Electric Vehicle Power Inverter Market By Propulsion Type Outlook (Hybrid Vehicle, Plug-in Hybrid Vehicle, Battery Electric Vehicle), By Vehicle Type Outlook (Passenger Vehicles, Commercial Vehicles), By Distribution Channel, (OEM, Aftermarket), By Level of Integration Outlook (Integrated Inverter System, Separate Inverter System, Mechatronic Integration System), By Inverter Type Outlook (Traction Inverter, Soft Switching Inverter) By Region – Global Analysis Forecast Till 2030

The Worldwide Electric Vehicle Power Inverter market size was estimated at USD 31.4 billion in 2021 and it is predicted to hit around USD 70.1 billion by 2030, expanding at a remarkable CAGR of 10.30% during the forecast period from 2022 to 2030.

A power inverter is a device that changes one type of voltage into another. For example, it can change a DC input voltage to a proportionate AC output voltage or precisely the opposite. The frequency and magnitude of the AC output voltage are predetermined. Electric vehicles use many inverter types, such as traction inverters and soft-switching inverters, for a variety of purposes. The electric vehicle power inverter market is anticipated to grow throughout the projected period as OEM efforts to create and release electric vehicles increase.

As governments throughout the world increase their support for the development of electric vehicles, the market for power inverters for electric vehicles is expected to expand. Power electronics technology improvements, such as the development of high-power density inverters, are predicted to have a substantial impact on the demand for electric car power inverters. The market for electric vehicle power inverters is expected to grow over the projected period as well-known automakers like Tesla have started to include more inverters that use AC power supply.

Market Dynamics:

Drivers

The reasons propelling the growth of the electric vehicle power inverter market include the rising demand for electric vehicles, the government's active steps to produce electric vehicles, the expansion of the low-emission car industry, and the market for fuel-efficient cars. The market's expansion is a result of a market economy. The economies of Brazil, South Africa, India, and China are all growing. As a result, the manufacturing sector in these nations has experienced significant growth, which is anticipated to energise the market by offering promising opportunities for the expansion of the automotive industry. Additionally, the market for EV power inverters is predicted to be led by some developing nations where electric vehicle sales are growing.

Restraints:

High Costs Associated with Electric Vehicles - The high cost of automotive onboard power inverters is expected to disrupt the industry. The impact of the COVID-19 pandemic on the global economy will affect the automotive sector. Supply chain disruptions cause problems for manufacturers and restrain market development during the forecast period.

Key players:

• Vitesco Technologies,

• Robert Bosch GMBH,

• DENSO Corporation,

• Toyota Industries Corporation,

• Hitachi Astemo Ltd,

• Meidensha Corporation,

• Aptiv PLC (Borgwarner Inc.),

• Mitsubishi Electric Corporation,

• Marelli Corporation,

• Valeo Group,

• Lear Corporation,

• Continental AG,

• ZF Friedrichshafen AG,

• LG Magna e-Powertrain,

• John Deere Electronic Solutions,

• Drive System Design LTD,

• Hyundai Mobis Co. Ltd.

• And Others

Market Segmentation:

Electric Vehicle Power Inverter Market, By Propulsion Outlook

• Hybrid Vehicle

• Plug-in Hybrid Vehicle

• Battery Electric Vehicle

Electric Vehicle Power Inverter Market, By Vehicle Outlook

• Passenger Vehicles

• Commercial Vehicles

Electric Vehicle Power Inverter Market, By Inverter Outlook

• Traction Inverter

• Soft Switching Inverter

Electric Vehicle Power Inverter Market, By Level Outlook

• Integrated Inverter System

• Separate Inverter System

• Mechatronic Integration System

Electric Vehicle Power Inverter Market, By Outlook

• OEM

• Aftermarket

Electric Vehicle Power Inverter Market, By Geography Outlook

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

In 2021, Asia Pacific held the biggest market share, dominating the industry. In the global market for electric vehicles, China is a significant player. Also, the Chinese government promotes the adoption of electric vehicles among its populace. By 2040, China wants to phase out both gasoline and diesel vehicles. The market for electric passenger cars in China is among the biggest in the world and has been growing quickly recently. Throughout the projection period, there will probably be a rise in the demand for electric vehicles, which will have an effect on the market for electric vehicle power inverters.

Agreements and contracts for the sale of electric buses between Chinese automakers and other countries are likely to stimulate the demand for electric vehicle power inverters in China. The major factors expected to boost the demand for electric vehicle power inverters in China are increasing vehicle manufacturing for export to other countries and adoption of electric mobility.

By 2030, Europe is anticipated to be valued XX billion, growing at a CAGR of XX%. A significant European auto market is Germany. It is one of the largest markets for electric trucks in the world. Electric car power inverters are becoming more and more popular in Germany as a result of the steady increase in demand for electric automobiles. The production of inverters for electric vehicles is the primary objective of the cooperative effort. The aforementioned factors offer opportunity for manufacturers of electric vehicle parts and components because the demand for parts like electric vehicle power inverters is predicted to increase during the projected period.

Scope Of the Report:

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