Automotive On-Board Power Inverter Market Size to grow by USD 162.2 million between 2024-2028
The Automotive On-Board Power Inverter Market is segmented by Application (Passenger cars and LCVs), Type (Up to 150W and More than 150W), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 162.2 million, at a CAGR of 4.28% during the forecast period. There are several companies that are contributing to the market as per this report. Emergence of digitalization and industry 4.0 .
By Application, the Passenger cars segment is projected to dominate the market size in 2024
The Automotive On-Board Power Inverter market represents a significant growth opportunity for businesses, driven by the increasing demand for in-vehicle electrical systems and the need for reliable power sources during operation. These devices convert DC power from vehicle batteries into AC power for various applications, such as powering electronic devices, heating and cooling systems, and charging other batteries. Market growth is expected to be fueled by factors including the rise of electric vehicles, government regulations, and advancements in power inverter technology.
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By Type, Up to 150W segment is expected to hold the largest market size for the year 2024
The Automotive On-Board Power Inverter market represents a significant growth opportunity for businesses, as the demand for in-vehicle electrical systems continues to escalate. These devices convert DC power from vehicle batteries into AC power, enabling the use of various electrical appliances and charging ports. Market expansion is driven by factors such as increasing vehicle electrification, growing consumer preference for in-car comfort and convenience, and regulatory support for eco-friendly technologies. Businesses that capitalize on this trend can expect substantial revenue growth in the automotive sector.
Why is North America forecasted to hold the largest regional market size in 2024?
The Automotive On-Board Power Inverter market represents a significant growth opportunity for businesses, as the increasing demand for in-vehicle electronics and the shift towards electric vehicles propel market expansion. These devices convert direct current (DC) battery power into alternating current (AC) for various electrical systems, enhancing vehicle functionality and convenience. Market players focus on product innovation, cost optimization, and strategic collaborations to capitalize on this burgeoning market trend.
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Research Analysis Overview
The Automotive Inverter Market is witnessing significant growth due to the increasing demand for solar capacity in contemporary automobiles. With stricter regulations on greenhouse gas emissions and fuel efficiency requirements, automakers are turning to inverters to provide AC power from DC sources in vehicles. However, space constraints in vehicles pose a challenge for high output density inverters. Inverters convert DC power from the battery into AC power for use in vehicles. They are essential for powering various devices such as laptops, mobile phone chargers, and even heating systems. Common configurations include those found in the fuse panel, cigarette lighter, and 120V AC power outlets. Inverters come in various sizes and specifications, including power output, AC frequency, inverter speed, and torque. The motor used in the inverter plays a crucial role in its efficiency and performance. The electrical wire used to connect the inverter to the battery and other components is also an essential consideration. The market for automotive inverters is expected to grow as the demand for green and sustainable transportation increases. The ability to provide AC power in vehicles is becoming a necessity rather than a luxury, and inverters are an essential component in achieving this goal.
Market Research Overview
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in this sector include the escalating demand for electronic control units (ECUs) and other electrical components due to the increasing sales of ECAs, EVs, and PCs. - The Automotive On-Board Power Inverter Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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