Global Automotive Power Electronics in Electric Vehicles Market - Growth, Trends, and Forecast (2018 - 2023)

The global automotive power electronics in electric vehicles market is expected to register a CAGR of 17.2% during the forecast period 2018 - 2023. The increase in the sale of electric and hybrid vehicles is anticipated to drive the power electronics market in the coming five years. Electric vehicles have already gathered huge popularity globally, especially from the European and North American countries.

Growing Electric Vehicles Sales Driving the Demand for Power Electronics Market

Growing awareness regarding vehicle emissions and increase in the government initiative to encourage the use of electric vehicles is driving the growth of electric vehicles and in turn, the market for power electronics in EVs.

China is leading in electric vehicle sales across the world, which recorded 336,000 sales of battery electric vehicles and plug-in hybrid vehicles in 2016 and continued to see increased sales in the following years, owing to the increasing electric buses for public transport.

The advent of high power switching devices has brought about a wide range of comprehensive application of electronic converters for energy conversion and motion control in an electric vehicle. Electric vehicles are now employing high voltage power electronics for the traction drive motors. The power electronics constitute around 30% of the total cost of an electric vehicle.

Increasing Demand for Light Weight Switching Power Supplies in Electric Vehicles

The development of a reliable lightweight switching power supplies would likely help to drive the power electronics in electric vehicles. The adaption of electronics in powertrain systems on electric vehicle concepts is primarily augmented by the increased efforts of the regional governments and environmental agencies (EPA) to lower emission levels during the last two years. Inverters and power converters account for the majority in the power electronics of an electric vehicle market. The demand for lightweight, multi portable devices that are likely to drive the growth of advanced power electronics significantly. Growing demand for electric passenger and light commercial vehicles from the developing economies, such as China, India, and the Latin American countries (Brazil and Mexico) are anticipated to drive the growth of the market during the forecasted period. However high cost associated with electric vehicles will slightly hinder the growth of the power electronics market.

Key Developments of the Market:

• May 2017: MAHLE completed acquisition of Nagares SA, Spanish Company, which manufactures and distributes automotive electronics. The acquisition by MAHLE has strengthened its product portfolio in e-mobility sector.
• January 2018: Preh GmbH completed the acquisition of “ePower”, a business unit of Kongsberg Automotive ASA in Kongsberg, Norway, which produce on-board chargers used in powertrain application for electric and hybrid vehicles.


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