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The global electric vehicle (EV) power electronics market to grow at a CAGR of 18.62% during the period 2017-2021.
Global Electric Vehicle Power Electronics Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in the market is rising focus on thermal issue management. Vehicles are prone to frequent heat radiation though powertrain systems and EVs are no different to this. The heat is radiated because the operating temperature of the motor in the powertrain system of EVs exceeds 125C. As a result, power electronics application is increasing in EVs along with components such as MOSFETs and IGBTs. Basically, power electronics applications have two major objectives, reducing the system size and managing thermal issues. The adoption of wide bandgap (WBG) semiconductors is increasing owing to the high-operating temperature capability.
One trend in the market is increasing development of synchronous buck converter for advanced automotive designs. Automotive OEMs are focused on reducing emissions and are developing new technologies that can attain this objective. The switching power supply is the latest center of attraction for reducing electromagnetic interference (EMI) emissions. The demand for smaller power solutions that gives higher power levels is increasing in the automotive market, and EVs are no different from this trend.
Further, the report states that one challenge in the market is reducing cost by adopting advanced material is challenge for suppliers. Power electronics account for about one-fourth of the cost of the EV propulsion system, which includes, power electronics, battery, and motor. Hence, adopting smaller and cheaper inverter can reduce the cost of the system.
However, limited domestic manufacturing capacity in the US, increasing demand for inverter from other application industries, and increasing cost of capacitors are contributing to the rising cost of inverters used in EVs. A similar trend is observed for components, such as copper, and subsystems, such as cooling system, which are under limited supply. Suppliers are trying to implement economies of scale concept through innovative manufacturing technologies, which in addition to new developments like WBG and customized converters has potential to reduce the overall cost of the inverter.