Latest News- Electric Vehicle (Ev) Power Inverter Market: Full hybrids is expected to lead the Application segment during 2024-2028

The Electric Vehicle (Ev) Power Inverter Market is being driven by Increasing sales of BEVs and PHEVs

The Electric Vehicle (Ev) Power Inverter Market is expected to grow at a CAGR of 9.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9134.9 million. The electric vehicle (EV) industry is witnessing a significant shift towards in-wheel motor technology, where motors are integrated directly into the wheels. This innovation offers several advantages, including a reduction in vehicle weight and increased efficiency due to the elimination of the need for a traditional drive shaft and differential system. Moreover, the small, high-torque motors used in this application allow for a more compact design, enabling additional space for battery packs and other components. Protean Electric's inside-out motor design is a prime example of this trend, where the magnets are mounted on the rotor outside the stator, increasing the diameter of the coil and magnets, thereby generating higher torque. This technological advancement is set to revolutionize the EV market by enhancing vehicle performance and optimizing energy utilization. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Full hybrids
  • Pure EV
  • Plug-in hybrids
  • Commercial HEV
  • Mild hybrids
• Type
  • Passenger cars
  • Commercial vehicles
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing sales of BEVs and PHEVs
• Reduced cost of inverter components due to advancements in materials and improved packaging arrangement
• Increase in technological innovation

However, the market also witnesses some limitations, which are as follows:

• Thermal management issues limiting the performance of EVs
• Electromagnetic interference damages the powertrain components
• Environmental concerns

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Market Scope in Electric Vehicle (Ev) Power Inverter Market Research Report

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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 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 rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of electric vehicles, motorcycles, and passenger cars over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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