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Power Electronics for Electric Vehicle Market By Application and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026

  • ID: 5021793
  • Report
  • January 2020
  • Region: Global
  • 89 pages
  • Allied Analytics LLP
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FEATURED COMPANIES

  • Continental AG
  • Delphi Technologies
  • Denso Corporation
  • Hella
  • Infineon Technologies
  • Panasonic Corporation
  • MORE
The power electronics for electric vehicle market size was valued at $2.59 billion in 2018, and is projected to reach $30.01 billion by 2026, growing at a CAGR of 35.5% from 2019 to 2026. Power electronic is the key technology for energy saving and high functionalizing in energy usage. Power electronic plays an important role in the electrified vehicle applications, which provides compact and high-efficient solutions to power conversion. 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. 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 an 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

The key players profiled in the report include Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Delphi Technologies, and other companies that secured major share in the automotive electronics market. The other key player profiled in this report include 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, and Hangzhou Tiecheng Information Technology.

KEY MARKET SEGMENTS BY APPLICATION
  • Inverter
  • Converter
  • On-board Charger
BY END USE
  • Automotive
  • Railways
  • Marine
  • Electrically Powered Airborne Vehicles
KEY PLAYERS
  • 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
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Continental AG
  • Delphi Technologies
  • Denso Corporation
  • Hella
  • Infineon Technologies
  • Panasonic Corporation
  • MORE
Chapter 1: Introduction
1.1. Report Description
1.1. Key Benefits For Stakeholders
1.2. Key Market Segments
1.3. Research Methodology
1.3.1. Primary Research
1.3.2. Secondary Research
1.3.3. Analyst Tools And Models

Chapter 2: Executive Summary
2.1. Cxo Perspective

Chapter 3: Market Overview
3.1. Market Definition And Scope
3.2. Key Findings
3.2.1. Top Impacting Factors
3.2.2. Top Investment Pockets
3.3. Porter's Five Forces Analysis
3.4. Market Dynamics
3.4.1. Drivers
3.4.1.1. Surge In Demand For Energy-Efficient Battery-Powered Devices
3.4.1.2. Stringent Emission Regulations To Reduce Vehicle Weight And Emission
3.4.1.3. Government Initiative To Balance Environmental Pollution
3.4.2. Restraints
3.4.2.1. Increasing Cost of Electric Vehicles
3.4.2.2. Complexity In Designing And Integration of Advance Power Electronic Components In Electric Vehicles
3.4.3. Opportunity
3.4.3.1. Technological Advancements In Vehicle
3.4.3.2. Improvement In Electric Vehicles R&D & Battery Technology
3.5. Power Electronic For Electric Vehicle Market – Value Chain Analysis
3.5.1. Semiconductor Industry-Value Chain Analysis

Chapter 4: Global Power Electronics For Electric Vehicle Market, By Application
4.1. Overview
4.2. Inverter
4.2.1. Key Market Trends, Growth Factors, And Opportunities
4.2.2. Market Share Analysis, By Supplier (Automotive And Non-Automotive)
4.2.3. Company Snapshot For Five Tier 1 Suppliers
4.2.3.1. Continental Ag
4.2.3.2. Hitachi Automotive Systems Ltd.
4.2.3.3. Delphi Technologies Plc
4.2.3.4. Valeo S.A.
4.2.3.5. Mitsubishi Electric Corporation
4.3. Converter
4.3.1. Key Market Trends, Growth Factors, And Opportunities
4.3.1. Market Share Analysis, By Supplier (Automotive And Non-Automotive)
4.3.2. Company Snapshot For Five Tier 1 Suppliers
4.3.2.1. Denso Corporation
4.3.2.2. Robert Bosch Gmbh
4.3.2.3. Infineon Technologies Ag
4.3.2.4. Continental Ag
4.3.2.5. Hella Kgaa Hueck & Co.
4.4. On-Board Charger
4.4.1. Key Market Trends, Growth Factors, And Opportunities
4.4.2. Market Share Analysis, By Supplier (Automotive And Non-Automotive)
4.4.3. Company Snapshot For Five Tier 1 Suppliers
4.4.3.1. Nichicon Corporation
4.4.3.2. Tesla, Inc.
4.4.3.3. Panasonic Corporation
4.4.3.4. Toyota Industries Corp.
4.4.3.5. Hangzhou Tiecheng Information Technology Co., Ltd.

Chapter 5: Power Electronic For Electric Vehicle Market, By End Use
5.1. Overview
5.2. Automotive
5.2.1. Key Market Trends, Growth Factors, And Opportunities
5.3. Railways
5.3.1. Key Market Trends, Growth Factors, And Opportunities
5.4. Marine
5.4.1. Key Market Trends, Growth Factors, And Opportunities
5.5. Electrically Powered Airborne Vehicles
5.5.1. Key Market Trends, Growth Factors, And Opportunities
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Continental AG
  • Delphi Technologies
  • Denso Corporation
  • Hella
  • Infineon Technologies
  • Panasonic Corporation
  • MORE
According to the report, titled, 'Power Electronics for Electric Vehicle Market by Application and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the power electronics for electric vehicle market size was valued at $2.59 billion in 2018, and is projected to reach $30.01 billion by 2026, growing at a CAGR of 35.5% from 2019 to 2026.

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 growth of power electronics for electric vehicle market size is driven by several factors such as extensive demand for energy-efficient battery-powered devices and stringent emission regulations to reduce vehicle weight and emission.

Furthermore, new initiatives by government in developing economies for balancing the pollution and emission of vehicle is also contributing to the market growth. However, high cost of vehicle and complexity in designing and integrating advance power electronic components in electric cars are anticipated to impede the power electronics for electric vehicle market growth. Nonetheless, rapid advancements and innovation in vehicle battery technology and increasing R&D activities are anticipated to create lucrative growth opportunities for the power electronics for electric vehicle market.

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 CAGR of 40.7% from 2019 to 2026, owing to surge in demand for electric propulsion systems in the locomotive industry.

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 expected to drive the growth of the power electronics for electric vehicle industry. 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 an increase in R&D activities are expected to create lucrative growth opportunities for the power electronics for electric vehicle industry. In addition, power electronics supports high input impedance and improved parallel current sharing, which increases the adoption of power electronic components in EV.

The global power electronics for electric vehicle market analysis is based on various applications including inverters, converters, and on-board chargers. Among these applications, on-board charger is anticipated to witness highest growth rate during forecast period, owing to rapid innovations and developments in electric components used in electric vehicle for better performance and energy efficiency.

Over the past few years, the electric cars have witnessed an increase in demand due to their lightweight nature and higher efficiency. This has led to surge in installation of e-axles and in-wheel hub motor in all type of electric vehicles. Moreover, such installation helps reduce CO2 emissions and space required for engines. The conventional gas-powered vehicle makes use of an internal combustion engine to generate power.

In an ideal scenario, the combustion system fully incinerates the fuel and only creates carbon dioxide and water as waste; however, the combustion system generates various greenhouse gases, leading to environmental pollution. On the other hand, an EV uses an electric motor powered via a continuous supply of current, hence, it does not lead to emission of pollutants. These factors are expected to boost the growth of the power electronics for electric vehicle market during the forecast period.

Key Findings of the Study
In terms of revenue, the inverter segment contributed the maximum power electronics for electric vehicle market share in 2018, and is expected to maintain its lead throughout the forecast period.
The on-board charger segment is expected to grow at the highest CAGR during the forecast period.

The key players profiled in the report include Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Delphi Technologies, and other companies that secured major share in the automotive electronics market. The other key player profiled in this report include 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, and Hangzhou Tiecheng Information Technology.
Note: Product cover images may vary from those shown
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  • 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.
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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