The Business Research Company’s report on the Amusement Parks Global Market Report 2025 Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the electric vehicle power electronics market’s growth in recent years?
The government’s initiative to balance environmental pollution is expected to propel the growth of the electric vehicle power electronic market going forward. The government initiative for balancing pollution refers to forces that protect environment and the conservation of natural resources with other policy goals, such as affordable energy and economic growth. Government initiatives helps in mitigating environmental pollution by promoting research and regulations aimed at enhancing the efficiency and sustainability of power electronic systems in electric vehicles. For instance, in 2022, according to the U.S. Department of Transport & Logisticsation, a US-based government agency, the department aims to ensure that half of all new automobiles sold in the US are zero-emission vehicles by 2030. The government also intends to create a network of 500,000 chargers that are convenient and accessible for Americans to use during both local and long-distance trips. Therefore, the government initiative to balance environmental pollution is driving the growth of the electric vehicle power electronic market.
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How does the future projection of the electric vehicle power electronics market size compare to its historical growth?
The electric vehicle power electronics market size has grown exponentially in recent years. It will grow from $12.2 billion in 2024 to $16.69 billion in 2025 at a compound annual growth rate (CAGR) of 36.8%. The growth in the historic period can be attributed to increasing government regulations and incentives, energy efficiency standards, environmental concerns, consumer demand and fuel prices, cost reduction and affordability, collaboration and investment.
The electric vehicle power electronics market size is expected to see exponential growth in the next few years. It will grow to $50.68 billion in 2029 at a compound annual growth rate (CAGR) of 32.0%. The growth in the forecast period can be attributed to increasing population, increasing infotainment, increasing electric vehicles, rising need for low-cost and environment-friendly Transport & Logisticsation options. Major trends in the forecast period include advancements in battery technology, technological innovations, product innovations.
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Which key players are shaping the future of the electric vehicle power electronics market?
Major companies operating in the electric vehicle power electronics market are 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 IT & Communication Technology, Electrodrive Powertrain Solution Pvt. Ltd
What trends will propel the growth and evolution of the electric vehicle power electronics market?
Major companies operating in the electric vehicle power electronic market are focused on developing new technological modules, such as power semiconductor modules, to increase their profitability in the market. A power semiconductor module is an integrated electronic device that combines multiple power semiconductor components into a single package. For instance, in May 2022, Hitachi Energy Ltd., a Japan-based technology company, launched Roadpak, a power semiconductor module that uses state-of-the-art silicon carbide (SiC) technology to deliver exceptional levels of power density, low power losses, and high efficiency for electric vehicles. This technology plays a critical role in enhancing electric vehicle performance by enabling faster charging, extending driving range, and ensuring seamless operation throughout the vehicle’s lifetime.
Which regions are expected to become dominant players in the electric vehicle power electronics market?
Asia-Pacific was the largest region in the electric vehicle power electronics market in 2024. The regions covered in the electric vehicle power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the electric vehicle power electronics market, and how are they evolving?
The electric vehicle power electronics market covered in this report is segmented –
1) By Component: Microcontroller, Sensor
2) By Device Type: Power Integrated Circuit (IC), Direct Component, Module
3) By Material: Silicon, Silicon Carbide, Gallium Nitride, Gallium Arsenide, Germanium, Other Materials
4) By Electric Vehicle: Battey Electric Vehicle, Plug In Hybrid Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
5) By Application: Advanced Driver Assistance Systems (ADAS) And Safety, Body Control And Comfort, Infotainment, Telematics, Engine Management And Powertrain, Battey Management
Subsegments:
1) By Microcontroller: Digital Signal Processors (DSP), Application-Specific Integrated Circuits (ASIC), Field-Programmable Gate Arrays (FPGA), Embedded Microcontrollers (MCUs)
2) By Sensor: Current Sensors, Voltage Sensors, Temperature Sensors, Position Sensors, Speed Sensors
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How is the electric vehicle power electronics market defined, and what are its core characteristics?
Electric vehicle power electronics refer to the components and systems responsible for controlling and managing electrical energy within an electric vehicle. Power electronics play a critical role in optimizing energy usage, enhancing vehicle performance, and supporting the overall functionality of electric vehicles.
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