Automotive Electric Vehicle Power System Market: Manufacturers, Growth Rate By Application, Market Size And Forecast 2019 - 2027

Automotive Electric Vehicle Power System: Introduction

  • The power system of an electric vehicle comprises of two components; the motor, which provides the power to the transmission system, and the controller that controls the application of the power including the speed of the vehicle.
  • The electric vehicle controller operates as an intermediate device between the batteries and the motor to control the electric vehicle‘s speed and acceleration, similar to the function of the carburetor in a gasoline-powered vehicle. The AC motor controller converts the battery’s direct current into alternating current and regulates the energy flow from the battery to the power system of an electric vehicle.

Key Drivers of Global Automotive Electric Vehicle Power System Market

  • Rise in fuel prices and population is a key factor that drives the electric vehicle market. Vehicle manufacturers are emphasizing on the development of electric vehicles, which in turn is estimated to boost the automotive electric vehicle power system market across the globe. Major regions including Europe, Asia Pacific, and North America are focused on the development of zero-emission and noise-free vehicles, which in turn is estimated to boost the automotive electric power system market across the globe.
  • Increase in pollution due to increase in vehicle traffic and exhaust gases is likely to be a major factor that fuels the demand for electric vehicles, which in turn is anticipated to boost the automotive electric power system market. Major countries are emphasizing on the development of pollution-free smart cities, and electric vehicles are expected to be a viable option to make cities and urban areas pollution free. Joint ventures between various organizations to build charging infrastructure across the globe are anticipated to boost the automotive electric vehicle power system market.

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Europe and Asia Pacific to hold prominent share of global automotive electric vehicle power system market

  • Europe is projected to hold a major share of the global automotive electric vehicle power system market due to the high presence of automotive industries and enactment of stringent rules regarding emission norms in the region. Rise in demand for zero-emission vehicles across the region is estimated to boost the automotive electric vehicle power system market. Europe has presence of major original equipment manufacturers as well as Tier-1 suppliers, including Continental AG, Delphi Technologies, and Robert Bosch, who have major research and development facilities involving the powertrain system. This is estimated to propel the automotive electric vehicle power system market in Europe.