A recent report published by Infinium Global Research on power electronics for E-mobility market provides in-depth analysis of segments and sub-segments in the global as well as regional power electronics for E-mobility market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional power electronics for E-mobility market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global power electronics for E-mobility market.
Power electronics for E-mobility refers to the crucial electronic systems that manage electrical power in electric vehicles, ensuring efficient energy transfer, safety, performance optimization, and overall energy efficiency. The market for Power Electronics in E-mobility is witnessing significant growth, propelled by several crucial elements such as the rising acceptance of electric vehicles, improvements in battery technology, increasing governmental backing for clean energy initiatives, and the continuous shift towards sustainable transportation. As the automotive sector transitions from internal combustion engines to electric drivetrains, there is a growing need for sophisticated power electronics solutions that can effectively oversee power conversion, energy storage, and distribution within EVs. A key factor propelling this market is the electrification of transportation. As governments globally provide incentives for electric vehicle adoption and there is an increasing drive to lower carbon emissions, the demand for EVs is swiftly rising. This transition necessitates advanced power electronics, including inverters, battery management systems (BMS), motor drives, and chargers, all of which are essential for enhancing the efficiency and reliability of EV powertrains. As electric vehicles gain popularity, these elements are advancing to accommodate higher power densities, enhance thermal management, and facilitate quicker charging.
Additionally, a key trend driving market expansion is the miniaturization and efficiency enhancements in power electronics. With the rising need for compact, lightweight, and efficient electronic systems in diverse applications, advancements in semiconductor materials such as silicon carbide (SiC) and gallium nitride (GaN) are enabling enhanced functionalities in power electronics for electric vehicles (EVs). Key leading players in the power electronics for e-mobility market include Infineon Technologies, STMicroelectronics, ROHM Semiconductor, ON Semiconductor (onsemi), Texas Instruments, Mitsubishi Electric, NXP Semiconductors, and others. Major challenges faced by these manufacturing companies are high cost of advanced materials (SiC & GaN), thermal management issues, limited SiC/GaN supply chain and production capacity, which can impact to growth of power electronics for the e-mobility market. Significant strategies that can overcome these challenges are scaling up production and improving fabrication yields to lower material costs, the incorporation of liquid cooling systems in high-performance EVs, and long-term supply agreements with foundries and material suppliers.
The global adoption of electric vehicles is driving the growth of the power electronics market, which relies heavily on compact, efficient, and reliable solutions for battery management, motor control, and charging infrastructure. These solutions help meet energy efficiency targets by reducing power conversion losses and enhancing electric drivetrain efficiency, making the growth of the power electronics market significant. The growing worldwide demand for electric vehicles increases the necessity for sophisticated, efficient, and reliable power electronics solutions to effectively facilitate the electrification of transportation. According IEA in 2024, the rise in electric vehicle (EV) sales has increased demand for batteries, reaching over 750 GWh in 2023, a 40% increase from 2022. Electric cars account for 95% of this growth, with higher EV sales contributing to 95% of the increase. SUVs also contribute to 5% of the increase. Moreover, the rising number of electric vehicle charging infrastructure, technological advancements, and cost reduction in batteries are boosting market growth. The establishment of charging facilities, encompassing both public and private stations, is alleviating range concerns for prospective electric vehicle (EV) purchasers. This growth and enhanced accessibility are anticipated to elevate consumer interest in electric vehicles, resulting in higher demand for power electronic systems and the expansion of the electric vehicle power electronics market. Improvements in power electronics technology have resulted in more efficient, smaller, and dependable components for electric vehicles. The price of lithium-ion batteries, an essential element in EV costs, has steadily declined, lowering electric vehicle prices and boosting the need for power electronics related to battery management and electronic propulsion systems.
However, the high cost of materials such as Silicon Carbide (SiC) and Gallium Nitride (GaN) in E-mobility is a major barrier to their widespread adoption. These semiconductors offer performance advantages but come at a higher price due to complex manufacturing processes, expensive raw materials, and low yields. Integrating these materials can increase the overall cost of powertrain systems, making EVs less accessible to budget-conscious consumers. As a result, automakers are cautious about fully adopting these materials, preferring to balance performance and affordability, limiting the growth potential of power electronics technologies relying on SiC and GaN. Furthermore, advances in material and battery fabrication technology will create market growth opportunities. Advanced materials and battery tech are enhancing EV performance, enabling faster charging, higher efficiency, and compact designs, driving rapid growth in the E-mobility ecosystem. GaN is a promising technology that is revolutionizing EV battery traction inverter designs due to its superior performance compared to traditional silicon and SiC options. Silicon Carbide (SiC) and Gallium Nitride (GaN) have improved power MOSFET performance, enabling efficient handling of higher voltages and currents. This has led to smaller, lighter, and more reliable power electronics systems, critical for electric vehicle applications such as inverters, onboard chargers, and DC-DC converters. These next-generation MOSFETs offer faster switching speeds, reduced power losses, and better thermal management, improving vehicle range and charging speed while lowering system costs.
Asia-Pacific is anticipated to be the dominant region in power electronics for the E-mobility market during the forecast period. Power electronics is gaining popularity in electric vehicles, leading to a rise in the need for significant energy to run electric motors. Elements such as MOSFETs and IGBTs function as power electronic switches within power train systems. The significant growth of the market in the area results from rising demand for fuel-efficient hybrid electric cars in China, India, Japan, and various other nations to address the growing environmental pollution. In India, the need for e-scooters is set to rise as various firms are launching shared mobility services, and e-commerce businesses are choosing e-scooters for efficient last-mile delivery. Europe is the fastest-growing region in power electronics for the E-mobility market. As the number of government policies and incentives for new electric vehicle purchases rises, the public's preference is shifting toward electric mobility because of strict emission regulations and environmental worries. Additionally, the established automotive sector in prominent European nations, such as Germany, the UK, and others, along with the presence of charging infrastructure, is anticipated to drive market expansion in the upcoming years.
| Report Coverage | Details |
|---|---|
| Market Size in 2023 | USD 7.56 Billion |
| Market Size by 2032 | USD 28.69 Billion |
| Growth Rate from 2024 to 2032 | CAGR of 16.98% |
| Largest Market | Asia-Pacific |
| No. of Pages | 255 |
| Market Drivers |
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| Market Segmentation | By Component, By Vehicle Type, and By Power Device Material |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global power electronics for E-mobility market provides a detailed analysis of segments in the market based on Component, Vehicle Type, and Power Device Material.
· Inverters
· DC-DC Converters
· On-Board Chargers
· Battery Management Systems
· Motor Controllers
· Power Modules
· Thermal Management Systems
· Battery Electric Vehicles (BEV)
· Plug-in Hybrid Electric Vehicles (PHEV)
· Hybrid Electric Vehicles (HEV)
· Fuel Cell Electric Vehicles (FCEV)
· Silicon (Si)
· Silicon Carbide (SiC)
· Gallium Nitride (GaN)
· Infineon Technologies
· STMicroelectronics
· ROHM Semiconductor
· ON Semiconductor (onsemi)
· Texas Instruments
· Mitsubishi Electric
· NXP Semiconductors
· Renesas Electronics
· Valeo
· Dana Incorporated
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the power electronics for E-mobility market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.