Power Electronics for Electric Vehicle Market to Witness Astonishing Growth by 2028

The global power electronics for electric vehicles market is expected to grow at a CAGR of 32.5% during the forecast period.

Power electronics is a circuitry device that efficiently, compactly, and robustly transfers power from a source to a load for convenient use. This device uses diodes, transistors, and thyristors to control the conversion of electric power from one form to another. The power electronic in electric cars is in charge of converting and controlling the electric power in the system. In electric vehicle systems, some of the most important power electronic components and functionalities are used. Power electronic devices deliver a faster switching rate at a higher efficiency and can be used to efficiently execute operations at high voltage or current. Furthermore, depending on the application, power electronics can control both unidirectional and bidirectional energy flow, with regenerated energy being returned to the utility.

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The surge in demand for energy-efficient battery-powered devices, stringent emission regulations to reduce vehicle weight and emission, and government initiatives to balance environmental pollution and vehicle emission are some factors driving the growth of the market. However, high vehicle costs and the difficulty of designing and integrating advanced power electronic components for electric vehicles are restraining the market growth. Furthermore, advances in vehicle battery technology and increased R&D activities are expected to create lucrative growth opportunities for the market. Furthermore, power electronics allow for high input impedance and improved parallel current sharing.

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The development of electric vehicle technology has resulted from a rise in interest in energy efficient power devices and environmental protection. Instead of the gasoline or diesel fuel used in conventional ICE vehicles, these vehicles use batteries or capacitors as their primary energy sources. Power electronics are important components in propulsion systems as they effectively drive electric motor adoption and control power converters. Innovative battery technology is being implemented in electric vehicles, which is expected to lower the cost of these vehicles. The performance of lithium-ion battery cathodes is currently being improved, lowering battery costs. This is expected to lower the cost of electric vehicles in comparison to gas-powered vehicles in the coming years.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Infineon Technologies AG, Texas Instruments Inc., and NXP Semiconductors NV, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Power Electronics for Electric Vehicle Market Report by Segment

By Application
• Inverter
• Converter
• On-Board Charger

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Orion Market Reports (OMR) endeavors to provide an exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and the most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

This release was published on openPR.