IGBT Market Will Witness Market Growth Due to Increasing Government Support for EV/HEVs | Technavio
The global IGBT market size is poised to grow by USD 3.77 billion during 2020-2024, progressing at a CAGR of about 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global IGBT Market 2020-2024 (Graphic: Business Wire)
One of the key factors that will drive the growth of the IGBT market, are the initiatives taken by the government to control the rising environmental concerns and oil prices that are driving the shift to electric vehicles. It is estimated that EVs and HEVs can lower oil consumption by more than one-third by 2020 as electricity is cheaper, these vehicles provide a big cost advantage over gasoline and petroleum. Electric motors provide quiet, smooth operations and require less maintenance than combustion engines. IGBT is a vital component that is needed to minimize switching loss and maximize thermal efficiency. With these advantages and the increasing popularity of electric vehicles coupled with government initiatives, this IGBT market will grow significantly during the forecast period.
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Government Policies will be a Key Market Trend
Across the world governments in various countries are implementing policies such as energy performance labels, energy performance standards to ensure environmental safety, general awareness programs, reduced consumption of energy, and lower utility bills for consumers. These policies and the rise in the cost of energy have compelled manufacturers to take measures to develop energy-efficient products, which is one of the key IGBT market trends. This will increase the demand for IGBT resulting in the growth of this market during the forecast period.
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IGBT Market 2020-2024: Key Highlights
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