Electric Vehicle Power Inverter Market Size, Share, Opportunities, And Trends By Propulsion Type (Hybrid Vehicle, Plug-in Hybrid Vehicle, Battery Electric Vehicle), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Inverter Type (Traction Inverter, Soft Switching Inverter), By Distribution Channel (OEM, Aftermarket), And By Geography - Forecasts From 2024 To 2029
- Published : Oct 2024
- Report Code : KSI061615477
- Pages : 140
The electric vehicle power inverter market was valued at US$9.406 billion in 2024 and is projected to grow to US$22.786 billion by 2029, with a CAGR of 19.36%.
The global electric vehicle power inverter market is estimated to experience considerable growth coinciding with the increase in the global supply of electric cars. Among various propulsion types available within the global EV power inverter market, hybrid electric vehicles are expected to hold the highest share, while in the vehicle type segment, passenger vehicles will experience rapid growth. The traction inverter category of the inverter type segment is expected to grow comparatively more than the soft-switching inverter category. The OEM category, under the distribution channel segment of this market, is expected to see considerable growth along with a rise in the production of EVs worldwide.
Electric vehicles utilize motors powered by DC electricity, which is transformed into AC by a vehicle power inverter. It is also noted that power inverters are increasing significantly in electric vehicles. The corresponding AC-driven machinery and device sensors are then powered by the translation of electric current back to its original AC form using motors. The concept of electric cars also embraces the use of sockets and other regular 120V devices.
The global electric vehicle power inverter market share is expected to grow given the increasing use of electric-powered automobiles, the aggressive policies of various governments aimed at encouraging EV adoption, and the rise in the use of low-emission and fuel-efficient vehicles.
The global market for power inverters is also expected to benefit from the increase in the production of EVs owing to the increased worldwide demand for EVs. Furthermore, the global market for electric vehicle power inverters is expected to grow due to increasing government investments, initiatives, subsidies, and policies aimed at promoting the electric vehicle industry. This includes support for manufacturing, technology, and infrastructure development.
Moreover, forecasts indicate that the growth rate of the EV power inverter market worldwide could be constrained by the slow evolution of public charging infrastructure within the broader development of the EV ecosystem. Due to the limited charging infrastructure worldwide, it is estimated that the demand for EVs in the market could decrease, thereby affecting the demand for inverters during EV production.
What are the electric vehicle power inverter market drivers?
- The global market is witnessing an increase in the uptake of EVs.
Several factors have led to people adopting EVs instead of petrol engines in recent years. These include the cheaper operating costs of EVs compared to internal combustion engines, the introduction of tough government policies that would help in reducing pollution, and less exhaust emissions, among other factors, which in turn creates a huge demand for EV power inverters.
For instance, EV sales have increased due to market growth in China, the USA, and Europe. According to the global EV outlook report by the International Energy Agency, China managed to sell over 6 million EVs in 2022, while over 2.7 million and 1 million EVs were sold in Europe and the USA, respectively, in the same year. The total sales of EVs in China were approximately 8.1 million, while sales in Europe amounted to roughly 3.2 million and in the USA to 1.4 million, as of 2023. An increase in the demand for EVs stretching globally will lead to a great increase in the demand for EV power inverters.
- Rising government support for the establishment of the EV industry.
Governments' growing investments and expenditures across industries, particularly in the electric mobility sector, are projected to have a positive outlook in the EV power inverter market growth. The EV segment is one of the growing automotive sectors in the world. Following this, the Office of Manufacturing and Supply Chains offered their Domestic manufacturing Conversion Grants in January 2024, increasing the country’s demand for EVs. The US Department of Energy also announced a new agenda called Investing in America, which is expected to ease the growth of EV production and assembly in the country.
Major restraints in the electric vehicle power inverter market:
- Insufficient EV infrastructure hinders market growth.
A charging infrastructure for EVs is required before countries can have many EVs. Despite the existence of EV charging infrastructure, there is still a lack of it. The availability of charging stations is a limiting factor in the electric car business. For example, in the US, the growth in the adoption of EVs had an approximately large increase. The total sales of EVs in China were, however, increasing at a slow pace. According to the report by the Department of Energy of the United States, the number of in-use EV charging ports in the state was roughly 151,273 and grew to about 184,098 ports. The department also reported that in the first quarter of 2023, there was an increase of around 3.2% in the number of EV charging ports in the country and about a 4% growth rate in the number of ports in the second quarter of 2023.
Similarly, the Ministry of Heavy Industries of the Government of India, in its press release on February 2024, informed that the country has more than 12,146 functional public EV charging stations spread across various locations of the country, which lags mostly because of the total EVs in the country. EVs imported into the country are more than the charging stations present to support them.
Geographical outlook of the electric vehicle power inverter market
- Asia Pacific is anticipated to have a considerable share of the electric vehicle power inverter market.
Asia-Pacific is at the forefront of the EV power inverter market. In China, the demand for EVs is growing rapidly to meet the emission reduction targets set by global standards, coupled with the rise of urbanization.
Meanwhile, in India, which is suppressed by traditional internal combustion technologies, the government has taken several steps to promote the production and adoption of EVs. Automakers are developing new technologies and ramping up production to satisfy the need created by the increase in the sale of EVs in India. For instance, in May 2022, the Toyota Group invested INR 48 billion (USD 624 million) in India to manufacture EV components. In addition, Maruti Suzuki's parent firm, Suzuki Motor, in March 2022, confirmed investments of INR 10,440 crore in India for the construction of a manufacturing plant for EVs and its batteries.
Major players and products in the electric vehicle power inverter market
- Toyota Industries Corporation is a conglomerate from Japan that provides services and produces goods in numerous markets, including material handling, automotive, and textile machinery, among others. In the EV power inverter market, the company provides a 2400W DC-AC inverter as well as a 1500W DC-AC inverter.
- Vitesco Technologies is a leading provider of sustainable mobility solutions globally addressing different sectors such as electrification and combustion, powertrain, etc. High Voltage Axle Drive, High Voltage Battery Management System, High Voltage Battery Junction Box, High Voltage DC/DC Converter, and others are some of the products included in the company’s product portfolio. In the EV power inverter segment, the company provides high-voltage inverters.
Key developments in the electric vehicle power inverter market:
- In May 2024, ABB Motion, a global leader in designing and manufacturing electric motors and drives, announced the introduction of its innovative high-performance motor package and inverter designed for e-bus applications. This inverter has a 3-level inverter specifically for the buses to enhance their lifespan, thereby increasing the efficiency gains.
- In January 2024, the Stellantis group, one of the largest vehicle manufacturers globally, launched its new BEV-dedicated STLA Large platform with an operational range of 800km. The STLA Large, built and designed for BEVs, has applications with a motor, a power inverter, and a gear reduction assembly.
Electric Vehicle Power Inverter Market Scope:
| Report Metric | Details |
Electric Vehicle Power Inverter Market Size in 2024 |
US$9.406 billion |
Electric Vehicle Power Inverter Market Size in 2029 |
US$22.786 billion |
| Growth Rate | CAGR of 19.36% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
|
| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
List of Major Companies in Electric Vehicle Power Inverter Market |
|
| Customization Scope | Free report customization with purchase |
The Electric Vehicle Power Inverter Market is analyzed into the following segments:
- By Propulsion Type
- Hybrid Vehicle
- Plug-in Hybrid Vehicle
- Battery Electric Vehicle
- By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- By Inverter Type
- Traction Inverter
- Soft Switching Inverter
- By Distribution Channel
- OEM
- Aftermarket
- By Geography
Frequently Asked Questions (FAQs)
The global electric vehicle power inverter market is expected to grow at a CAGR of 19.36% during the forecast period.
The electric vehicle power inverter market is expected to reach a market size of US$22.786 billion by 2029.
Electric Vehicle Power Inverter Market was valued at US$9.406 billion in 2024.
Asia Pacific is anticipated to hold a significant share of the electric vehicle power inverter market.
The increase in the global EV demand is estimated to boost the global electric vehicle power inverter market.
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key benefits for the stakeholders
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. ELECTRIC VEHICLE POWER INVERTER MARKET BY PROPULSION TYPE
5.1. Introduction
5.2. Hybrid Vehicle
5.3. Plug-in Hybrid Vehicle
5.4. Battery Electric Vehicle
6. ELECTRIC VEHICLE POWER INVERTER MARKET BY VEHICLE TYPE
6.1. Introduction
6.2. Passenger Vehicles
6.3. Commercial Vehicles
7. ELECTRIC VEHICLE POWER INVERTER MARKET BY INVERTER TYPE
7.1. Introduction
7.2. Traction Inverter
7.3. Soft Switching Inverter
8. ELECTRIC VEHICLE POWER INVERTER MARKET BY DISTRIBUTION CHANNEL
8.1. Introduction
8.2. OEM
8.3. Aftermarket
9. ELECTRIC VEHICLE POWER INVERTER MARKET BY GEOGRAPHY
9.1. Introduction
9.1. North America
9.1.1. By Propulsion Type
9.1.2. By Vehicle Type
9.1.3. By Inverter Type
9.1.4. By Distribution Channel
9.1.5. By Country
9.1.5.1. United States
9.1.5.2. Canada
9.1.5.3. Mexico
9.2. South America
9.2.1. By Propulsion Type
9.2.2. By Vehicle Type
9.2.3. By Inverter Type
9.2.4. By Distribution Channel
9.2.5. By Country
9.2.5.1. Brazil
9.2.5.2. Argentina
9.2.5.3. Others
9.3. Europe
9.3.1. By Propulsion Type
9.3.2. By Vehicle Type
9.3.3. By Inverter Type
9.3.4. By Distribution Channel
9.3.5. By Country
9.3.5.1. United Kingdom
9.3.5.2. Germany
9.3.5.3. France
9.3.5.4. Spain
9.3.5.5. Others
9.4. Middle East and Africa
9.4.1. By Propulsion Type
9.4.2. By Vehicle Type
9.4.3. By Inverter Type
9.4.4. By Distribution Channel
9.4.5. By Country
9.4.5.1. Saudi Arabia
9.4.5.2. UAE
9.4.5.3. Israel
9.4.5.4. Others
9.5. Asia Pacific
9.5.1. By Propulsion Type
9.5.2. By Vehicle Type
9.5.3. By Inverter Type
9.5.4. By Distribution Channel
9.5.5. By Country
9.5.5.1. China
9.5.5.2. Japan
9.5.5.3. India
9.5.5.4. South Korea
9.5.5.5. Indonesia
9.5.5.6. Thailand
9.5.5.7. Others
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Market Share Analysis
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Competitive Dashboard
11. COMPANY PROFILES
11.1. Vitesco Technologies
11.2. Robert Bosch GMBH
11.3. DENSO Corporation
11.4. Toyota Industries Corporation
11.5. Hitachi Astemo Ltd
11.6. Meidensha Corporation
11.7. Aptiv PLC (Borgwarner Inc.)
11.8. Mitsubishi Electric Corporation
11.9. Bosch Rexroth (India) Private Limited
11.10. Eaton
11.11. Toshiba Electronic Devices & Storage Corporation
11.12. Delta Electronics, Inc.
Vitesco Technologies
Robert Bosch GMBH
DENSO Corporation
Toyota Industries Corporation
Hitachi Astemo Ltd
Meidensha Corporation
Aptiv PLC (Borgwarner Inc.)
Mitsubishi Electric Corporation
Bosch Rexroth (India) Private Limited
Eaton
Toshiba Electronic Devices & Storage Corporation
Delta Electronics, Inc.
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