Powering the future: How vehicle electrification is driving the growth of power capacitor market

Product Related

Capacitor technology evolution is mainly driven by the xEV sub-segment.


  • The overall capacitor market for power converters will reach US$7.0 billion by 2028, with a CAGR2022-2028 of 5.9%.
  • Capacitors for xEV will increase its share of the power capacitor market from 29% in 2022 to 44% by 2028.
  • Many leading capacitor manufacturers, such as Nichicon and TDK, are vertically integrated.
  • An innovative system trend for xEV could boost the need for higher-temperature DC link capacitors.

Capacitor costs represented about 10% of the total power converter costs in 2022. Film capacitors are the most used for high power levels and as a matter of fact, are the most expensive type of capacitors. Therefore, the cost of capacitors in a power converter increases with the system’s power level, as more capacitors are needed. Yole Intelligence, part of Yole Group, forecasts that the overall capacitor market for power converters will grow from around US$4.9 billion in 2022 to US$7.0 billion by 2028, with a CAGR2022-2028 of 5.9%.

Shalu Agarwal, Ph.D., Senior Analyst, Power Electronics and Materials activities, within the Power & Wireless division at Yole Intelligence:
Film capacitors show the most significant growth, representing a market of around US$3.9 billion in 2022. Electrolytic capacitors and MLCC s are mainly used for low- to medium-voltage ranges and will grow with CAGRs2022-2028 of 5.7% and 5.1%, respectively.”

Capacitors for xEVs will increase their share of the power capacitor market from 29% in 2022 to 44% by 2028. Therefore, many capacitor companies are willing to expand their business and focus on the automotive industry’s current and future needs.

In this context, Yole Intelligence releases its new market & technology report: Capacitors for Power Converters 2023. Among the passive components of power converters, most innovations are focused on capacitor technology. With this new power electronics study, the company analyzes the technology and market trends for capacitors used in power converters.

There are three main applications included in this capacitor report: DC link, Snubber and I/O Filters. Film technology continues to be the mainstream for DC link applications. Nevertheless, some markets with severe cost pressure frequently return to electrolytic capacitors.
For snubber applications, film capacitors and MLCCs are generally used. MLCCs are used for low- to medium-voltage ranges, e.g., home appliances and mild hybrid electric vehicles. Film capacitors are used for medium- to high-voltage ranges such as fully electric vehicles, rail, and wind.
For I/O filter application, film and ceramic capacitors are generally used.

Titre du visuel

june 2021

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Thematic(s) :

The most important trends for power capacitors include:

  • Increasing market share of the xEV sub-segment, with an accompanying need to find suitable solutions to the numerous challenges associated with xEV applications, e.g., high power density, integration, high voltage range, reliability under frequent thermal cycling, and vibration.
  • A growing need for compact-sized capacitors, e.g., for xEV applications.
  • A growing need for capacitors that can withstand higher temperatures, both at the junctions and in adverse operating environments.
Ana Villamor, Ph.D., Team Lead Analyst for power electronics activities within the Power and Wireless division at Yole Intelligence
“An innovative system trend for xEV could boost the need for higher-temperature DC link capacitors. Dielectric films such as PP and PET improve capacitor properties, like increasing energy density and high-temperature capability. Therefore, to meet the specific requirements of xEV, dielectric film manufacturers such as Toray, Shin-Etsu Films, and Fuwei Films, as well as capacitor manufacturers, play a vital role in enhancing capacitors’ properties.”

Yole Intelligence’s power electronics team invites you to follow the technologies, related devices, applications, and markets on


In this regard, Yole Group will be part of PCIM 2023, in Nuremberg, Germany, from May 09 to 11, with the following presentations:

  • Power Electronics Market Briefing: From System to Wafer on May 9 – Moderator: Ana Villamor
  • Main Market Trends in Power Electronic Applications and Their Impact on Power Converter De signs and Functions on May 10 – Speakers: Milan Rosina, Hassan Cheaito
  • Capacitors: The Hidden Stars of Power Converters on May 11 – Speaker: Shalu Agarwal
  • EV Power Module Design and Packaging Technologies: What Will be the Winning Approach? on May 11 – Speakers: Amine Allouche, Milan Rosina

More information is available: here.
Feel free to meet Yole Group’s power electronics team at booth #6-157.

Stay tuned!


  • xEV : any Electric Vehicle
  • DC : Direct Current
  • MLCC : Multilayer Ceramic Capacitors
  • I/O : Input/Output
  • PP : Polypropylene
  • PET : Polyethylene terephthalate

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