Automotive Inverter Market by Technology, Material, Propulsion Type, Power Output, Vehicle Type

List of Tables

[195 Pages Report] The Automotive Inverter Market size was estimated at USD 18.98 billion in 2023 and expected to reach USD 21.40 billion in 2024, at a CAGR 13.11% to reach USD 44.97 billion by 2030.

The automotive inverter is a critical component in modern electric and hybrid vehicles. It is an electronic device designed to convert direct current (DC) from the vehicle's battery to alternating current (AC), which drives the traction motors. Inverters are essential for regulating the power flow between the battery and the motors, thus enabling precise control of the vehicle's speed and torque. The automotive inverter market encompasses producing, distributing, and selling power inverters designed specifically for vehicle use. The rising adoption of electric vehicles (EVs) and the emergence of smart vehicles requiring higher energy resources increases the demand for high-efficiency inverters. In addition, the significant need to improve the sustainability of vehicles and promote environmental consciousness to reduce carbon emissions also fuels market development. Fluctuating costs of raw materials, technical complications, and issues related to the compatibility of inverters can present scalability and reliability challenges. The utilization of AI technology in the automotive industry for better performance and diagnostics is creating opportunities for market expansion. Advancements in inverter technology and design of inverters allow scalability and ease of maintenance, tailor-fit for a wide range of vehicles, and have also shown growth potential.

KEY MARKET STATISTICS
Base Year [2023]	USD 18.98 billion
Estimated Year [2024]	USD 21.40 billion
Forecast Year [2030]	USD 44.97 billion
CAGR (%)	13.11%

Regional Insights

The demand for automotive inverters in the Americas is notably driven by strong vehicle production, especially in the United States and Mexico. With the increasing shift towards electric vehicles (EVs), inverters are witnessing a significant demand upsurge. U.S. legislative policies, such as the emphasis on vehicular emissions standards and tax incentives for EV buyers, fuel the demand for advanced automotive components, including inverters. The growing presence of major EV manufacturers and suppliers in this region and technological advancements in power electronics further stimulate market growth. Europe remains at the forefront, largely due to stringent environmental regulations, high awareness about green vehicles, and substantial investments in EV technology. Supportive infrastructure and governmental policies, including favorable subsidies and incentives for EV manufacturers and consumers, reinforce European countries' automotive inverter market. In the Middle East and Africa, the demand is nascent but is expected to grow with the rising popularity of EVs and increasing investment in automotive infrastructure by governments seeking to diversify their economies beyond oil. The Asia-Pacific region is showcasing significant growth in the global automotive inverter market, with China, Japan, and South Korea being major players due to their established automotive manufacturing industries and technology expertise. Significant investments in EV production capabilities, increasing adoption of electric mobility solutions, and growing consumer demand for EVs propel the automotive inverter market in Asia-Pacific.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Inverter Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Rising adoption of electric vehicles (EVs)
- Need to improve the sustainability of vehicles and promote environmental consciousness
- Emergence of smart vehicles requiring higher energy resources

Market Restraints
- Fluctuating costs of raw materials

Market Opportunities
- Utilization of AI technology in the automotive industry
- Advancements in inverter technology and design of inverters

Market Challenges
- Technical complications and issues related to the compatibility of inverters

Market Segmentation Analysis
- Technology: Growing demand for IGBT in electric and hybrid-electric vehicles
- Material: Rising preference for Silicon Carbide (SiC) for high-power, thermally challenging environments
- Propulsion Type: Significant adoption of battery electric vehicles (BEVs) a due to decreasing battery costs and increasing consumer awareness of environmental issues
- Power Output: Increasing popularity of inverters with a power output of less than 130 kW owing to its cost efficiency and sufficient performance
- Vehicle Type: Wider usage of high-performance inverter systems that meet the specific needs of commercial vehicles

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Inverter Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Inverter Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

BorgWarner Completes Acquisition of Eldor Corporation's Electric Hybrid Systems Business Segment

BorgWarner Inc. acquired the Electric Hybrid Systems division from Eldor Corporation, marking a strategic progression for BorgWarner's propulsion product range. This acquisition significantly strengthens BorgWarner's foothold in high-voltage power electronics, particularly in the area extending past inverters. [Published On: 2023-12-01]

GaN Technology Partnership Could Revolutionize EVs

IQE plc teamed up with VisIC Technologies to spearhead the development of advanced gallium nitride (GaN) power products designed for EV inverters. By leveraging IQE's profound expertise in GaN technologies and VisIC's cutting-edge direct-drive GaN (D3GaN) approach, the partnership aims to set new benchmarks for efficiency and reliability in sustainable transportation. [Published On: 2023-10-10]

BorgWarner to Supply Dual Inverter with Boost Function to Chinese Automaker

BorgWarner announced its collaboration with a leading Chinese automaker to supply an advanced dual inverter with a boost function. This state-of-the-art inverter is set to enhance the vehicle's powertrain efficiency and performance, marking a pivotal advancement in electric vehicle technology. [Published On: 2023-02-13]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Inverter Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automotive Inverter Market, highlighting leading vendors and their innovative profiles. These include Aptiv PLC, Continental AG, Delta Electronics, Inc., DENSO Corporation, Eaton Corporation PLC, Guangdong BESTEK E-commerce Co.,Ltd., Hitachi Automotive Systems Ltd., Infineon Technologies AG, Koninklijke Philips N.V., Lear Corporation, LG Corporation, Livfast, Marelli Holdings Co., Ltd., Mitsubishi Electric Corporation, Murata Manufacturing Co., Ltd., OSRAM SYLVANIA Inc., Robert Bosch GmbH, Samlex America Inc., Schneider Electric SE, Schumacher Electric Corp., Sensata Technologies, Inc, Stanley Black & Decker, Sunpower Group Holdings Ltd., TOSHIBA Electronic Devices & Storage Corporation, Toyota Industries Corporation, and VEVOR.

Market Segmentation & Coverage

This research report categorizes the Automotive Inverter Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Insulated Gate Bipolar Transistors (IGBT)
- MOSFET

Material
- Gallium Nitride
- Silicon
- Silicon Carbide

Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Vehicle

Power Output
- Greater Than or Equal to 130 KW
- Less Than 130 KW

Vehicle Type
- Commercial Vehicles
- Passenger Cars

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-5A3042B3D686

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising adoption of electric vehicles (EVs)
  - 5.1.1.2. Need to improve the sustainability of vehicles and promote environmental consciousness
  - 5.1.1.3. Emergence of smart vehicles requiring higher energy resources
- 5.1.2. Restraints
  - 5.1.2.1. Fluctuating costs of raw materials
- 5.1.3. Opportunities
  - 5.1.3.1. Utilization of AI technology in the automotive industry
  - 5.1.3.2. Advancements in inverter technology and design of inverters
- 5.1.4. Challenges
  - 5.1.4.1. Technical complications and issues related to the compatibility of inverters
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Growing demand for IGBT in electric and hybrid-electric vehicles
- 5.2.2. Material: Rising preference for Silicon Carbide (SiC) for high-power, thermally challenging environments
- 5.2.3. Propulsion Type: Significant adoption of battery electric vehicles (BEVs) a due to decreasing battery costs and increasing consumer awareness of environmental issues
- 5.2.4. Power Output: Increasing popularity of inverters with a power output of less than 130 kW owing to its cost efficiency and sufficient performance
- 5.2.5. Vehicle Type: Wider usage of high-performance inverter systems that meet the specific needs of commercial vehicles
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Automotive Inverter Market, by Technology

6.1. Introduction
6.2. Insulated Gate Bipolar Transistors (IGBT)
6.3. MOSFET

7. Automotive Inverter Market, by Material

7.1. Introduction
7.2. Gallium Nitride
7.3. Silicon
7.4. Silicon Carbide

8. Automotive Inverter Market, by Propulsion Type

8.1. Introduction
8.2. Battery Electric Vehicle
8.3. Hybrid Electric Vehicle
8.4. Plug-in Hybrid Vehicle

9. Automotive Inverter Market, by Power Output

9.1. Introduction
9.2. Greater Than or Equal to 130 KW
9.3. Less Than 130 KW

10. Automotive Inverter Market, by Vehicle Type

10.1. Introduction
10.2. Commercial Vehicles
10.3. Passenger Cars

11. Americas Automotive Inverter Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Automotive Inverter Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Automotive Inverter Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. BorgWarner Completes Acquisition of Eldor Corporation's Electric Hybrid Systems Business Segment
- 14.3.2. GaN Technology Partnership Could Revolutionize EVs
- 14.3.3. BorgWarner to Supply Dual Inverter with Boost Function to Chinese Automaker
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio