Electric Vehicle Inverter Market Insights Global Forecast till 2032

Electric Vehicle Inverter Market Insights Global Forecast till 2032

Forecasts indicate that the market for electric vehicle inverters will expand at a compound annual growth rate (CAGR) of 15.5% from USD 5,779.4 million in 2023 to USD 21,197.9 million by 2032. An electric vehicle power inverter is a device that changes the power source of an electric car motor from direct current (DC) to alternate current (AC). Power inverters for electric vehicles are used in a greater variety of electric automobiles. Motors that are compatible with AC current-using devices and sensors use the converted current to run their operations. Additionally, plug-in outlets and other conventional 120-volt devices can use the electricity in electric automobiles.

The need to lower carbon emissions, falling manufacturing costs, and government programs are some of the factors driving the increased demand for renewable energy sources like wind and solar power. To achieve domestic manufacturing capacity of Giga Watt (GW) scale in High-Efficiency Solar PV modules, for example, the Government of India is implementing the Production Linked Incentive (PLI) Scheme under the National Programme on High-Efficiency Solar PV Modules, with an outlay of Rs. 24,000 crores. For five years following commissioning, this plan offers a production-linked incentive (PLI) to the chosen producers of solar PV modules for the production and marketing of high-efficiency solar PV modules. The growing popularity of renewable energy sources can be attributed to their perception as more sustainable and clean alternatives to traditional energy sources.

Market Segment Insight
The SiC and IGBT segments of the electric vehicle inverter market are based on the inverter.
The market for electric vehicle inverters is divided into four segments based on power: up to 100 kW, 101-300 kW, 301-600 kW, and 601 kW & above.
The market is divided into four categories based on the kind of vehicle: BEVs, HEVs, PHEVs, and FCEVs. The electric vehicle inverter market has been divided into two segments based on the kind of vehicle: passenger cars and commercial vehicles.

Regional Analysis
In Asia-Pacific, inverters for electric vehicles held a market share of roughly 57% in 2022. Asia-Pacific is arguably the region that contributes the most to the market for inverters for electric vehicles. This includes China, Japan, India, South Korea, and the Asia-Pacific area. In the Asia-Pacific region, the use of electric vehicles is rising dramatically, mostly as a result of government initiatives, environmental concerns, and advancements in technology. As a result, the need for EV inverters in this region has increased.

Both established manufacturers and more recent entrants are among the numerous notable players in the automotive industry that are actively involved in the development and production of EV inverters for the Asia-Pacific market. These companies are investing in R&D to boost EV inverters' efficiency and performance, making them more suitable for a wider range of electric vehicles. There is fierce competition between the

The market for EV inverters in Europe is expected to grow significantly in the next years and is now growing at a rapid pace. A number of factors, including as government subsidies, the increasing popularity of electric vehicles, and technological advancements, have contributed to the growth of the EV inverter market in Europe. Renowned automakers and specialty inverter manufacturers that focus on EV technology are significant players in the European EV inverter market.

Major Players
The major players in the Electric Vehicle Inverter Market includes Dana Incorporated, UQM Technologies, GKN Automotive, Magna International, Valeo, BorgWarner Inc., AISIN CORPORATION, Hitachi Astemo, Ltd., ZF Friedrichshafen, among others.