Global EV Power Control Unit Market to be dominated by OEM segment till 2026
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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