Latest Updates in Electric Vehicle, Battery, and Charging Sector: Renesas, Mitsubishi, Reliant Energy, Chevy, and Green Power Make Headlines
The electric vehicle (EV) market is experiencing a rapid expansion, with projections indicating it will grow from approximately USD 2 trillion in 2025 to over USD 29 trillion by 2034, at a compound annual growth rate (CAGR) of around 34% [1]. This growth is driven by government initiatives, rising demand for eco-friendly vehicles, and technological advancements in battery and electronic components.
Major companies such as Renesas, Mitsubishi, Reliant Energy, Chevy, and Green Power are at the forefront of this growth, actively contributing to a robust EV ecosystem. The EV platform market, covering integrated systems including battery packs, electric drivetrains, and software, is expected to increase from USD 13.4 billion in 2025 to over USD 90 billion by 2034, at a CAGR of nearly 24% [3].
Automotive manufacturers like Chevy are advancing their EV lineups, supported by innovations in component manufacturing and integration [1][3]. Companies like Mitsubishi and Renesas are enhancing key EV components including high voltage systems and power electronics critical for vehicle performance and efficiency.
To reinforce charging infrastructure, companies like Reliant Energy are expanding public EV charging networks, with recent contracts involving the installation of large numbers of EV charging stations valued at millions of dollars [4]. This indicates growing investment in the build-out of accessible charging solutions.
Green Power and similar companies contribute to the electrification ecosystem by offering commercial EV solutions, charging infrastructure, and promoting green energy integration aligned with the increasing market demand [1][4].
Looking ahead, the future outlook for EV components and charging solutions points to continued rapid market growth, driven by tightening emissions regulations, government incentives, and rising consumer adoption worldwide [1][5]. Ongoing advancements in battery technology, such as solid-state batteries, and modular EV platforms that support various vehicle types including passenger cars, commercial vehicles, and buses [1][3], are expected.
Expansion of charging infrastructure networks, including fast chargers and integrated smart charging solutions, will also be crucial to keep pace with the growing EV fleet [4]. Increased domestic manufacturing and reshoring efforts to secure supply chains for critical EV components are also anticipated [2].
In summary, major industry players like Renesas, Mitsubishi, Reliant Energy, Chevy, and Green Power are actively contributing to a robust EV ecosystem featuring advanced components and expanding charging solutions that align with predictions of multibillion-dollar market growth and global electrification trends well into the 2030s [1][3][4][5].
Meanwhile, owners and operators are focusing on adding EV chargers to Class A and Class B properties, where EV ownership is highest. However, challenges like poor connectivity and availability hinder a smooth charging experience in multifamily properties.
Notable developments include the Renesas E-Axle system, which includes a motor, gear, inverter, DC/DC converter, onboard battery charger, and is controlled by a single microcontroller. Mitsubishi Electric's first standard-specification SiC-MOSFET power semiconductor chip will enable the company to respond to the diversification of inverters for electric vehicles.
Reliant and GM Energy have introduced the Reliant Free Charge Nights plan, offering Chevrolet EV owners in Texas free nighttime charging between 11 p.m. and 6 a.m. This plan is available at over 150 Chevrolet dealerships in Texas and is powered by 100% renewable energy through renewable energy certificates (RECs).
GreenPower Motor Company Inc. has shipped eight EV Star Passenger Vans to Washington University in St. Louis for campus transportation, aligning with the anticipated growth in EV adoption among residents.
Mitsubishi Electric's new SiC-MOSFET bare die for electric vehicles reduces power loss by about 50% compared to conventional planar SiC-MOSFETs, achieving long-term stability, contributing to inverter durability, and electric vehicle performance. The advanced miniaturization technology in Mitsubishi Electric's new SiC-MOSFET bare die helps reduce on-resistance compared to conventional planar SiC-MOSFETs.
Rising EV adoption and expanding grants and tax credits are boosting EV charger deployment in multifamily properties, according to Kristen Hanich, Director of Research at Parks Associates. A study by Parks Associates in partnership with Cox Communities highlights new trends in EV adoption and explores decision-makers' plans for charger installations and retrofits.
[1] Global Electric Vehicle (EV) Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Buses), by Propulsion Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), by Region, and Segment Forecasts, 2021 - 2028
[2] Reshoring of EV Component Manufacturing: Trends and Implications
[3] Global Electric Vehicle Platform Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Buses), by Propulsion Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), by Region, and Segment Forecasts, 2021 - 2028
[4] Reliant Energy to Expand Public EV Charging Network in Texas
[5] EV Adoption in Multifamily Properties: Challenges and Opportunities
Finance plays a significant role in the growth of the EV market, as major companies invest billions towards innovative technologies, component manufacturing, and charging solutions. The expansion of EV platforms and charging networks is expected to increase from USD 13.4 billion in 2025 to over USD 90 billion by 2034, reflecting the increasing significance of technology in promoting a greener lifestyle.
