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Electric Vehicle Power Inverter Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast

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Sheryl Dias
Electric Vehicle Power Inverter Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast

The global electric vehicle power inverter market was valued at USD 17,110 Million in 2019 and is projected to reach USD 29,550 Million by 2027, expanding at a CAGR over 6.4% during the forecast period.

A power inverter is an electrical device that converts electricity from a DC source to AC to be used to drive a device or appliance. Considering the same function in an electric vehicle, a power inverter is one of the key components to converts battery DC power into AC power for an electric motor. To manage EVs and hybrids electric drive systems, power inverters are used.

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The power inverter supplies current to the battery for recharging purposes during regenerative braking. It also provides electric power to the motor for vehicle momentum. Adversely, the weight and size of the power inverter in a vehicle have a direct impact on driving range and road performance, and consistency of the vehicle. In order to increase automotive inverter's power efficiency and reduce size and weight, the inverter manufacturers in the vehicle sector have upgraded inverter abilities to handle energy from both the battery and motor end.

Segmental Outlook

On the basis of applications, the market has been divided into households, commercials, and others. The commercial application segment is showing a significant growth rate during the forecasted period. The driving factors associated with are increasing acceptance of electric public transport, predominantly in China, India, South East Asia, have supported the growth of the electric commercial segment. Various developed and developing countries are influenced to switch their current fuel bus fleet with electric battery-powered buses to adhere to their regional/legislative norms. The growing implementation of the green public transport fleet will drive the growth of electric commercial vehicles. Furthermore, the continuously rising e-commerce market, an increase in logistics activities, and shared mobility trends in metro cities will contribute to the electric commercial vehicles market growth during the forecast period.

Regional Outlook

On the basis of regions, the global electric vehicle power inverter market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is a key region of the market and accounted for a market share of over 17% in 2019. The presence of major market players and development activities in the region is expected to upsurge the market growth in the country during the forecast period. For instance, Denso has started producing a next-generation inverter for the US original equipment manufacturers. They are also expanding new technology with other key customers in the North American market. It is part of Denso's USD 1 Bn investment to make its Maryville, Tennessee, location a manufacturing hub in North America for electrification, connectivity, and advanced safety products.

 

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