LYON, France – Vehicle electrification is speeding up globally within the major markets. The global LD vehicle market will reach 93 million units in 2028, with a 53.5% market share for xEVs. Among various electrification technologies, BEV leads the market with a 19.1% CAGR between 2022 and 2028, while the annual growth of xEV in general over the same period is 14.1%.
The ICE market has started collapsing in some countries leading in electrification. In China, For example, NEV’s market share jumped from 13.4% in 2021 to 25.6% in 2022 . As a result, OEMs with large ICE portfolios have started losing market. Yole Intelligence, part of Yole Group, forecasts that the market value of all power converters for xEV combined will reach US$29 billion in 2028, with a 12.2% CAGR between 2022 and 2028, thanks to high adoption rate and constant cost reduction measures.
According to Yu Yang, Ph.D., Senior Technology and Market Analyst, Power Electronics at Yole Intelligence, part of Yole Group: “In supporting the electrification trend, the power device market for xEV will reach US$9.8 billion, strongly pushed by SiC MOSFET modules, which alone will be worth US$5.5 billion in 2028.”
What are the key drivers of vehicle electrification? How will the market evolve? What is the market situation, and where are the new opportunities? What are the key technologies and business opportunities?… Yole Intelligence releases its new market & technology report: Power Electronics for e-Mobility 2023 – Focus on passenger & light commercial vehicles…
To read the full story, please click: Faster and stronger: how will power electronics for EVs reach $9.8 billion by 2028?
