A recent report published by Infinium Global Research on power electronics for xEV market provides in-depth analysis of segments and sub-segments in the global as well as regional power electronics for xEV market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional power electronics for xEV 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 xEV market.
The power electronics for xEV market is experiencing significant trends due to the rapid increase in efficiency and compactness. Silicon Carbide and Gallium Nitride materials are being used for higher voltage operations, faster switching, and reduced energy loss, particularly in 800V EV architectures. The integration of power electronics into e-axles and compact powertrain modules is also gaining popularity. Bi-directional charging, requiring advanced inverter and converter technologies, is also gaining importance. Companies in the Power Electronics for xEV Market face challenges such as high material costs, thermal management issues, design complexity, and supply chain disruptions. To address these issues, they are investing heavily in R&D, forming strategic partnerships or acquisitions to secure material supply, developing advanced cooling systems, and vertically integrating their supply chains. These strategies aim to optimize manufacturing yields, lower costs, manage heat in high-density modules, and ensure resilience and faster innovation cycles in the EV market.
OEMs are prioritizing lightweight, compact, and integrated powertrain solutions to improve vehicle range and performance. This shift is driven by the need for EV manufacturers to reduce the weight and size of powertrain components. Advanced semiconductor materials such as silicon carbide and gallium nitride offer superior power density, lower switching losses, and higher efficiency. OEMs are also integrating powertrain components into single modules, reducing weight and improving system efficiency. As the race for longer-range EVs intensifies, companies that deliver high-performance, compact power electronics solutions will be well-positioned to capitalize on this trend. Additionally, the power electronics for xEV Market is gaining momentum due to the increasing demand for energy efficiency and faster charging solutions in electric vehicles (EVs). Advanced devices such as silicon carbide (SiC) and gallium nitride (GaN) are replacing traditional silicon components, enhancing the efficiency of EV drivetrains and enabling higher operating voltages. Government initiatives and automotive OEMs are investing heavily in integrating these technologies into next-generation EV platforms to differentiate their products. As battery costs decline and EV adoption accelerates, advanced power electronics will play a crucial role in enhancing vehicle performance and customer satisfaction.
Furthermore, the limited global manufacturing capacity for silicon carbide (SiC) and gallium nitride (GaN) devices is causing supply chain bottlenecks and longer lead times for critical components in the power electronics for xEV market. As demand for electric vehicles increases, automakers transition to higher voltage systems relying on SiC- and GaN-based power electronics. Only a few companies, such as Wolfspeed, STMicroelectronics NV, and Infineon Technologies AG, have the capacity to produce SiC wafers at scale. Geopolitical risks and investment in capacity expansions are also limiting supply expansion. Moreover, the power electronics for xEV Market is experiencing a significant opportunity due to the growth of fast-charging networks worldwide. This growth is crucial for the convenience and accessibility of electric vehicles, especially long-range ones. Power electronics, such as inverters, converters, and onboard chargers, are needed to handle high power levels efficiently and minimize energy losses. Silicon carbide and gallium nitride technologies are ideal for high-power applications. Governments and private companies are investing in charging networks, particularly in Europe, North America, and Asia. Innovative power electronics solutions are expected to benefit from this growth.
The Asia-Pacific (APAC) region is currently the dominant market for power electronics for xEV due to the growth of the electric vehicle industry in countries such as China, Japan, and South Korea. China, the largest EV market globally, is driving demand for advanced power electronics due to government incentives, subsidies, and charging infrastructure expansion. Japan and South Korea, with their strong automotive industries, are also developing innovative power electronics technologies include silicon carbide and GaN devices. The APAC region has a well-established manufacturing base, a robust supply chain, and substantial investments in research and development. The region's focus on EV infrastructure expansion and public transport electrification also provides growth opportunities for power electronics companies. The North America region is expected to dominate the power electronics for xEV market in the coming years due to strong government support, investment from traditional automakers and emerging EV manufacturers, and the rise of electric commercial vehicles. The semiconductor sector is also experiencing strong activity, with companies such as Wolfspeed and ON Semiconductor Corporation increasing production capacities for advanced power devices. The growing focus on sustainability and carbon reduction goals is driving the adoption of green technologies, further driving the demand for efficient power electronics in the automotive sector. North America's competitive edge in manufacturing, R&D, and policy support positions it well to dominate the xEV market.
| Report Coverage | Details |
|---|---|
| Market Size in 2023 | USD 4.48 Billion |
| Market Size by 2032 | USD 17.00 Billion |
| Growth Rate from 2024 to 2032 | CAGR of 16.48% |
| Largest Market | Asia-Pacific |
| No. of Pages | 255 |
| Market Drivers |
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| Market Segmentation | By Component Type, By Propulsion Type, and By Application |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global power electronics for xEV market provides a detailed analysis of segments in the market based on Component Type, Propulsion Type, and Application.
· Inverter
· Converter
· On-board Charger
· Battery Management System (BMS)
· Motor Control Unit
· Power Distribution Unit (PDU)
· DC-AC Converter
· Others
· Battery Electric Vehicle (BEV)
· Hybrid Electric Vehicle (HEV)
· Plug-in Hybrid Electric Vehicle (PHEV)
· Fuel Cell Electric Vehicle (FCEV)
· Electric Traction Drive System
· Battery Management System (BMS)
· Charging Systems
· Auxiliary Power Supplies
· Thermal Management Systems
· Infineon Technologies AG
· STMicroelectronics NV
· ROHM Co., Ltd.
· Mitsubishi Electric Corporation
· Texas Instruments Incorporated
· Renesas Electronics Corporation
· TOSHIBA CORPORATION
· Analog Devices, Inc.
· ABB
· Semikron Danfoss
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 xEV 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.