Global Electric Vehicle Power Inverter Market Report and Forecast 2024-2032
Description
Global Electric Vehicle Power Inverter Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global electric vehicle power inverter market size reached a value of USD 7.04 billion in 2023. Aided by the surging adoption of electric vehicles and technological advancements in automotive electronics, the market is projected to further grow at a CAGR of 17.8% between 2024 and 2032 to reach a value of USD 30.8 billion by 2032.
An electric vehicle power inverter is responsible for converting the direct current (DC) stored in the electric vehicle's battery into alternating current (AC) to power the motor. By enabling smooth and efficient energy conversion, power inverters ensure optimal vehicle performance, driving range, and energy efficiency.
One of the primary drivers of the electric vehicle power inverter market growth is the rising demand for electric vehicles worldwide, supported by government policies and incentives promoting eco-friendly transportation. As consumers and industries shift towards more sustainable modes of transportation, electric vehicles have gained significant popularity, leading to an upsurge in the demand for power inverters.
Technological innovations in the EV sector, particularly the development of silicon carbide (SiC) and gallium nitride (GaN) power semiconductors, are fuelling the market demand of electric vehicle power inverters. These advanced materials offer higher efficiency, reduced weight, and improved thermal management compared to traditional silicon-based semiconductors.
Moreover, as per the electric vehicle power inverter market analysis, the global focus on reducing carbon emissions and mitigating climate change has propelled the demand for electric vehicles, particularly in regions such as Europe, North America, and parts of Asia-Pacific. Governments across these regions are providing subsidies and tax rebates to encourage EV adoption, which in turn, is fuelling the need for reliable and efficient power inverters.
The growing integration of advanced powertrain systems in EVs, such as dual inverters, is one of the key electric vehicle power inverter market trends. These systems enable the management of two motors simultaneously, offering improved vehicle dynamics, better power distribution, and increased efficiency. This innovation is particularly gaining traction in high-performance electric cars and commercial electric vehicles, presenting lucrative opportunities for market players.
North America is expected to constitute a major portion of the electric vehicle power inverter market share, thanks to strong government initiatives, technological advancements, and the presence of major automotive manufacturers in the region. Europe follows closely, driven by stringent emission regulations and government mandates for transitioning to electric mobility. Countries such as Germany, the United Kingdom, and Norway are expected to fuel the market demand, with robust support for EV manufacturing and sales.
The global market for EV power inverter is being driven by the increasing adoption of electric vehicles and continuous advancements in inverter technology. The growing focus on energy efficiency, environmental sustainability, and the development of more efficient semiconductor materials are expected to further drive innovation in power inverters, enhancing their performance and broadening their application in various EV models.
As per the electric vehicle power inverter market analysis, the Asia-Pacific region is expected to witness the highest growth in the coming years, fuelled by the rapid development of the automotive sector in China, Japan, and South Korea. China, the world's largest market for electric vehicles, is experiencing exponential growth in EV production, leading to a surge in the demand for high-performance power inverters.
Additionally, the ongoing investment in charging infrastructure and the expansion of the electric vehicle ecosystem globally will further boost the electric vehicle power inverter market value. As countries worldwide continue to pursue cleaner energy solutions, the demand for high-quality EV power inverters is set to remain strong, presenting lucrative opportunities for both established players and new entrants in the market.
Market Segmentation
The market can be divided based on inverter type, level of integration, propulsion, vehicle type, sales channel, and region.
Market Breakup by Inverter Type
- Soft Switching Inverter
- Traction Inverter
- Integrated Inverter System
- Mechatronic Integration System
- Separate Inverter System
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- Plug in Hybrid Vehicle
- Passenger Cars
- Commercial Vehicles
- OEM
- Aftermarket
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric vehicle power inverter market. Some of the major players explored in the report by Expert Market Research are as follows:
- Denso Corporation
- Toyota Industries Corporation
- VALEO Limited
- Continental AG
- Marelli Holdings Co., Ltd.
- Robert Bosch GmbH
- Hitachi Astemo, Ltd.
- Nissan Motor Co., Ltd.
- Vitesco Technologies Group AG
- Meidensha Corporation
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
180 Pages
- 1 Executive Summary
- 1.1 Market Size 224-225
- 1.2 Market Growth 225(F)-234(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Electric Vehicle Power Inverter Market Analysis
- 5.1 Key Industry Highlights
- 5.2 Global Electric Vehicle Power Inverter Historical Market (218-223)
- 5.3 Global Electric Vehicle Power Inverter Market Forecast (224-232)
- 5.4 Global Electric Vehicle Power Inverter Market by Inverter Type
- 5.4.1 Soft Switching Inverter
- 5.4.1.1 Historical Trend (218-223)
- 5.4.1.2 Forecast Trend (224-232)
- 5.4.2 Traction Inverter
- 5.4.2.1 Historical Trend (218-223)
- 5.4.2.2 Forecast Trend (224-232)
- 5.5 Global Electric Vehicle Power Inverter Market by Level of Integration
- 5.5.1 Integrated Inverter System
- 5.5.1.1 Historical Trend (218-223)
- 5.5.1.2 Forecast Trend (224-232)
- 5.5.2 Mechatronic Integration System
- 5.5.2.1 Historical Trend (218-223)
- 5.5.2.2 Forecast Trend (224-232)
- 5.5.3 Separate Inverter System
- 5.5.3.1 Historical Trend (218-223)
- 5.5.3.2 Forecast Trend (224-232)
- 5.6 Global Electric Vehicle Power Inverter Market by Propulsion
- 5.6.1 Battery Electric Vehicle
- 5.6.1.1 Historical Trend (218-223)
- 5.6.1.2 Forecast Trend (224-232)
- 5.6.2 Hybrid Electric Vehicle
- 5.6.2.1 Historical Trend (218-223)
- 5.6.2.2 Forecast Trend (224-232)
- 5.6.3 Fuel Cell Electric Vehicle
- 5.6.3.1 Historical Trend (218-223)
- 5.6.3.2 Forecast Trend (224-232)
- 5.6.4 Plug in Hybrid Vehicle
- 5.6.4.1 Historical Trend (218-223)
- 5.6.4.2 Forecast Trend (224-232)
- 5.7 Global Electric Vehicle Power Inverter Market by Vehicle Type
- 5.7.1 Passenger Cars
- 5.7.1.1 Historical Trend (218-223)
- 5.7.1.2 Forecast Trend (224-232)
- 5.7.2 Commercial Vehicles
- 5.7.2.1 Historical Trend (218-223)
- 5.7.2.2 Forecast Trend (224-232)
- 5.8 Global Electric Vehicle Power Inverter Market by Sales Channel
- 5.8.1 OEM
- 5.8.1.1 Historical Trend (218-223)
- 5.8.1.2 Forecast Trend (224-232)
- 5.8.2 Aftermarket
- 5.8.2.1 Historical Trend (218-223)
- 5.8.2.2 Forecast Trend (224-232)
- 5.9 Global Electric Vehicle Power Inverter Market by Region
- 5.9.1 North America
- 5.9.1.1 Historical Trend (218-223)
- 5.9.1.2 Forecast Trend (224-232)
- 5.9.2 Europe
- 5.9.2.1 Historical Trend (218-223)
- 5.9.2.2 Forecast Trend (224-232)
- 5.9.3 Asia Pacific
- 5.9.3.1 Historical Trend (218-223)
- 5.9.3.2 Forecast Trend (224-232)
- 5.9.4 Latin America
- 5.9.4.1 Historical Trend (218-223)
- 5.9.4.2 Forecast Trend (224-232)
- 5.9.5 Middle East and Africa
- 5.9.5.1 Historical Trend (218-223)
- 5.9.5.2 Forecast Trend (224-232)
- 6 North America Electric Vehicle Power Inverter Market Analysis
- 6.1 United States of America
- 6.1.1 Historical Trend (218-223)
- 6.1.2 Forecast Trend (224-232)
- 6.2 Canada
- 6.2.1 Historical Trend (218-223)
- 6.2.2 Forecast Trend (224-232)
- 7 Europe Electric Vehicle Power Inverter Market Analysis
- 7.1 United Kingdom
- 7.1.1 Historical Trend (218-223)
- 7.1.2 Forecast Trend (224-232)
- 7.2 Germany
- 7.2.1 Historical Trend (218-223)
- 7.2.2 Forecast Trend (224-232)
- 7.3 France
- 7.3.1 Historical Trend (218-223)
- 7.3.2 Forecast Trend (224-232)
- 7.4 Italy
- 7.4.1 Historical Trend (218-223)
- 7.4.2 Forecast Trend (224-232)
- 7.5 Others
- 8 Asia Pacific Electric Vehicle Power Inverter Market Analysis
- 8.1 China
- 8.1.1 Historical Trend (218-223)
- 8.1.2 Forecast Trend (224-232)
- 8.2 Japan
- 8.2.1 Historical Trend (218-223)
- 8.2.2 Forecast Trend (224-232)
- 8.3 India
- 8.3.1 Historical Trend (218-223)
- 8.3.2 Forecast Trend (224-232)
- 8.4 ASEAN
- 8.4.1 Historical Trend (218-223)
- 8.4.2 Forecast Trend (224-232)
- 8.5 Australia
- 8.5.1 Historical Trend (218-223)
- 8.5.2 Forecast Trend (224-232)
- 8.6 Others
- 9 Latin America Electric Vehicle Power Inverter Market Analysis
- 9.1 Brazil
- 9.1.1 Historical Trend (218-223)
- 9.1.2 Forecast Trend (224-232)
- 9.2 Argentina
- 9.2.1 Historical Trend (218-223)
- 9.2.2 Forecast Trend (224-232)
- 9.3 Mexico
- 9.3.1 Historical Trend (218-223)
- 9.3.2 Forecast Trend (224-232)
- 9.4 Others
- 1 Middle East and Africa Electric Vehicle Power Inverter Market Analysis
- 1.1 Saudi Arabia
- 1.1.1 Historical Trend (218-2023)
- 1.1.2 Forecast Trend (224-2032)
- 1.2 United Arab Emirates
- 1.2.1 Historical Trend (218-2023)
- 1.2.2 Forecast Trend (224-2032)
- 1.3 Nigeria
- 1.3.1 Historical Trend (218-2023)
- 1.3.2 Forecast Trend (224-2032)
- 1.4 South Africa
- 1.4.1 Historical Trend (218-2023)
- 1.4.2 Forecast Trend (224-2032)
- 1.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Market Structure
- 12.2 Company Profiles
- 12.2.1 Denso Corporation
- 12.2.1.1 Company Overview
- 12.2.1.2 Product Portfolio
- 12.2.1.3 Demographic Reach and Achievements
- 12.2.1.4 Certifications
- 12.2.2 Toyota Industries Corporation
- 12.2.2.1 Company Overview
- 12.2.2.2 Product Portfolio
- 12.2.2.3 Demographic Reach and Achievements
- 12.2.2.4 Certifications
- 12.2.3 VALEO Limited
- 12.2.3.1 Company Overview
- 12.2.3.2 Product Portfolio
- 12.2.3.3 Demographic Reach and Achievements
- 12.2.3.4 Certifications
- 12.2.4 Continental AG
- 12.2.4.1 Company Overview
- 12.2.4.2 Product Portfolio
- 12.2.4.3 Demographic Reach and Achievements
- 12.2.4.4 Certifications
- 12.2.5 Marelli Holdings Co., Ltd.
- 12.2.5.1 Company Overview
- 12.2.5.2 Product Portfolio
- 12.2.5.3 Demographic Reach and Achievements
- 12.2.5.4 Certifications
- 12.2.6 Robert Bosch GmbH
- 12.2.6.1 Company Overview
- 12.2.6.2 Product Portfolio
- 12.2.6.3 Demographic Reach and Achievements
- 12.2.6.4 Certifications
- 12.2.7 Hitachi Astemo, Ltd.
- 12.2.7.1 Company Overview
- 12.2.7.2 Product Portfolio
- 12.2.7.3 Demographic Reach and Achievements
- 12.2.7.4 Certifications
- 12.2.8 Nissan Motor Co., Ltd.
- 12.2.8.1 Company Overview
- 12.2.8.2 Product Portfolio
- 12.2.8.3 Demographic Reach and Achievements
- 12.2.8.4 Certifications
- 12.2.9 Vitesco Technologies Group AG
- 12.2.9.1 Company Overview
- 12.2.9.2 Product Portfolio
- 12.2.9.3 Demographic Reach and Achievements
- 12.2.9.4 Certifications
- 12.2.1 Meidensha Corporation
- 12.2.1.1 Company Overview
- 12.2.1.2 Product Portfolio
- 12.2.1.3 Demographic Reach and Achievements
- 12.2.1.4 Certifications
- 12.2.11 Others
- 13 Key Trends and Developments in the Market
Pricing
Currency Rates
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