Power electronics has become an important component of modern day machines and systems since it enables those to run smoothly. This is because it allows conversion and control of electrical energy. Without power electronics, electric motors would always run at full speed and it would not be possible to feed renewables, namely solar and wind power, into the electricity grid. With massive thrust on electrification and renewable energies, enabling technologies such as power electronics are becoming ever more important. This has also spawned the global new energy vehicle power electronics market.
Rollout on Electric Vehicles Powering Global New Energy Vehicle Power Electronics Market
At the forefront of driving the global new energy vehicle power electronics market is the electric vehicle drive worldwide. With rising levels of vehicular pollution, threatening the environment, governments across nations are rolling out supportive policies for EVs. This is expected to provide a major fillip to the demand in the new energy vehicle power electronics market. With large-scale production of electric vehicles and hybrid electric vehicles, power electronics would see impressive uptake in the next couple of years.
Further, growing use of electronic devices in new-age automobiles is also having a positive impact on the global new energy vehicle power market as well. Those are being used to enhance car safety, in charging stations, mobile security, and authentication, among others.
Various Applications of Electronic Convertors Supporting New Energy Vehicle Power Electronics Market
A noticeable trend in the global new energy vehicle power market is the emergence of an array of applications for electronic converters for energy conversion and controlling of motion in an EV. In fact, EVs these days are employing high voltage power electronics for driving motors. Those cost around 30% of the vehicle.
Going forward, the global new energy vehicle power market is expected to be buoyed by the emergence of lightweight switching power supplies meant for electric vehicles. Inverters and power converters account for the majority in the power electronics of an electric vehicle market. 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.
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Demand for Light Commercial and Electric Vehicles Makes Asia Pacific Leading Market
With respect to geography, Asia Pacific new energy vehicle power market appears most promising. This is because of the rising demand for light commercial vehicles and electric vehicles from nations such as China and India. The presence of several automotive and consumer electronic production units in the region is mainly fuelling the market. Apart from that, the thrust on deploying non-polluting electric vehicles, particularly in India and China, is also having a positive impact on the Asia Pacific new energy vehicle power market.