Electric Vehicle Power Electronics Market Overview 2024-2033: Industry Size, Share, and Growth Forecast

Aug 8, 2024 - 12:33

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Electric Vehicle Power Electronics Market Overview 2024-2033: Industry Size, Share, and Growth Forecast

The electric vehicle power electronics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Electric Vehicle Power Electronics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The electric vehicle power electronics market size has grown exponentially in recent years. It will grow from $8.9 billion in 2023 to $12.2 billion in 2024 at a compound annual growth rate (CAGR) of 37.1%. The growth in the historic period can be attributed to increasing government regulations and incentives, energy efficiency standards, environmental concerns, consumer demand and fuel prices, cost reduction and affordability, collaboration and investment.

The electric vehicle power electronics market size is expected to see exponential growth in the next few years. It will grow to $38.69 billion in 2028 at a compound annual growth rate (CAGR) of 33.5%. The growth in the forecast period can be attributed to increasing population, increasing infotainment, increasing electric vehicles, rising need for low-cost and environment-friendly transportation options. Major trends in the forecast period include advancements in battery technology, technological innovations, product innovations.

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Scope Of Electric Vehicle Power Electronics Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Electric Vehicle Power Electronics Market Overview

Market Drivers -
The government's initiative to balance environmental pollution is expected to propel the growth of the electric vehicle power electronic market going forward. The government initiative for balancing pollution refers to forces that protect environment and the conservation of natural resources with other policy goals, such as affordable energy and economic growth. Government initiatives helps in mitigating environmental pollution by promoting research and regulations aimed at enhancing the efficiency and sustainability of power electronic systems in electric vehicles. For instance, in 2022, according to the U.S. Department of Transportation, a US-based government agency, the department aims to ensure that half of all new automobiles sold in the US are zero-emission vehicles by 2030. The government also intends to create a network of 500,000 chargers that are convenient and accessible for Americans to use during both local and long-distance trips. Therefore, the government initiative to balance environmental pollution is driving the growth of the electric vehicle power electronic market.

Market Trends -
Major companies operating in the electric vehicle power electronic market are focused on developing new technological modules, such as power semiconductor modules, to increase their profitability in the market. A power semiconductor module is an integrated electronic device that combines multiple power semiconductor components into a single package. For instance, in May 2022, Hitachi Energy Ltd., a Japan-based technology company, launched Roadpak, a power semiconductor module that uses state-of-the-art silicon carbide (SiC) technology to deliver exceptional levels of power density, low power losses, and high efficiency for electric vehicles. This technology plays a critical role in enhancing electric vehicle performance by enabling faster charging, extending driving range, and ensuring seamless operation throughout the vehicle's lifetime.

The electric vehicle power electronics market covered in this report is segmented –

1) By Component: Microcontroller, Sensor
2) By Device Type: Power Integrated Circuit (IC), Direct Component, Module
3) By Material: Silicon, Silicon Carbide, Gallium Nitride, Gallium Arsenide, Germanium, Other Materials
4) By Electric Vehicle: Battey Electric Vehicle, Plug In Hybrid Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
5) By Application: Advanced Driver Assistance Systems (ADAS) And Safety, Body Control And Comfort, Infotainment, Telematics, Engine Management And Powertrain, Battey Management

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Regional Insights -
Asia-Pacific was the largest region in the electric vehicle power electronics market in 2023. The regions covered in the electric vehicle power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the electric vehicle power electronics market are Robert Bosch GmbH, Tesla Inc., Siemens AG, Hitachi Automotive Systems Ltd., Denso Corporation, Continental AG, Hyundai Kefico Corporation, Mitsubishi Electric Corporation, Asea Brown Boveri Groups, Toshiba Corporation, Toyota Industries Corporation, Valeo Corporation, Texas Instruments, Infineon Technologies AG, NXP Semi Conductors, Renesas Electronics, OnSemi, Microchip Technology, Vishay Intertechnology, Danfoss Corporation, Fuji Electronic Co. Ltd., Delphi Technologies, Hangzhou Tiecheng Information Technology , Electrodrive Powertrain Solution Pvt. Ltd

Table of Contents
1. Executive Summary
2. Electric Vehicle Power Electronics Market Report Structure
3. Electric Vehicle Power Electronics Market Trends And Strategies
4. Electric Vehicle Power Electronics Market – Macro Economic Scenario
5. Electric Vehicle Power Electronics Market Size And Growth
…..
27. Electric Vehicle Power Electronics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix