Improvements in Battery Technology, Including Higher Energy Density and Faster Charging Capabilities, Require More Efficient and Adaptable Power Inverters has Propelled the Growth of the Electric Vehicle Power Inverter Market in the North America Region!
- Himanshu Patni
- November 24, 2023
- AUTOMOTIVE, NEWS
- Electric Vehicle Power Inverter Market, Electric Vehicle Power Inverter Market Share, Electric Vehicle Power Inverter Market Size, Electric Vehicle Power Inverter Market Trends
- 0 Comments
Asia, being one of the largest and fastest-growing markets for EVs, presents significant opportunities for the EV power inverter industry. Countries like China, Japan, and South Korea are at the forefront of electric vehicle adoption, with supportive government policies, generous incentives, and massive investments in research and development. This region’s vast automotive manufacturing base and the presence of major EV manufacturers create a substantial demand for power inverters. For instance, in China, the government has set a goal for new energy vehicles to account for 20% of all new car sales by 2025. Also, China’s EV production amounted to 3.5 million units in 2021, an increase of 1.6 times year-over-year. Furthermore, the growing adoption of EV batteries in the Asia Pacific is the increasing availability of affordable EV models. In recent years, many Asian automakers, such as Hyundai and Kia, have released affordable EV models with longer ranges and faster charging times, making them more attractive to consumers.
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Further, the APAC electric vehicle power inverter market is expected to grow at a strong CAGR of 13.6% during the forecast period (2022-2030). Due to several driving factors such as China is the world’s largest electric vehicle market, with strong government support and favorable policies promoting the adoption of electric vehicles. This rapid growth in the electric vehicle industry has fueled the demand for power inverters, as they are essential components in electric drivetrains.
APAC Electric Vehicle Power Inverter Market Revenue (2020-2030) – USD Mn
Based on propulsion, the market is segmented into BEV, PHEV, and HEV. Among these, BEV has a high market share in 2021 and will dominate during the forecast period. Because the BEV category is holding more than 60% of sales in electric vehicles and further growing investments or high demand from consumers boosts its growth in the global market. For instance, in March 2022 – Carmaker Stellantis announced an investment of 140 million USD in its Eisenach assembly plant in Germany to produce a new battery electric vehicle (BEV).
Based on the inverter type, the market is segmented into traction inverters and soft switching inverter. Among them, the traction inverter category dominated the market in 2022. This is mainly due to its critical role in the electric vehicle’s drivetrain. As electric vehicles gain popularity worldwide, the demand for efficient and high-performance traction inverters has surged. Furthermore, automotive manufacturers prioritize investing in cutting-edge traction inverters to optimize electric vehicle performance, increase driving range, and enhance energy efficiency which will drive the growth of the market.
For a detailed analysis of the Global Electric Vehicle Power Inverter Market browse through – https://univdatos.com/report/electric-vehicle-power-inverter-market/
Global Electric Vehicle Power Inverter Market Segmentation
Market Insight, by Propulsion
· BEV
· HEV
· PHEV
Market Insights, by Inverter Type
· Traction Inverter
· Soft Switching Inverter
Market Insights, by Vehicle Type
· Passenger Vehicle
· Commercial Vehicle
Market Insights, by Distribution Channel
· OEM
· Aftermarket
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o India
o Japan
o Rest of APAC
· Rest of the World
Top Company Profiles
· DENSO CORPORATION
· BYD Company Ltd.
· Hitachi Astemo Americas, Inc.
· Infineon Technologies AG
· Marelli Holdings Co., Ltd.
· MEIDENSHA CORPORATION
· TOYOTA MOTOR CORPORATION
· Mitsubishi Electric Corporation
· Siemens
· Valeo
