Electric Vehicle (Ev) Power Inverter Market Size to grow by USD 9134.9 million between 2024-2028
According to a research report “ Electric Vehicle (Ev) Power Inverter Market” by Application (Full hybrids, Pure EV, Plug-in hybrids, Commercial HEV, Mild hybrids) Type (Passenger cars, Commercial vehicles) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 9134.9 million, at a CAGR of over 9.45% during the forecast period. The Electric Vehicle (EV) Power Inverter Market is experiencing significant growth due to the increasing sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). In 2020, approximately 1.5 million BEVs were sold globally, representing nearly half of all electric vehicle sales. China led the market with the highest sales of BEVs, accounting for around 40% of the global total, followed by Europe, particularly Norway, Iceland, and Sweden, and the US. The sales of BEVs experienced a substantial surge in the first half of 2019, with over 760,000 units sold, marking a more than 90% increase compared to the same period in 2018. This robust growth is expected to continue, driven by government incentives, technological advancements, and increasing consumer awareness and adoption of electric vehicles.
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By Application, the Full hybrids segment is projected to dominate the market size in 2024
The Electric Vehicle (EV) Power Inverter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. Power inverters play a crucial role in converting DC power from the EV battery to AC power for the vehicle's electrical systems and charging infrastructure. Market drivers include government incentives, technological advancements, and rising environmental concerns. Companies such as Siemens, Delta Electronics, and Magna Powertrain dominate the market, offering innovative solutions to meet the evolving demands of the EV industry.
By Type, Passenger cars segment is expected to hold the largest market size for the year 2024
The Electric Vehicle (EV) Power Inverter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. Power inverters are essential components in EVs, converting DC battery power into AC power for the vehicle's electrical systems and charging infrastructure. Market growth is driven by factors such as government incentives, technological advancements, and rising environmental concerns. Companies are investing heavily in research and development to improve efficiency, reduce costs, and expand their product offerings. The market is expected to continue its upward trajectory, with robust demand from major automotive manufacturers and tier-1 suppliers.
APAC is forecasted to hold the largest market size by region in 2024
The Electric Vehicle (EV) Power Inverter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. Power inverters play a crucial role in converting DC battery power to AC power for on-board applications such as heating, air conditioning, and charging systems. As the EV market expands, so does the demand for advanced and efficient power inverters to support the growing energy needs of these vehicles. Companies are investing in research and development to produce high-performance, lightweight, and cost-effective inverters to meet this demand. The market is expected to continue its upward trajectory, driven by government incentives, technological advancements, and consumer preferences for eco-friendly transportation solutions.
The Electric Vehicle (Ev) Power Inverter Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Electric Vehicle (EV) Power Inverter Market is experiencing significant growth due to the technological development and increasing adoption of green vehicles. Consumer spending on EVs is on the rise as they offer operating costs lower than traditional internal combustion engines and contribute to reducing tailpipe emissions and greenhouse gases. The market for power inverters in EVs is driven by automobile manufacturers' efforts to meet emission standards and provide sustainable transportation solutions. Key players in the power inverter market include VEPCO Technologies and NXP Semiconductors. They are developing SIL-D-capable inverters, ensuring safety and reliability for passengers in EVs. The use of power electronics such as GaN (gallium nitride) and SiC (silicon carbide) in power inverters enhances energy efficiency and enables the integration of cleaner energy sources. General Motors and other automobile manufacturers are investing in hybrid vehicles and EVs, leading to a growing demand for power inverters. The development of charging infrastructure networks also boosts the market growth. Power inverter manufacturers are focusing on innovation to meet the increasing demand for efficient and cost-effective solutions. The EV power inverter market is expected to continue its growth trajectory as part of broader environmental initiatives towards a sustainable future.
Market Research Overview
The Electric Vehicle (EV) power inverter market is witnessing significant growth due to the increasing demand for green vehicles and stricter emission standards. Power inverters play a crucial role in converting DC battery voltage to AC output signals for the propulsion of Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). This process involves mathematical transformations, position measurement, and current measurements. Leading automobile manufacturers like Hyundai, Vitesco, and Mitsubishi are investing in the development of 800-volt inverters and SiC inverters for weight reduction and energy efficiency. Companies like NXP Semiconductors and VEPCO Technologies are focusing on the production of SIL-D-capable inverters for CV-specific electric motors. The use of wide-bandgap semiconductors such as gallium nitride (GaN) and silicon carbide (SiC) in soft switching inverters is a technological development that is gaining popularity in the market. This not only reduces energy losses but also increases switching frequencies, leading to improved driving range and charging infrastructure networks. Consumer spending on electric vehicles is on the rise due to the increasing awareness of cleaner energy sources and environmental initiatives. The market for EV power inverters is expected to grow further with the increasing number of charging stations and charging infrastructure. However, the semiconductor supply chain and consumer behavior are key challenges that need to be addressed for the sustained growth of the market. The automotive traction inverter market size was valued at USD 24.3 billion in 2020 and is expected to grow at a CAGR of 24.3% from 2021 to 2028. The market for power inverters in passenger cars is expected to reach new heights with the increasing adoption of emission-free vehicles and the transition from internal combustion engines to electric vehicles.
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