Power Electronics for Electric Vehicles Market

The global power electronics for electric vehicles market size was USD 4.17 Billion in 2022 and is likely to reach USD 6.30 Billion by 2031, expanding at a CAGR of 4.7% during 2023–2031. The growth of the market is attributed to the increased demand for energy-efficient gadgets.

Power electronics is a type of circuitry that distributes power from a source to a load in an effective, sturdy, and compact manner to assure convenient use. This gadget uses transistors, diodes, and thyristors to control the transfer of electric power from one form to another.

Get Free Sample Report

Power electronics in electric vehicles are in charge of managing and converting electric power in the system. In electric vehicle systems, some of the primary power electronic functionalities and components are utilized. Converters, inverters, and on-board chargers are examples of these. Power electronic devices, which provide a quick switching rate at high efficiency are used to efficiently execute operations at high current or high voltage. Furthermore, depending on the usage, power electronics govern both bidirectional and unidirectional energy flow, and regenerated energy is supplied back to the utility.

Power Electronics For Electric Vehicles Market Trends, Drivers, Restraints, and Opportunities

• Rising need for low-cost and environment-friendly transportation options boost the market.

• Increasing need for energy-efficient battery-powered products is projected to boost the market.

• Strict emission standards to minimize car weight and emissions are propelling the market.

• Increased market acceptance of electric vehicles fuels the power electronics for electric vehicles market.

• High initial cost of fully electric vehicles and scarcity of charging stations hinders the growth of the market.

• The complexity of integrating and creating advanced power electronic components in electric vehicles hampers the growth of the market.

• Technological developments in car batteries, as well as rising R&D activities, are projected to generate profitable growth opportunities for market expansion.

Scope of Power Electronics For Electric Vehicles Market Report

The report on the global power electronics for electric vehicles market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Power Electronics for Electric Vehicles Market Segment Insights

Inverter segment is projected to hold significant market share

Based on applications, the global power electronics for electric vehicles market is segmented into converter, inverter, and on-board charger. The inverter segment is projected to hold significant market share. The inverter converts direct current to alternating current, allowing electric vehicle motors to run. Several types of inverters are used in electric vehicles, including traction inverters and soft-switching inverters. Government attempts to reduce pollution and vehicle emissions are projected to increase the adoption of electric vehicles, resulting in the expansion of the inverter segment.

Automotive segment is anticipated to account for substantial share

On the basis of end-users, the market is divided into automotive, electrically powered airborne vehicles, marine, and railways. The automotive segment is anticipated to account for substantial market share. Power electronics systems are employed in a variety of automotive systems, including powertrain, ADAS, in-vehicle infotainment (IVI), battery management units, and enhanced safety systems. Increasing deployment of electric vehicles by major automotive OEMs such as Tesla, Nissan, SAIC, and Volkswagen Group is expected to drive market demand for power electronics.

Get Free Sample Report

Asia Pacific is expected to dominate the market

In terms of regions, the global power electronics for electric vehicles market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market, due to large production of cars and high use of modern electronics in South Korea, Japan, and China. Governments of these countries recognized the growth potential of the automobile industry and, as a result, implemented a variety of efforts to entice major OEMs to enter their home markets. Increasing acceptance of advanced technology in automobiles, as well as the growing demand for connected cars in this region, are expected to drive the market. The market in Asia Pacific is dominated by South Korea, China, and Japan. Furthermore, the region is home to some of the world's largest semiconductor suppliers. Asia Pacific emerged as the major regional market for automotive power electronics, due to easy availability of power electronics components and systems in the region.

Get Free Sample Report

Segments

The global power electronics for electric vehicles market has been segmented on the basis of:

Applications

• Converter
• Inverter
• On-board Charger

End-users

• Automotive
• Electrically Powered Airborne Vehicles
• Marine
• Railways

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Denso Corporation
• Mitsubishi Electric Corporation
• Continental AG
• Hella
• Delphi Technologies
• Panasonic Corporation
• Infineon Technologies AG
• Toyota Industries Corporation
• Robert Bosch GmbH
• Danfoss

Competitive Landscape

Key players competing in the global power electronics for electric vehicles market are Denso Corporation; Mitsubishi Electric Corporation; Continental AG; Hella; Delphi Technologies; Panasonic Corporation; Infineon Technologies AG; Toyota Industries Corporation; Robert Bosch GmbH; and Danfoss. These players are constantly engaged in various business development strategies such as collaborations, agreements, mergers & acquisitions, expansion of production capacity, product launches, and partnerships to increase their market share.