EV Power Electronics Market is Forecasted to Reach US$66.3 Billion in 2031, Says Stratview Research

Detroit, Sept. 02, 2025 (GLOBE NEWSWIRE) -- 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 market trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/4265/ev-power-electronics-market.html#form  

Market Statistics

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, Vehicle type, and Region.

Based on Component Type

• The market is segmented into inverter, on-board charger, and DC-DC converter.
• Inverters are likely to remain the largest component of the market during the forecast period.
• 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 require 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 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 Vehicle Type

• The market is segmented into LV and M&HCV.
• Light Vehicles (LVs) dominate the EV power electronics market due to the high production volumes of passenger cars and light commercial vehicles.
• Major automotive OEMs are focusing their electrification strategies on this segment, leading to the standardization of key power electronic components such as inverters, onboard chargers, and DC-DC converters.
• Favorable government policies, widespread infrastructure development, and the mass adoption of EVs in the LV segment further reinforce its leading position in the market.

Based on Number of Inverter Type

• The EV inverters market is segmented into 1 inverter, 2 inverters, 3 inverters, and 4 inverters.
• 2 Inverters are expected to remain the dominant category of the market during the forecast period.
• 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.

By On-Board Charger 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 DC-DC Converter 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 are likely to remain dominant and faster-growing topology type during the forecast period.
• 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.
• Their ability to support complex features like ADAS and infotainment with stable, interference-free power delivery makes them the preferred choice across multiple EV segments.

To know the most attractive segments, click here for a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/4265/ev-power-electronics-market.html#form  

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that the Asia-Pacific is expected to remain the largest region for the EV power electronics market during the forecast period. This growth outlook is majorly attributed to the following–

• 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.

On the other hand, 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.

Competitive Landscape: Top Companies in the EV Power Electronics Market:

Stratview Research has identified the following companies as the top market players:

• Denso Corporation
• BYD Auto Co., Ltd.
• Tesla, Inc.
• Valeo
• BorgWarner Inc.
• Robert Bosch GmbH

What Deliverables Will You Get in this Report?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:

• EV On-board Charger Market 

• EV High-Voltage Box Market

About us –

Stratview Research is a global market research and consulting firm that highly specializes in IT & Telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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