The global EV power electronics market size was valued at US$28.3 billion in 2024, and is projected to reach US$66.3 billion by 2031, witnessing a market growth CAGR of 12.0 % from 2024 to 2031, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global Ev power electronics market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics
Market Size in 2024: US$28.3 billion
Market Size in 2031: US$66.3 billion
Growth (CAGR): 12.0 % during 2024-2031
Leading Component Type: Inverters
Leading Number of Inverter Type:2 Inverters
Leading Power Flow-Type: Unidirectional
Leading Topology Type: Isolated
Leading Propulsion Type: HEV
Leading Region: North America
Forecast Period: 2024-2031
Trend Period: 2016-2022
Base Year: 2023
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Ev Power Electronics Market:
The global Ev power electronics market is segmented based on component type, number of inverter type, power-flow type, topology type, propulsion type and region.
Based on Component type –
- The market is segmented into inverter, on-board charger, and DC-DC converter. Inverters play a critical role in converting DC battery power to AC for motor drive, which is essential in all EVs. Their performance directly impacts vehicle efficiency and range.
- With the rising adoption of silicon carbide (SiC) technology, inverters now offer greater power density and thermal efficiency. The demand is further boosted by trends like high-power and all-wheel-drive EVs requiring multiple inverters, making them the most vital part of the EV powertrain system.
- On-board chargers (OBCs) are the second-largest component in the EV power electronics market. The growing adoption of plug-in hybrid and battery electric vehicles, along with the global expansion of EV charging infrastructure, is driving demand for high-efficiency OBCs.
- Additionally, the rising trend toward bidirectional charging (V2G) and faster charging capabilities is pushing OEMs to develop more advanced, compact, and efficient OBC systems, further supporting their strong market position.
Based on the Propulsion type -
- The market is segmented into BEV and HEV. Currently, Hybrid Electric Vehicles (HEVs) dominate the power electronics market due to their early adoption and widespread presence in regions with a mature automotive industry. HEVs require both an internal combustion engine and an electric drive support, necessitating robust power electronics like inverters and DC/DC converters for energy management between systems.
- However, Battery Electric Vehicles (BEVs) are expected to surpass HEVs in market share over the forecast period. Driven by advancements in battery technology, falling EV costs, and strong regulatory support for zero-emission vehicles, BEVs are seeing faster adoption globally—particularly in Asia Pacific and Europe—thereby increasing the demand for high-performance, high-voltage power electronic systems.
Based on the Number of inverter type –
- The EV inverters market is segmented into 1 inverter, 2 inverters, 3 inverters, and 4 inverters. The market-leading configuration of EVs uses 2 inverters to maximize performance and efficiency. Using two inverters in one system helps all-wheel-drive (AWD) and high-performance EVs drive better by improving traction, balancing power, and enhancing control with independent motors for the front and rear.
- The dual-inverter system improves efficiency while staying more cost-effective than advanced multi-inverter setups. The two-inverter configuration has become more popular because it provides enhanced redundancy and flexibility without requiring substantial weight or complexity increases. Manufacturers prefer this configuration to build a wide range of EVs, from standard to high-performance models, ensuring better market reach and higher customer satisfaction than single or multi-inverter designs.
Based on the Power Flow type –
- The EV on-board charger market is segmented into unidirectional and bidirectional power flow types. Unidirectional on-board chargers (OBCs) continue to dominate the market due to their cost-effectiveness, simplified design, and seamless compatibility with existing EV charging infrastructure.
- Unidirectional on-board chargers adequately meet the standard energy transfer needs of most EV users, making them well-suited for mass-market, entry-level, and mid-range vehicles where affordability and efficiency are critical. Their simple design and ease of integration into existing vehicle architectures also enable faster production and deployment by automakers.
- The bidirectional OBCs are expected to grow at a faster rate during the forecast period, driven by increasing interest in advanced energy applications such as vehicle-to-grid (V2G) and vehicle-to-home (V2H).
- Despite their growth potential, bidirectional systems face challenges like higher costs, regulatory uncertainty, and insufficient grid infrastructure, which limit widespread adoption in the short term.
Based on the Topology type –
- There are two topology types in DC-DC converters: isolated DC-DC converters and non-isolated DC-DC converters. Isolated DC-DC converters, owing to their enhanced safety and reliable performance, are projected to remain the dominant topology in the EV DC-DC converter market over the coming years.
- By providing galvanic isolation between the high-voltage battery and low-voltage systems, isolated DC-DC converters ensure the protection of sensitive electronic components and enhance passenger safety—a critical requirement in modern electric vehicles, particularly in high-voltage and commercial platforms.
- With the increasing shift toward 400V and 800V EV architectures, the demand for isolated DC-DC converters is growing. These systems not only enable effective power management across various subsystems but also play a key role in preventing electrical faults.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
“The Asia-Pacific is expected to remain the largest region for the EV power electronics market during the forecast period.”
- In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific’s dominance in the market is driven by the massive production and sales of electric vehicles in countries like China, Japan, and South Korea.
- The presence of major EV manufacturers, strong government incentives, large-scale investments in EV infrastructure, and a robust supply chain for semiconductors and electronic components further strengthens the region’s dominance. Additionally, rapid urbanization and growing environmental concerns are accelerating EV adoption across the region.
- Europe and North America also account for significant shares in the EV power electronics market due to strong regulatory support for clean mobility, high investment in EV infrastructure, and the presence of leading automotive OEMs. Both regions are also at the forefront of integrating advanced power electronics for improved vehicle performance and energy efficiency.
Ev Power Electronics Market Drivers:
Some of the key drivers listed in the report are given below.
- The growing demand for electric vehicles is driven by environmental concerns, rising fuel prices, and continuous advancements in battery technology.
- Strict emission regulations, government subsidies, and increasing driver demand for longer ranges are driving automakers to adopt efficient, lightweight, and compact power electronics for electric vehicles.
- Increasing consumer preference for faster charging times drives the demand for higher-power OBCs and advanced inverters.
- Increase in demand for sophisticated and integrated power electronic components to manage energy across propulsion and auxiliary systems.
- Rising adoption of combined or modular high-voltage units (like OBC + DC-DC converter) to reduce costs and simplify packaging.
- Technological advancements in power electronics, such as smarter on-board chargers (OBCs), bidirectional charging capabilities, and high-efficiency designs.
- Recent advancements in power electronics are driving a transition toward silicon carbide (SiC) and gallium nitride (GaN)-based inverters, offering improved efficiency, reduced energy loss, and enhanced overall vehicle performance.
Competitive Landscape: Top Companies in the Ev Power Electronics Market:
The market is moderately fragmented, with over 100 players across the region. Some of the major players offer both standalone and integrated units, including combo systems that combine any two components, such as inverters, on-board chargers, or DC-DC converters, into a single compact solution. The following are the key players in the EV power electronics market.
Here is the list of the Top Players (Based on Dominance)
- Denso Corporation
- BYD Auto Co., Ltd.
- Tesla, Inc.
- Valeo
- BorgWarner Inc.
- Robert Bosch GmbH
Note: The above list does not necessarily include all the top players in the market.
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
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