The global electric vehicle power inverter market size was US$ 8.6 billion in 2021. The global electric vehicle power inverter market size is estimated to reach US$ 20.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.4% during the forecast period from 2022 to 2030.
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An electric vehicle power inverter is an instrument that transforms the Direct Current power utilized in an electric vehicle motor to Alternating Current. It has a broad use in electric vehicles. The transformed current is used by motors to function compatible with sensors and devices, which use AC for their working. In addition, in electric vehicles, the energy can be used for plug-in platforms and other standard 120-volt appliances.
Factors Influencing Market Growth
? The growth in the need for electric vehicles, proactive government ambitions for the development of the electric vehicle, and an increase in the need for fuel-efficient vehicles and low-emission are driving the overall market growth.
? The shortage of adequate infrastructure for electric vehicles and the increased manufacturing price of electric vehicles is anticipated to restrict the overall market growth.
? Technological improvement in electric vehicles and the increase in the need for solar-powered electric vehicles are expected to drive the overall market growth.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. They forced governments around the world to enforce strict lockdowns and ban the import?export of fundamental raw material items during the pandemic. This results in a sudden drop in the availability of critical raw materials for elements. As a result of disturbed supply chains and production plans driven by the pandemic, aviation sales and production suffered badly, thus impeding the expansion of the overall market.
Regional Analysis
Asia-Pacific had the highest market during the analysis period. The fast development of the automobile industry across all parts along with government incentives and subsidies connected to electric vehicles powers the expansion of the global market in the region.
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Leading Competitors
The prominent players in the global electric vehicle power inverter market are:
? Vitesco Technologies
? Valeo Group
? Toyota Industries Corporation
? Sungchang Autotech
? Siemens
? Robert Bosch GmbH
? Lear Corporation
? Marelli Corporation
? Meidensha Corporation
? Continental
? Others
Segmentation Analysis
The global electric vehicle power inverter market segmentation focuses on propulsion, Inverter Type, Vehicle Type, Level of Integration, Distribution channel, and Region.
Segmentation on the basis of Propulsion
? Hybrid Vehicle
? Plug-in Hybrid Vehicle
? Battery Electric Vehicle
Segmentation on the basis of Inverter Type
? Traction Inverter
? Soft Switching Inverter
Segmentation on the basis of Vehicle Type
? Passenger Vehicle
? Commercial Vehicle
Segmentation on the basis of the Level of Integration
? Integrated Inverter System
? Separate Inverter System
? Mechatronic Integration System
Segmentation on the basis of Distribution Channel
? OEM
? Aftermarket
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Segmentation on the basis of Region
? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
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? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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