Electric Vehicle Power Inverter Market: Current Analysis and Forecast (2022-2030)
Emphasis on Propulsion (BEV, HEV, and PHEV); Inverter Type (Traction Inverter and Soft Switching Inverter); Vehicle Type (Passenger Vehicle and Commercial Vehicle); Distribution Channel (OEM and Aftermarket); and Region/Country
The electric vehicle power inverter market was valued at USD 6,905.01 million in the year 2022 and is expected to grow at a strong CAGR of around 13.7% during the forecast period. The global EV power inverter market is experiencing rapid growth, driven by the increasing adoption of electric vehicles worldwide. One significant opportunity lies in the push for sustainable transportation solutions, as governments and environmental initiatives encourage the transition towards cleaner energy sources. Additionally, advancements in power electronics and semiconductor technologies, particularly SiC & GaN offer improved efficiency and performance, presenting lucrative prospects for power inverter manufacturers. Additionally, collaborations between automakers and technology companies to develop cutting-edge EV technologies are fueling the growth of the market. Furthermore, the presence of well-established charging infrastructure networks and an increasingly environmentally conscious consumer base create a conducive environment for the EV power inverter market to flourish worldwide. For instance, in December 2021, the Government of the U.S. announced that all vehicles acquired by the government must be emission-free by 2035. These will replace the 600,000 U.S. government vehicles currently in use.
Some of the major players operating in the market include 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 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. For instance, in December 2021, Robert Bosch GmbH launched its first generation of SiC MOSFETs for automotive traction inverters to optimize the power modules.
“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 globally 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. For instance, on 9 January 2023, Tata Motors started delivering the Tata Ace EV. The first fleet of the electric commercial vehicle was delivered to leading e-commerce, FMCG, and courier companies, and their logistics service providers: Amazon, Delhivery, DHL (Express & Supply Chain), FedEx, Flipkart, Johnson & Johnson Consumer Health, MoEVing, Safexpress, and Trent Limited.
Electric Vehicle Power Inverter Market Report Coverage
“North America is Witnessing Considerable Expansion in 2022”
North America is witnessing considerable expansion in 2022 due to the increasing adoption of electric vehicles in the country creating a strong demand for power inverters to support the expanding EV fleet. As consumers and businesses embrace sustainability and eco-friendly transportation solutions, the demand for electric vehicles is on the rise. Furthermore, favorable government policies and incentives at federal and state levels are promoting the development and manufacturing of electric vehicles and related components, including power inverters. These policies incentivize companies to invest in innovative technologies and research, further boosting the growth of the EV power inverter market in the region. For instance, in 2021, Ford announced its plans to invest 11 billion USD to set up several plants to produce electric vehicle components. The company has planned to build new assembly plants to manufacture all-electric F-series trucks and three battery plants, with locations in Tennessee & Kentucky among others.
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 global 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.
Table of Contents
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 global Electric Vehicle Power Inverter Market were the three major steps undertaken to create and analyze the adoption of smart homes in major regions globally. 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 global 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 & 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 that region.
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 globe.
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 global 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 globally. 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 Electric Vehicle Power Inverter Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global 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 Regions
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 global 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 global Electric Vehicle Power Inverter Market.
The main objective of the Global Electric Vehicle Power Inverter Market Study
The current & future market trends of the global 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 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 analysis of the regulatory framework for the smart home industry
- 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 major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- 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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