Middle East Electric Vehicle Power Inverter Market: Current Analysis and Forecast (2022-2030)

Report Description

The Middle East Electric Vehicle Power Inverter Market was valued at USD 140.3 million in the year 2022 and is expected to grow at a strong CAGR of around 10.7% during the forecast period 2022-2030. The Middle East EV power inverter market is experiencing rapid growth, driven by the increasing adoption of electric vehicles worldwide. Governments in the Middle East have been actively promoting the adoption of EVs and have introduced various incentives and policies to support the growth of the EV market. For example, the Dubai Electricity and Water Authority (DEWA) has introduced a feed-in tariff for EV charging stations, while the Abu Dhabi Department of Energy has launched a program to support the development of EV charging infrastructure. Additionally, The UAE is expanding efforts to shift to greener technologies under its Net Zero by 2050 goal, which calls for Dh600 billion to be invested in clean and renewable energy sources in the next three decades.

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Some of the major players operating in the market include DENSO CORPORATION; BYD Company Ltd.; Eaton .; Infineon Technologies AG; Marelli Holdings Co., Ltd.; MEIDENSHA CORPORATION; TOYOTA MOTOR CORPORATION; Mitsubishi Electric Corporation; Siemens; Valeo Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst inverter type, the traction inverter category dominated the market in 2022”

Based on the inverter type, the market is segmented into traction inverter and soft switching inverter. Among them, the traction inverter category dominated the market in 2022. Due to the demand for electric vehicles continuing to rise, there is a corresponding increase in the need for high-performance and reliable traction inverters. Manufacturers are investing in research and development to develop traction inverters using wide-bandgap semiconductors like silicon carbide (SiC) or gallium nitride (GaN). These wide-bandgap materials enable higher switching frequencies, reducing energy losses and increasing the efficiency of the inverter. As a result, traction inverters based on SiC or GaN technology can significantly improve the driving range and performance of electric vehicles. The adoption of advanced traction inverters is driving the growth of the EV power inverter market in the middle east.

“Amongst technology, the commercial vehicle category is expected to grow at a considerable CAGR during the forecast period.”

Based on the vehicle type, the market is segmented into passenger vehicle and commercial vehicle. Among them, the commercial vehicle category is expected to grow at a considerable CAGR during the forecast period. Due to the increasing adoption of electric vehicles in this category. Factors such as government regulations advances in battery technology, and the growing e-commerce-related industries in middle east are driving the adoption of electric vehicles in the commercial vehicle category. As a result, the demand for electric vehicle power inverters is expected to increase in this category.

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“Saudi Arabia is Witnessing Considerable Expansion”

Saudi Arabia is investing extensively in electric vehicles and batteries, hoping that its proximity to critical minerals and markets will make it a hub. Additionally, Saudi Arabia has a strong automotive industry, with several major manufacturers based in the country. This has created a strong local supply chain for EV components, including power inverters. The presence of local manufacturers has also made it easier for the Saudi market to meet the demand for power inverters and other EV components. Saudi Arabia has already taken significant steps toward making EVs a centerpiece of its 21st-century economic engine. The recent launch of Ceer is projected to inject $8 billion into Saudi Arabia’s GDP by 2034 while fostering a new industrial ecosystem centered on leveraging its geographic supply chain advantages.

 Middle East Electric Vehicle Power Inverter Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Middle East electric vehicle power inverter market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Electric Vehicle Power Inverter Market Analysis

(2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the middle east middle east electric vehicle power inverter market were the three major steps undertaken to create and analyze the adoption of electric vehicle in major regions middle eastly. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the middle east Electric Vehicle Power Inverter Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Electric Vehicle Power Inverter Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric vehicle power inverter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & and sub-segments for major regions. Major segments are included in the report as propulsion, inverter type, vehicle type, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in those countries.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric vehicle power inverter market. Further, we conducted factor analysis using dependent and independent variables such as propulsion, inverter type, vehicle type, and distribution channel of the Electric Vehicle Power Inverter Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric vehicle power inverter market sector across the Middle East.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the middle east Electric Vehicle Power Inverter Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets in the Middle East. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Middle East electric vehicle power inverter market
• All percentage shares, splits, and breakdowns of market segments and sub-segments.
• Key players in the Middle East electric vehicle power inverter market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Countries

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Middle East Electric Vehicle Power Inverter Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the propulsion, inverter type, vehicle type, and distribution channel in the Middle East electric vehicle power inverter market.

The main objective of the Middle East Electric Vehicle Power Inverter Market Study

The current & future market trends of the Middle East electric vehicle power inverter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Middle East electric vehicle power inverter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the propulsion, inverter type, vehicle type, and distribution channel.
• Define and analyze the regulatory framework for the Electric Vehicle Power Inverter.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Electric Vehicle Power Inverter Market for the countries.
• Major countries of regions studied in the report United Arab Emirates, Saudi Arabia, Egypt, Kuwait, Turkey, Israel, and the Rest of the Middle East Market.
• Company profiles of the Electric Vehicle Power Inverter Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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