Portland, April 22, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power electronics for electric vehicle market was pegged at $2.59 billion in 2018 and is estimated to hit $30.01 billion by 2026, registering a CAGR of 35.5% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for energy-efficient battery-powered devices, strict emission regulations by government to reduce vehicle weight and emission, and relevant initiatives to weigh up environmental pollution drive the growth of the global power electronics for electric vehicle market. On the other hand, rise in cost of electric vehicles and complexity in designing and integrating high-end power electronic components in electric vehicles curtail down the growth to some extent. However, technological advancements in vehicles and battery technology are anticipated to usher in a number of opportunities in the industry.
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The market report is divided on the basis of application and end-use. Based on application, the market is segmented into inverter, converter, and on-board charger. Based on end-use, the report categorizes the market into automotive, railways, marine, and electrically powered airborne vehicles.
By application, the inverter segment accounted for more than half of the total market revenue in 2018, and is expected to rule the roost by 2026. At the same time, the on-board charger segment is projected to manifest the fastest CAGR of 49.5% throughout the forecast period.
By end-use, the automotive segment contributed to more than three-fifths of the total market share in 2018, and is anticipated to lead the trail by the end of 2026. The railways segment, on the other hand, would portray the fastest of 40.7% from 2019 to 2026.
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The leading market players analyzed in the global power electronics for electric vehicle market report include Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, Mitsubishi Electric Corporation, Delphi Technologies, Hangzhou Tiecheng Information Technology,Toyota Industries Corporation, Infineon Technologies AG, and others. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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