Rise in demand for energy-efficient battery-powered devices have boosted the growth of the global Power Electronics for Electric Vehicle Market
PUNE, MAHARASHTRA, INDIA, November 24, 2020 /EINPresswire.com/ — Rise in demand for energy-efficient battery-powered devices, stringent emission regulations to reduce vehicle weight and emission, and government initiatives to balance environmental pollution have boosted the growth of the global Power Electronics for Electric Vehicle Market. However, increasing cost of electric vehicles and complexity in designing and integrating advance power electronic components in electric vehicles hamper the market. On the contrary, technological advancements in vehicles and improvement in electric vehicles R&D and battery technology are expected to create lucrative opportunities in the near future.
According to the report, the global power electronics for electric vehicles industry was pegged at $2.59 billion in 2018 and is projected to reach $30.01 billion by 2026, registering a CAGR of 35.5% from 2019 to 2026.
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Inverter Segment Dominated the Market
The inverter segment held the largest share in 2018, contributing to more than half of the global Power Electronics for Electric Vehicle Market, as power inverter has lower power switching losses, high efficiency, and smaller size. However, the on-board charger segment is expected to register the fastest CAGR of 49.5% from 2019 to 2026, owing to increasing demand for power electronic component with advance technologies in automotive electric and electronic system.
Automotive Segment Held the Largest Share
The automotive segment dominated the global Power Electronics for Electric Vehicle Market in 2017, accounting for more than three-fifths of the market, owing to rise in demand for fuel-efficient vehicles and stringent vehicle norms & regulations. However, the railways segment is expected to register the fastest CAGR of 40.7% during the forecast period, due to increase in economic growth, new construction lines, and electrifying existing lines to boosting transportation volume.
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Major Market Players
Robert Bosch GmbH
Infineon Technologies AG
Hitachi Automotive Systems, Ltd.
Mitsubishi Electric Corporation
Toyota Industries Corporation
Hangzhou Tiecheng Information Technology
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Source: EIN Presswire