Advances in electric motor technology and growing demand for high-power batteries is expected to drive the demand of the global EV power control unit market for the forecast period.
According to TechSci Research report, “EV Power Control Unit Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Three-Wheeler, Commercial Vehicle), By Demand Category (OEM vs Replacement), By Component (Inverter, Low Voltage DC-DC Converter, Vehicle Control Unit, Others) and By Region”, the global EV power control unit market is expected to grow with a steady CAGR for the forecast period, 2022-2026. The electric vehicle power control unit is defined as an integration of all devices that control the flow of electric power in the electric vehicle. The growing demand for the commercialization of electric vehicles is fueling the demand for the production of electric vehicles. Electric vehicles are in high demand as they have several advantages, including higher fuel efficiency, low carbon emission & maintenance, and the rise in the price of crude oil. An electric vehicle uses one or more kinds of electric motor for propulsion. Electric vehicles run on a constant electricity supply and therefore require efficient battery storage and power control unit for proper functioning.
However, high initial manufacturing costs may create a hindrance for the growth of the global EV power control unit market in the next five years.
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Global EV power control unit market is segmented into vehicle type, demand category, component, regional distribution, and company. Based on component, the market is divided into the inverter, low voltage DC-DC converter, vehicle control unit, and others. The inverter is required for the conversion of DC into AC voltage and transfers the converted voltage from the battery into the motor. The inverter is used for the acceleration and deceleration process, thereby is vital to ensure electric vehicle drivability. A low voltage DC-DC converter converts the high voltage present in the battery into low voltage and supplies it to electronic systems. All the electronic systems installed in the electric vehicle uses low voltage that is the major reason for the high voltage conversion. The vehicle control unit is used for efficiently managing and controlling the vehicle power control system. It manages all the vehicle power control mechanisms, including regenerative braking control, motor control, power supply, A/C load management, among others. Based on the demand category, the market is bifurcated into OEM and replacement. The OEM segment is expected to hold a significant share of the global EV power control unit market for the forecast period, 2022-2026. The quality offered by the OEMs and the facility to avail warranty services, and the higher customer trust of the customers as the power control unit is a crucial part of the electric vehicle is driving the market growth. Based on vehicle type, the market is divided into two-wheeler, passenger car, three-wheeler, and commercial vehicle. The passenger car segment is expected to hold the largest market share for the next five years due to the high sales of passenger cars and the convenience and comfort offered to the riders. The growing demand for vehicle ownership and the rise in the disposable income of the consumers is expected to boost the global EV power control unit market growth.
Bosch GMBH, Aptiv PLC, Continental AG, Denso Corporation, Hitachi Astemo, Ltd., Keihin Corporation, Electrodrive Powertrain Solutions Pvt. Ltd, Pektron Group Ltd., BorgWarner Inc., Mitsubishi Electric Corporation are the leading players operating in global EV power control unit market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several EV power control unit manufacturers are coming up with their technologically advanced offerings.
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“The increasing sales of hybrid electric vehicles combine the advantages of both the traditional and electric vehicles and use two or more engines, including electric motor and conventional engine. The multi-power control unit is in high demand in hybrid electric vehicles. They efficiently manage various functions, including control command output and driver’s intention recognition, among other crucial functions required to drive the hybrid electric vehicles. The growing investments for the research and development activities and the adoption of attractive marketing strategies is expected to propel the global EV power control unit market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“EV Power Control Unit Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Three-Wheeler, Commercial Vehicle), By Demand Category (OEM vs Replacement), By Component (Inverter, Low Voltage DC-DC Converter, Vehicle Control Unit, Others) and By Region” has evaluated the future growth potential of global EV power control unit market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global EV power control unit market.
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