Wilmington, Delaware, United States, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric vehicle power electronics market is projected to flourish at a CAGR of 24.1% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 12.8 billion is anticipated for the market in 2031. As of 2023, the market for electric vehicle power electronics market is expected to close at US$ 2.2 billion.
The increasing adoption of electric vehicles worldwide is a primary driver for the electric vehicle power electronics market. Governments, environmental concerns, and improvements in EV infrastructure are encouraging consumers and businesses to switch to electric vehicles, boosting the demand for electric vehicle power electronics market.
Ongoing advancements in power electronics technology, such as wide-bandgap semiconductors (e.g., SiC and GaN), are improving the efficiency and performance of power electronics systems in electric vehicles.
Governments around the world are offering incentives and implementing regulations to promote electric vehicles and reduce emissions. These policies drive the demand for electric vehicles, thereby fueling the growth of the electric vehicle power electronics market.
The growing technological innovations and research in power electronics are resulting in the development of more efficient, compact, and cost-effective power electronics solutions for electric vehicles.
The surging investment in EV Infrastructure and the expansion of electric vehicle charging infrastructure is encouraging consumers to opt for electric vehicles. This, in turn, drives the demand for electric vehicles power electronics market in charging stations.
The growing awareness of environmental issues and the need to reduce carbon emissions are driving the transition to cleaner and greener transportation options like electric vehicles.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.8 Bn | |
| Estimated Value | US$ 12.8 Bn | |
| Growth Rate - CAGR | 24.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 220 Pages | |
| Market Segmentation | By Power Control Unit, Material, Device Type, Component, Application, Vehicle Type, Electric Vehicle Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB, BYD Auto, Continental AG, Delphi Technologies PLC., Denso Corporation, EVS Auto Group, FUJITSU, Fuji Electric Co., Ltd., Hitachi Automotive Systems, Mitsubishi Electric, Metric Mind, Robert Bosch GmbH, Siemens AG, Texas Instruments, NXP Semiconductors, Electrodrive Powertrain Solutions Pvt Ltd, HYUNDAI KEFICO Corporation, Toyota Industries Corporation, AEM Electronics, Other Key Players | |
Key Takeaways from the Market Study
- As of 2022, the electric vehicle power electronics market was valued at US$ 1.8 billion
- By material, the silicon carbide (SiC) segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on the component, the sensor segment accounts for the highest market share
- Based on application, the battery management segment is expected to generate high revenue during the forecast period.
Electric Vehicle Power Electronics Market: Key Trends and Opportunistic Frontiers
- With growing awareness of environmental issues and the need to reduce carbon emissions are driving the transition to cleaner and greener transportation options like electric vehicles, driving the market demand during the forecast period.
- Ongoing research and development efforts have led to technological advancements in powder electronics and supportive government policies, subsidies, and incentives for electric vehicles and related technologies play a significant role in driving market growth.
- Manufacturers continuously invest in research and development in power electronics, resulting in the development of more efficient, compact, and cost-effective power electronics solutions for electric vehicles.
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Electric Vehicle Power Electronics Market – Regional Analysis
- North America has been one of the leading regions for electric vehicle adoption and power electronics development. The United States and Canada have seen substantial investments in electric vehicle charging infrastructure and research and development in power electronics technology. Several key players in the power electronics industry are based in North America, contributing to the market's growth.
- Europe is another significant region for electric vehicles and power electronics. Countries like Norway, the Netherlands, Germany, and the United Kingdom have been at the forefront of electric vehicle adoption, driven by government incentives, emissions regulations, and consumer interest in sustainable transportation. European countries have also made significant strides in developing charging infrastructure and promoting EV technologies.
Competitive Landscape
The electric vehicle power electronics market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global electric vehicle power electronics market report:
- ABB
- BYD Auto
- Continental AG
- Delphi Technologies PLC.
- Denso Corporation
- EVS Auto Group
- FUJITSU
- Fuji Electric Co., Ltd.
- Hitachi Automotive Systems
- Mitsubishi Electric
- Metric Mind
- Robert Bosch GmbH
- Siemens AG
- Texas Instruments
- NXP Semiconductors
- Electrodrive Powertrain Solutions Pvt Ltd
- HYUNDAI KEFICO Corporation
- Toyota Industries Corporation
- AEM Electronics
- Other Key Players
Key Developments in Global Electric Vehicle Power Electronics Market
- Infineon is a prominent semiconductor manufacturer and a key player in the power electronics market. In recent developments, the company has been focused on enhancing power semiconductor technology for electric vehicles. They have been working on increasing the efficiency and reliability of power electronics components used in EVs to support longer driving ranges and faster charging times.
- Mitsubishi Electric has been involved in developing power electronics components and systems for electric vehicles. The company has been working on technologies to enhance the efficiency and performance of EV powertrains and charging systems.
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Electric Vehicle Power Electronics Market – Key segments
Power Control Unit
- Motor Control Unit
- LDC (Low Voltage DC-DC Converter)
- HDC (High Voltage DC-DC Converter)
- Inverter (DC-AC & AC-DC Converter)
- VCU (Vehicle Control Unit)
- Cooling Units
- Others
Material
- Silicon
- Silicon Carbide
- Gallium Nitride
- Gallium Arsenide
- Germanium
- Others
- Gallium Oxide
- Diamond
Device Type
- Power IC
- Power Management ICs
- Application Specific ICs
- Discrete Component
- Diode
- Transistor
- Thermistor
- Thyristor
- Module
- Intelligent Power module (IPM)
- Power Integrated Module (PIM)
Component
- Sensors
- Microcontrollers
Application
- ADAS & Safety
- ADAS
- Electric Power Steering (EPS)
- Anti-lock Braking System (ABS)
- Body Control & Comfort
- Tire Pressure Monitoring System (TPMS)
- Lighting
- Exterior Lighting
- Interior Lighting
- Seat Control
- Heated Seats
- Seat Adjustment
- HVAC
- Start-Stop Module
- Infotainment
- Instrument Cluster
- Audio System
- Telematics
- Vehicle Management
- V2X
- Engine Management & Powertrain
- Engine Control
- Transmission Control
- Battery Management
Vehicle Type
- Two Wheelers
- Passenger Cars
- Hatchback
- Sedan
- Utility Vehicles (SUVs & MPVs)
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Others
Electric Vehicle Type
- Battery Electric Vehicle (BEVs)
- Plug-in Hybrid Electric Vehicle (PHEVs)
- Hybrid Electric Vehicle (HEVs)
- Fuel Cell Electric Vehicle (FCEVs)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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