New technology and product launches To Increase penetration of Power Electronics in the Electric vehicles Industry

Escalating need for high-power electric power for rotating electric motors has increased the demand for power electronics for electric vehicles. Furthermore, the rising trend of using power-efficient battery-driven equipment and strict fuel emission norms enforced by various governments across the globe will pave a way for the expansion of power electronics for electric vehicles market globally. Massive demand for eco-friendly electronic equipment has provided the impetus to the growth of the power electronics for electric vehicles industry globally. According to the study published by Allied Market Research, the global power electronics for electric vehicles market is slated to accrue revenue worth $30.01 billion by 2026.

Key players in the global power electronics for electric vehicles market are implementing strategies such as the launching of new products and technologies aimed at expanding the scope of demand for power electronics in electric vehicles such as electric cars and electric scooters. In addition, the launching of new power electronic products and tools for electric vehicles is intended at helping automotive manufacturing firms in expanding their product line which also includes the production of electric vehicles as well as hybrid vehicles.

Moreover, strategic partnerships have helped industry players in developing innovative power electronics products for electric vehicles, thereby helping in power conservation and enhancing vehicle speed. This, in turn, has opened new facades of growth for the power electronics for electric vehicles market across the globe.  Moreover, the successful implementation of these strategies will aid industry players in setting a strong foundation of growth for the global power electronics for electric vehicles market. Let us discuss some of the latest trends witnessed across the global power electronics for electric vehicles industry and strongly impacting its expansion.

Launching new products and technologies has become an emerging trend in the automotive industry and power electronics for electric vehicles industry is one of them. Hon Hai Technology Group also referred to as Foxconn, one of the world’s largest electronics manufacturers, is aiming to manufacture consumer electronics products for electric vehicles. Reportedly, the firm has demonstrated two new self-created concept model electric vehicles at the third annual Foxconn Day.

Furthermore, these two concept models are the Model B crossover hatchback and Model V all-terrain electric pickup. In addition, the firm also displayed Model C, a production vehicle that will be delivered to customers in Taiwan in 2023. Moreover, it also exhibited power electronic components for electric vehicles including solid-state batteries, electric power steering systems, semiconductors, and silicon carbide power modules. The strategic move will provide impetus to the growth of the power electronics for electric vehicles market across the globe.

Continuing with the trend of new product and technology launches, SiTime Corporation, a key fables chip manufacturer based in the U.S. and manufacturing micro-electromechanical tools used in timing electronic equipment, launched an ultra-low powered 32 kHz oscillator family. Reportedly, the novel product offers apt time keeping for ADAS (advanced driver assistance systems), Electronic Control Units, infotainment, and instrument clusters. Moreover, the 32 kHz oscillator is a timekeeping tool and it plays a key role in maintaining accuracy and conserving power for electronics subsystems in vehicles. In addition, the initiative is aimed at fulfilling the escalating demand for precision timing in automobiles such as electric cars. With innovation in precision timing systems, SiTime Corporation is predicted to offer a unique integration of minimal size, exceptional stability, and ultra-low powered 32 kHz oscillators. The strategic move will benefit the expansion of the power electronics for electric vehicles industry across the globe.

Strategic partnership is a strategy implemented by key industry players for expanding the scope of growth of the power electronics for electric vehicles market across the globe. Damon Motors Inc., a key electric motorcycle manufacturer based in Canada, joined hands with SINBON Electronics, an electronic connector manufacturing firm. As per the partnership agreement, SINBON will offer premium engineering service during both the designing and production phases for the electric assembly of Damon’s electric motorcycles.  The move is predicted to boost the demand for next-gen electric vehicle parts and will contribute substantially towards the expansion of power electronics for electric vehicle market.

Industry players are executing strategies such as new product and technology launches and partnerships for expanding their global presence as well as earning huge ROIs. These business strategies are projected in expanding the business, technology, and product portfolios of the market participants along with assisting them in exploring the untapped business growth potential of various countries across the globe. In addition, these strategies will also help in increasing the global market proceeds as well as increase the profitability of the global power electronics for electric vehicles industry.

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