Electric Vehicle Power Electronics Market to Record an Impressive Growth at a 24.1% CAGR from 2023 to 2031 - TMR Report - Yahoo

Rise in environmental consciousness is prompting consumers and businesses to choose electric vehicles, which in turn is boosting the demand for power electronics that are essential for the functionality of electric vehicles (EVs)

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

Component

Sensors
Microcontrollers

Application

Vehicle Type

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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