Electric Vehicle Power Inverter Market will grow at highest pace owing to rising demand for electric vehicles
Electric Vehicle Power Inverter Market will grow at highest pace owing to rising demand for electric vehicles
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The electric vehicle power inverter market has been growing rapidly due to increasing sales of electric vehicles globally. An electric vehicle power inverter converts direct current (DC) electricity from a battery to alternating current (AC) electricity used to power an electric vehicle's motor. It acts as the brain of any electric vehicle and allows the motor to utilize the battery power for propulsion. Key advantages of power inverters include high reliability, compact size, simpler design and better thermal management compared to traditional gas-powered vehicles. With growing push for greener transportation and tightening emission regulations, electric vehicles are emerging as a viable alternative to gasoline vehicles which is fueling demand for efficient power inverters in the market.
The Global Electric Vehicle Power Inverter Market is estimated to be valued at US$ 18.4 billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the electric vehicle power inverter market are Infineon Technologies, Robert Bosch, Delta Electronics, Texas Instruments, Denso, and Continental.
Growing environmental concerns and stringent emission norms by governments across the globe are fueling Electric Vehicle Power Inverter Market Demand for electric vehicles. With rising EV sales, demand for efficient power inverters from automakers is surging.
Advancements in wide bandgap semiconductor materials such as silicon carbide are allowing manufacturers to build compact and highly efficient inverters meeting stringent performance expectations of EVs. Technologies such as AI and cloud connectivity are also being integrated into modern inverters.
Market Trends
SiC or silicon carbide based inverters are gaining popularity as they allow more compact converter designs and faster switching compared to traditional silicon. Leading players are steadily increasing SiC adoption in their inverter offerings.
Integrated drive units combining motor, gearbox and inverter are a growing trend as they help reduce wiring complexity and size of EV drivetrains. Major automakers are evaluating integrated drive units for upcoming EV models.
Market Opportunities
Emerging Electric Vehicle Power Inverter Market Challenges And Opportunities in Asia Pacific led by China present substantial growth opportunities for inverter manufacturers as local production of EVs ramps up in the region to meet domestic demand.
Development of high power EV fast charging standards above 200 kW will drive demand for more powerful and efficient liquid cooled inverters capable of withstanding heat during fast charging cycles.
Covid-19 Impact on Electric Vehicle Power Inverter Market Growth
The Covid-19 pandemic has significantly impacted the electric vehicle power inverter market globally. During the initial phase of the pandemic, production and supply chain disruptions caused a shortfall in EV inverter manufacturing. Strict lockdowns enforced across many countries caused temporary closures of EV inverter production facilities. This led to a decline in sales of electric vehicles as automakers had to scale down production targets. International trade restrictions further strained logistics and limited cross-border movement of vital components.
However, as lockdowns eased and manufacturing resumed with strict safety protocols, the market has started recovering. Growing consumer inclination towards personal mobility has boosted EV demand amid the crisis. With crude oil prices crashing during the pandemic, electric mobility emerged as a more cost-effective option compared to fossil fuel-powered vehicles. Many governments announced incentives and subsidies for EVs to accelerate the green recovery of their economies. This has encouraged more consumers to opt for electric vehicles even during the pandemic. Automakers are ramping up investments in EV production capacity to meet the rebounding demand.
Geographical Regions
The electric vehicle power inverter market in Asia Pacific region currently accounts for the highest value globally primarily driven by China. China dominates the global EV market in terms of both manufacturing and sales. It is home to leading EV makers like BYD and top inverter suppliers like Inovance Technology. Subsidies by the Chinese government have played a key role in developing the domestic EV industry and supply chain. Europe is the second largest EV inverter market globally led by Norway, Germany and Netherlands. Strict emission norms and incentives are fueling electric mobility adoption in Europe.
Fastest Growing Region
North America region is projected to witness the fastest growth in the electric vehicle power inverter market during the forecast period. Countries like the US and copyright are showing encouraging signs of EV adoption. Major automakers have announced huge investments towards local EV production. Growing consumer awareness about environmental benefits and policy support aredriving the regional market. Moreover, the pandemic has accelerated the shift to personal mobility alternatives like electric vehicles in North America. Overall, supportive regulations and changing consumer mindset makes North America an important emerging market for EV inverters globally.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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