North America Electric Vehicle Power Inverter Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The North American electric vehicle power inverter market is expected to register a CAGR of around 7%, during the forecast period, 2020-2025.
Key HighlightsCurrently, Electric vehicles have captured nearly 2% share in the total United States cars fleet. With active participations of industry players and government organization towards EV industry development, the growth of electric vehicle adoption is expected to improve in the future. New electric vehicle models are being launched in the market.
The 2021 Polestar 2, an electric fastback, which can generate 408 horsepower, and has a 78 kWh battery and it can deliver an estimated range of 292 miles. Polestar is jointly owned by Volvo Car Group and Zhejiang Geely Holding of China.
In addition to the above trends, an increase in the number of charging stations in North America, is likely to drive the market during the forecast period, For instance, in 2019, Ford launches North America’s largest electric vehicle public charging network, Ford Connected Charge Station will includes more than 12,000 charging stations which will have nearly 35,000 plugs.
Similarly, EV Connect, a cloud-based software company for electric vehicle charging stations which is currently joined hands with DTE Energy to fund EV charging infrastructure in Michigan. Under this partnership the target is to add around 1,000 charge ports in the state of Michigan.
United States Expected to Lead the MarketIn terms of country, United States is projected to hold the largest share as well as grow with the highest CAGR during the forecast period. Some of the major factors driving the growth in the region are growing environmental concerns, which, in turn, have resulted in the enactment of stringent emission and fuel economy norms, and continuous government support in the form of subsidies. For instance, in January 2020, New Jersey passed a law in for having 330,000 electric cars on its roads by the end of 2025, in addition to that New Jersey wants 85% of cars sold in the state to be electric by 2040.
Along with that, United States is one of the technologically advanced markets where there is always bottleneck competition between the market participants. The local automotive industry participants are collaborating with new startups to incorporate the latest advancements in the vehicles. For instance,
In 2018, NXP Semiconductors has launched a new automotive power control reference platform for electric vehicle traction motor inverter. For this project NXP and VEPCO Technologies, Inc. have entered into a partnership for high-voltage power control reference platform and inverter prototype.
North America Electric Vehicle Power Inverter Market Competitive AnalysisThe North America electric vehicle power inverter market is dominated by major players like Continental AG, Robert Bosch, Denso Corp., Toyota Industries Corporation, Hitachi Automotive Systems Ltd, and Mitsubishi Electric Corporation, etc. The companies are making partnerships for developing more advanced power inverter for a better range. For instance,
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