Global Electric Vehicle Power Inverter Market is valued approximately USD 6.2 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 22.60% over the forecast period 2024-2032. An electric vehicle power inverter is a device that changes the power source of an electric car motor from direct current (DC) to alternating current (AC). The use of power inverters in electric vehicles is becoming more widespread. Motors that are compatible with equipment and sensors that require AC current to function also use the converted current. Moreover, plug-in outlets and other conventional 120-volt devices can use the electricity in electric automobiles. In addition, advanced inverters are enhancing energy recovery systems, including regenerative braking, to improve overall vehicle efficiency and extend driving range. Thus, these factors help in further providing growth opportunities for the Global Electric Vehicle Power Inverter Market.
The surge in electric vehicle (EV) adoption is significantly driving the demand for Global EV power inverters Market. As environmental concerns and government incentives encourage consumers to switch from traditional internal combustion engine vehicles to electric alternatives, the need for efficient power conversion systems becomes paramount. For example, according to the 2022 IEA study, the number of EV vehicles sold worldwide in 2021 was 6.7 million, up 3.7 million from 2020. In addition, EV power inverters play a critical role in converting the DC power stored in the battery to AC power required by the electric motor, ensuring smooth and efficient vehicle operation. In addition, advancements in battery technology and increased consumer expectations for longer driving ranges and better performance are pushing manufacturers to develop more sophisticated and efficient inverters. The rise of high-power applications, such as fast-charging stations and high-performance EVs, further escalates the demand for advanced inverter technologies capable of handling greater power loads. Thus, the growing EV market directly fuels the expansion and innovation within the EV power inverter market, making it a pivotal component in the ongoing automotive transformation. However, high initial cost of advanced inverter technologies and an availability & accessibility of charging stations can stifle market growth between 2022 and 2032.
The key regions considered for the global Electric Vehicle Power Inverter market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, Asia Pacific was the largest regional market in terms of revenue and expected to develop at the fastest rate over the forecast period. Many countries in Asia Pacific, such as China, Japan, and South Korea, have implemented favorable policies and incentives to promote electric vehicle adoption. These include subsidies, tax incentives, and regulations aimed at reducing emissions and improving air quality, thus driving the demand for EV power inverters. The region's rapid urbanization and population growth have led to increased congestion and pollution in cities. Governments and consumers are turning to electric vehicles as a cleaner and more sustainable transportation solution, boosting the demand for EV power inverters.
Major market player included in this report are:
- Siemens
- Mitsubishi Electric Corporation
- Marelli Corporation
- DENSO Corporation
- Continental
- Lear Corporation
- Robert Bosch GmbH
- Valeo Group
- Nissan Motor Co., Ltd.
- Toyota Industries Corporation
The detailed segments and sub-segment of the market are explained below:
By Propulsion Type
- Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicle
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1. Global Electric Vehicle Power Inverter Market Definition and Research Assumptions
- 1.1. Research Objective
- 1.2. Market Definition
- 1.3. Research Assumptions
- 1.3.1. Inclusion & Exclusion
- 1.3.2. Limitations
- 1.3.3. Supply Side Analysis
- 1.3.3.1. Availability
- 1.3.3.2. Infrastructure
- 1.3.3.3. Regulatory Environment
- 1.3.3.4. Market Competition
- 1.3.3.5. Economic Viability (Consumer's Perspective)
- 1.3.4. Demand Side Analysis
- 1.3.4.1. Regulatory frameworks
- 1.3.4.2. Technological Advancements
- 1.3.4.3. Environmental Considerations
- 1.3.4.4. Consumer Awareness & Acceptance
- 1.4. Estimation Methodology
- 1.5. Years Considered for the Study
- 1.6. Currency Conversion Rates
Chapter 2. Executive Summary
- 2.1. Global Electric Vehicle Power Inverter Market Size & Forecast (2022- 2032)
- 2.2. Regional Summary
- 2.3. Segmental Summary
- 2.3.1. By Propulsion Type
- 2.3.2. By Vehicle Type
- 2.4. Key Trends
- 2.5. Recession Impact
- 2.6. Analyst Recommendation & Conclusion
Chapter 3. Global Electric Vehicle Power Inverter Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Challenges
- 3.3. Market Opportunities
Chapter 4. Global Electric Vehicle Power Inverter Market: Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Electric Vehicle Power Inverter Market Size & Forecasts by Propulsion Type 2022-2032
- 5.1. Hybrid Electric Vehicles
- 5.2. Plug-in Hybrid Electric Vehicle
- 5.3. Battery Electric Vehicle
- 5.4. Fuel Cell Electric Vehicle
Chapter 6. Global Electric Vehicle Power Inverter Market Size & Forecasts by Vehicle Type 2022-2032
- 6.1. Passenger Cars
- 6.2. Commercial Vehicles
Chapter 7. Global Electric Vehicle Power Inverter Market Size & Forecasts by Region 2022-2032
- 7.1. North America Electric Vehicle Power Inverter Market
- 7.1.1. U.S. Electric Vehicle Power Inverter Market
- 7.1.1.1. Propulsion Type breakdown size & forecasts, 2022-2032
- 7.1.1.2. Vehicle Type breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Electric Vehicle Power Inverter Market
- 7.2. Europe Electric Vehicle Power Inverter Market
- 7.2.1. U.K. Electric Vehicle Power Inverter Market
- 7.2.2. Germany Electric Vehicle Power Inverter Market
- 7.2.3. France Electric Vehicle Power Inverter Market
- 7.2.4. Spain Electric Vehicle Power Inverter Market
- 7.2.5. Italy Electric Vehicle Power Inverter Market
- 7.2.6. Rest of Europe Electric Vehicle Power Inverter Market
- 7.3. Asia-Pacific Electric Vehicle Power Inverter Market
- 7.3.1. China Electric Vehicle Power Inverter Market
- 7.3.2. India Electric Vehicle Power Inverter Market
- 7.3.3. Japan Electric Vehicle Power Inverter Market
- 7.3.4. Australia Electric Vehicle Power Inverter Market
- 7.3.5. South Korea Electric Vehicle Power Inverter Market
- 7.3.6. Rest of Asia Pacific Electric Vehicle Power Inverter Market
- 7.4. Latin America Electric Vehicle Power Inverter Market
- 7.4.1. Brazil Electric Vehicle Power Inverter Market
- 7.4.2. Mexico Electric Vehicle Power Inverter Market
- 7.4.3. Rest of Latin America Electric Vehicle Power Inverter Market
- 7.5. Middle East & Africa Electric Vehicle Power Inverter Market
- 7.5.1. Saudi Arabia Electric Vehicle Power Inverter Market
- 7.5.2. South Africa Electric Vehicle Power Inverter Market
- 7.5.3. Rest of Middle East & Africa Electric Vehicle Power Inverter Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. Siemens
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. Mitsubishi Electric Corporation
- 8.3.3. Marelli Corporation
- 8.3.4. DENSO Corporation
- 8.3.5. Continental
- 8.3.6. Lear Corporation
- 8.3.7. Robert Bosch GmbH
- 8.3.8. Valeo Group
- 8.3.9. Nissan
- 8.3.10. Toyota Industries Corporation
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes