The Power electronic is the foremost technology for energy saving and great functionalizing in energy utilization. Power electronic plays an essential role in the electrified vehicle applications, which deliver the compact and high-efficient solutions to power conversion. The Power electronics is an engineering study of transforming electrical power from one method to another. The global average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power produced, is being recovered or recycled through some form of power electronic systems.
According to the report analysis, ‘Power Electronics for Electric Vehicle Market By Application (Inverter, Converter, and On-board Charger) and End Use (Automotive, Railways, Marine, and Electrically Powered Airborne Vehicles): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the power electronics for electric vehicle market there are several corporate which presently operating more significantly for leading the fastest market growth and registering the handsome value of market share around the globe throughout the inflowing years while decreasing the weak points of such, spreading the awareness related to the power electronics for the electric vehicle, decreasing the associated price, advancing the applications of such, delivering the better consumer satisfaction, implementing the profitable strategies, employing the young work force and studying and analyzing the policies of the competitors includes Continental AG, Hitachi Automotive Systems, Ltd., Delphi Technologies, Valeo, Mitsubishi Electric Corporation, Denso Corporation, Infineon Technologies, Robert Bosch GmbH, Hella, Panasonic Corporation, Tesla Inc., Toyota Industries Corporation, Hangzhou Tiecheng Information Technology and several others.
In addition, the power electronics for electric vehicle market size was worth at USD 2.59 billion in 2018, and is predicted to reach USD 30.01 billion by 2026, increasing at a CAGR of 35.5% from 2019 to 2026.The inverters sector secured greatest revenue share in power electronics for electric vehicle market during 2018. However, on-board chargers’ market is projected to observe the higher growth rate throughout the forecast period, due to growth in electrification of vehicle. Amongst the end users, automotive sector dominated the power electronics market during 2018, and is anticipated to follow same trend throughout forecast duration. The railway sector is anticipated to increase at a CAGR of 40.7% from 2019 to 2026, due to surge in requirement for the electric propulsion systems in the locomotive industry.
Significant increase in interest of energy proficiency power devices and environmental protection has led to the advancement of electric vehicle technology. The primary energy sources in such vehicles are batteries or capacitors in its place of gasoline or diesel fuel as in the conventional ICE vehicles. The power electronics are foremost components in propulsion system that proficiently drive the implementation of electric motor and control the power converters. The acceptance of the innovative battery technology in electric vehicle is in advancement, which is projected to decrease the cost of these vehicles. During the recent trend, the performance of lithium-ion battery cathodes is being enhanced, which also decreases the battery cost; thereby, minimizing the cost of electric vehicle as compared to gas power vehicle in the forthcoming years.
The foremost factors that influence the power electronics for electric vehicle market include growth in demand for energy-efficient battery-powered devices, stringent emission regulations to decrease the vehicle weight and emission, and government ingenuities to balance environmental pollution and vehicle emission. Therefore, in the coming years, it is anticipated that the market of power electronics for electric vehicle will increase around the globe more effectively over the upcoming years.
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Global Power Electronics for Electric Vehicle Market
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