PUBLISHER: Market Research Future | PRODUCT CODE: 1487482
PUBLISHER: Market Research Future | PRODUCT CODE: 1487482
The Electric Vehicle Inverter Market industry is projected to grow from USD 5,779.4 Million in 2023 to USD 21,197.9 million by 2032, exhibiting a compound annual growth rate (CAGR) of 15.5% during the forecast period. An electric vehicle power inverter is a device that converts the Direct Current (DC) power used in an electric vehicle motor to Alternate Current (AC). Electric vehicle power inverters have wider application in electric vehicles. The converted current is further utilized by motors to operate compatible devices and sensors, which utilize AC current for their operation. Moreover, in electric vehicles, the power can be utilized for plug-in outlets and other standard 120-volt devices.
The growing demand for renewable energy sources such as solar and wind power is driven by several factors, such as the need to reduce carbon emissions, the decreasing cost of production, and government initiatives. Moreover, renewable energy sources are abundant and widely available, making them a reliable energy source. The renewable energy market is expected to grow significantly in the coming years, creating lucrative opportunities for businesses and investors. Investing in renewable energy sources can help companies reduce their carbon footprint, save costs in the long run, and contribute to a sustainable future. Furthermore, as the demand for renewable energy sources continues to grow, businesses can develop innovative products and solutions to cater to this market, creating a competitive advantage and driving growth.
Market Segment Insights
The inverter is the foundation of the SiC and IGBT segments of the market for inverters for electric vehicles.
Based on power, the market for inverters for electric vehicles is split into four categories: 100 kW and under, 101-300 kW, 301-600 kW, and 601 kW and beyond.
Based on the kind of vehicle, the market is split into four categories: BEVs, HEVs, PHEVs, and FCEVs. Based on the kind of vehicle, the market for electric vehicle inverters has been split into two segments: passenger automobiles and commercial vehicles.
Regional Insights
Asia-Pacific accounted for ~ 57 % of Electric Vehicle Inverter Market in 2022. Asia-Pacific is likely to be the largest contributor to the Electric Vehicle Inverter Market. This includes the China, Japan, India, South Korea, and rest of Asia-Pacific. The Asia-Pacific region is witnessing significant growth in the adoption of electric vehicles, driven by factors such as government initiatives, environmental concerns, and technological advancements.
Several key players in the automotive industry, including established manufacturers and new entrants, are actively involved in developing and producing EV inverters in the Asia-Pacific market. These companies are investing in research and development to enhance the efficiency and performance of EV inverters, making them more suitable for a wide range of electric vehicles.
The Europe EV inverter market is a rapidly growing industry that is expected to experience significant growth in the coming years. The development of the European EV inverter market can be attributed to various factors, such as the increasing demand for electric vehicles, government incentives, and technological advancements.
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.