According to a TechSci Research report titled “EV Power Control Unit Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2016-2026,” the global EV power control unit market is projected to grow steadily with a significant Compound Annual Growth Rate (CAGR) during the forecast period of 2022-2026. The electric vehicle power control unit refers to the integration of devices responsible for controlling the flow of electric power in electric vehicles. The increasing demand for the commercialization of electric vehicles is driving the production and demand for EV power control units. Electric vehicles offer various advantages such as higher fuel efficiency, lower carbon emissions and maintenance costs, and the rising price of crude oil. These factors contribute to the high demand for electric vehicles. Electric vehicles rely on a constant supply of electricity, necessitating efficient battery storage and power control units for optimal functionality.
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However, the high initial manufacturing costs may pose a hindrance to the growth of the global EV power control unit market in the next five years.
The global EV power control unit market is segmented based on vehicle type, demand category, component, regional distribution, and company. In terms of components, the market is divided into inverters, low voltage DC-DC converters, vehicle control units, and others. The inverter is responsible for converting DC into AC voltage and transferring the converted voltage from the battery to the motor. It plays a vital role in the acceleration and deceleration process, ensuring the drivability of electric vehicles. A low voltage DC-DC converter converts the high voltage from the battery into low voltage, supplying it to electronic systems. Since most electronic systems in electric vehicles operate on low voltage, the conversion is crucial. The vehicle control unit efficiently manages and controls the vehicle’s power control system. It handles various power control mechanisms, including regenerative braking control, motor control, power supply, and A/C load management.
Based on the demand category, the market is categorized into Original Equipment Manufacturer (OEM) and replacement. The OEM segment is expected to hold a significant share of the global EV power control unit market during the forecast period. This is due to the quality assurance provided by OEMs, the availability of warranty services, and higher customer trust, considering the power control unit’s critical role in electric vehicles.
The market is further divided based on vehicle type, including two-wheelers, passenger cars, three-wheelers, and commercial vehicles. The passenger car segment is expected to dominate the market share in the next five years due to the high sales volume of passenger cars and the convenience and comfort they offer to riders. The growing demand for vehicle ownership and the rise in disposable income of consumers are expected to drive the growth of the global EV power control unit market.
Leading players in the global EV power control unit market include Bosch GMBH, Aptiv PLC, Continental AG, Denso Corporation, Hitachi Astemo, Ltd., Keihin Corporation, Electrodrive Powertrain Solutions Pvt. Ltd, Pektron Group Ltd., BorgWarner Inc., and Mitsubishi Electric Corporation. These manufacturers are increasingly focusing on research and development to meet evolving customer demands for better efficiency and durability, introducing technologically advanced offerings in the market.
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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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