYSIS, 2018 (%)
FIGURE 20. AUTOMOTIVE ON-BOARD CHARGER MARKET SHARE ANALYSIS, 2018 (%)
FIGURE 21. NON-AUTOMOTIVE ON-BOARD CHARGER MARKET SHARE ANALYSIS, 2018 (%)
FIGURE 22. POWER ELECTRONIC FOR ELECTRIC VEHICLE MARKET SHARE, BY END USE, 2018–2026 (%)

 
 

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.   

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.  

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.

 
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FREQUENTLY ASKED QUESTIONS?
Our Report Looks Like This
 

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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