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Power Electronics for Electric Vehicle Market Size to Soar in the Years to Come | Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG
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The research also provides a market analysis using various analytical techniques, including Porter's Five Forces Analysis and PESTEL Analysis. These tools provide an in-depth analysis of the micro- and macro-environmental elements that influence the market's expansion during the forecast period.
Power electronics is an engineering study of converting electrical power from one form to another. The world-wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated, is being reprocessed or recycled through some form of power electronic systems.
The inverters segment secured highest revenue share in power electronics for electric vehicle market in 2018.
However, on-board chargers' market is anticipated to witness higher growth rate during the forecast period, owing to growth in electrification of vehicle. Among the end users, automotive segment dominated the power electronics market in 2018, and is projected to follow same trend during forecast period. The railway segment is expected to grow at a CAGR of 40.7% from 2019 to 2026, owing to surge in demand for electric propulsion systems in the locomotive industry. Rise in interest of energy efficiency power devices and environmental protection has led to the development of electric vehicle technology. The primary energy sources in these vehicles are batteries or capacitors instead of gasoline or diesel fuel as in the conventional ICE vehicles.
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The power electronics are key components in propulsion system that effectively drive the adoption of electric motor and control the power converters. The implementation of innovative battery technology in electric vehicle is in progress, which is expected to reduce the cost of these vehicles. Currently, the performance of lithium-ion battery cathodes is being improved, which also reduces battery cost; thereby, reducing the cost of electric vehicle as compared to gas power vehicle in the coming years.
The major factors that drive the power electronics for electric vehicle market include 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. However, high cost of vehicle and complexity in designing and integrating advance power electronic components in electric vehicles hinder the power electronics for electric vehicle market growth.
Furthermore, technological advancements in vehicle battery and increase in R&D activities are expected to create lucrative growth opportunities for the power electronics for electric vehicle market. In addition, power electronics supports high input impedance and improved parallel current sharing, which increases the adoption of power electronic components in electric vehicles.
The power electronics for electric vehicle market is segmented on the basis of application, end use, and region. The application segment is divided into inverter, converter, and on-board charger. By end use, the market is classified into automotive, railway, marine, and electrically powered airborne vehicles
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KEYPLAYERS
- Denso Corporation
- Robert Bosch GmbH
- Infineon Technologies AG
- Delphi Technologies
- 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
KEY MARKET SEGMENTS
BY APPLICATION
- Inverter
- Converter
- On-board Charger
BY END USE
- Automotive
- Railways
- Marine
- Electrically Powered Airborne Vehicles
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