India's Power Electronics Industry Poised for USD 22.7B EV Boom by 2034
The Indian power electronics industry is poised for significant growth, particularly in the electric vehicle (EV) sector. Key players are advancing local packaging and integration, while the market has seen substantial evolution since 2019, driven by early adoption and policy support.
The Indian EV power electronics market is projected to reach USD 22.7 billion by 2034, up from USD 11.98 billion in 2024. This growth is fueled by the increasing demand for electric two-wheelers and three-wheelers, which account for over 80% of EV sales. These vehicles require compact motor controllers, low-voltage DC-DC converters, and efficient battery management systems (BMS).
The government's push for EV adoption, aiming for 30% penetration by 2030, is bolstered by the Production-Linked Incentive (PLI) schemes. These schemes prioritize power electronics, encouraging domestic manufacturing and the establishment of testing infrastructure. Major Indian players in this space include Tata Elxsi, Servotech, Exicom, Ola Electric, and Delta India, alongside multinational corporations like Robert Bosch GmbH. The future outlook is promising, with opportunities in regional exports, indigenous development of GaN-based components, and modular powertrain kits for retrofitting.
The global power electronics market for EVs, projected to exceed USD 70 billion by 2030, presents significant opportunities for India. With the government's support and the growing demand for EVs, the Indian power electronics industry is set to play a crucial role in the country's EV transformation.
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