The global electric vehicle power inverter market revenue was around US$ 9.57 billion in 2022 and is estimated to reach US$ 23.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.4% during the forecast period from 2023 to 2031.
An electric vehicle power inverter is a machine that alters the Direct Current (DC) power utilized in an electric vehicle motor to Alternating Current (AC). Electric vehicle power inverter has broader applications in electric vehicles. The converted current is further used by motors to operate sensors and compatible devices, which utilize AC for their operation.
Market Driving Factors
The surge in demand for electric vehicles is estimated to drive the market growth. This is mainly due to the electric vehicles provide multiple benefits such as lower operating prices compared to traditional gasoline engines, implementation of strict government rules to limit environmental pollution, and reduced emissions from tailpipes, which significantly increase their demand across the world.
Technological advancement in electric vehicles is expected to drive the market growth. This is primarily owing to the automobile companies concentrating on the production of cutting-edge electric vehicle systems that are predicted to have less particular emission at relatively lower prices. As a result, companies have started creating downsized engines to be executed in vehicles as fewer engines aid achieve the upcoming fuel emission standards. This is due to that they build lower emissions as compared to larger and heavier engines.
The absence of sufficient infrastructure for electric vehicles and the high manufacturing price of electric vehicles are anticipated to hamper the market growth.
Regional Analysis
North America dominated the market in terms of the rate and is estimated to continue its dominance. This can be attributed to the surge in electric adoption and demand for electric vehicles in the United States.
Asia-Pacific dominates the market in terms of the largest shares. China is a substantial key player in the electric vehicle industry. Furthermore, the Chinese government is pushing citizens to utilize electric automobiles. In the country, the demand for electric vehicle power inverters as the demand for electric vehicles increases. In addition, agreements and contracts for the sale of electric buses between Chinese automotive manufacturers and other nations are likely to stimulate demand for electric vehicle power inverters in the country. Thus, the main factors projected to increase demand for electric car power inverters in China are a surge in vehicle manufacturing for export to other nations and the adoption of electric mobility.
Segmentation Insights
Propulsion Insight
Battery electric vehicle segment is estimated to dominate the market in terms of the growth rate. This is mainly due to the surge in sales of battery electric cars, as well as the expensive price of batteries, which have demanded the upgrading of inverters and other power electronics, and vehicle performance. In addition, companies that carry products are also substituting their present vehicle fleets with ones driven by electric propulsion owing to the fast-increasing usage of electric mobility worldwide.
Vehicle Type Insight
Passenger vehicles segment is predicted to dominate the market in terms of the revenue. This is majorly owing to the increase in demand for fuel, electric, and hybrid passenger cars around the world.
The commercial vehicles segment is anticipated to dominate the market in terms of the growth rate. This is because of increasing investment by key players for surging production abilities and extending their product portfolio.
Prominent Companies
Segmentation Outline
The global electric vehicle power inverter market segmentation focuses on the Propulsion, Inverter Type, Vehicle Type, Level of Integration, Distribution Channel, and Region.
By Propulsion
By Inverter Type
By Vehicle Type
By Level of Integration
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ELECTRIC VEHICLE POWER INVERTER MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, BY PROPULSION
5.1 OVERVIEW
5.2 HYBRID VEHICLE
5.3 PLUG-IN HYBRID VEHICLE
5.4 BATTERY ELECTRIC VEHICLE
6 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, BY INVERTER TYPE
6.1 OVERVIEW
6.2 TRACTION INVERTER
6.3 SOFT SWITCHING INVERTER
7 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, BY VEHICLE TYPE
7.1 OVERVIEW
7.2 PASSENGER VEHICLE
7.3 COMMERCIAL VEHICLE
8 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, BY LEVEL OF INTEGRATION
8.1 OVERVIEW
8.2 INTEGRATED INVERTER SYSTEM
8.3 SEPARATE INVERTER SYSTEM
8.4 MECHATRONIC INTEGRATION SYSTEM
9 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, BY DISTRIBUTION CHANNEL
9.1 OVERVIEW
9.2 OEM
9.3 AFTERMARKET
10 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 TOYOTA INDUSTRIES CORPORATION
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 SIEMENS
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 CONTINENTAL
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 CWB AUTOMOTIVE ELECTRONICS CO. LTD
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 DENSO CORPORATION
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 NISSAN
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 ROBERT BOSCH GMBH
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8 MARELLI CORPORATION
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 VITESCO TECHNOLOGIES
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 APTIV PLC
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 LEAR CORPORATION
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 MITSUBISHI ELECTRIC CORPORATION
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 VALEO GROUP
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 CHANGSHA BYD
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 HITACHI ASTEMO LTD
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 MEIDENSHA CORPORATION
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 SUNGCHANG AUTOTECH CO., LTD
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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