Press release
Electric Vehicle Power Electronics Market Overview: Major Segments, Strategic Developments, and Leading Companies
Electric Vehicle Power Electronics Market
Strong Market Growth Outlook for the Electric Vehicle Power Electronics Market
Projected to reach $49.64 billion by 2029, the electric vehicle power electronics market is set to grow at an impressive compound annual growth rate (CAGR) of 31.7%. This rapid expansion is driven by factors such as a growing global population, the rise of infotainment systems, increasing electric vehicle adoption, and a pressing need for affordable, environmentally friendly transportation options. Advancements in battery technology and continuous product and technological innovations are expected to be major trends shaping the market throughout the forecast period.
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Leading Corporations Driving the Electric Vehicle Power Electronics Industry
Several prominent companies dominate this sector, including 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, and Electrodrive Powertrain Solution Pvt. Ltd.
Recent Strategic Moves Highlighted by Key Acquisitions
In December 2023, Hitachi Energy, a technology firm based in Japan, completed the acquisition of COET S.r.l., an Italian company specializing in power equipment for electric mobility, rail, and industrial applications. Although the financial details were not disclosed, this strategic acquisition strengthens Hitachi Energy's global standing and broadens its portfolio in high-power EV charging infrastructure, power electronics, and grid-edge solutions.
View the full electric vehicle power electronics market report:
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Emerging Technological Trends Shaping the Electric Vehicle Power Electronics Market
Market leaders are concentrating efforts on developing new power semiconductor modules to enhance efficiency and profitability. These modules integrate multiple power semiconductor components into a single unit, offering improved performance. For example, in May 2022, Hitachi Energy Ltd. launched Roadpak, a cutting-edge power semiconductor module featuring silicon carbide (SiC) technology. This product delivers high power density, reduced power losses, and superior efficiency, crucial for boosting electric vehicle capabilities such as faster charging, extended driving range, and reliable operation across the vehicle's lifespan.
Detailed Segment Analysis of the Electric Vehicle Power Electronics Market
The market is segmented across several dimensions to provide a comprehensive understanding:
1) Component Type: Microcontrollers and Sensors
2) Device Type: Power Integrated Circuits (ICs), Direct Components, and Modules
3) Materials Used: Silicon, Silicon Carbide, Gallium Nitride, Gallium Arsenide, Germanium, and other materials
4) Electric Vehicle Types: Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), and Fuel Cell Electric Vehicles (FCEV)
5) Application Areas: Advanced Driver Assistance Systems (ADAS) and Safety, Body Control and Comfort, Infotainment, Telematics, Engine Management and Powertrain, and Battery Management
Further Subdivision of Microcontroller and Sensor Components
Microcontroller subcategories include Digital Signal Processors (DSP), Application-Specific Integrated Circuits (ASIC), Field-Programmable Gate Arrays (FPGA), and Embedded Microcontrollers (MCUs). Sensor types consist of current, voltage, temperature, position, and speed sensors, each playing a vital role in ensuring the smooth functioning and safety of electric vehicles.
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