The global automotive inverter market was estimated to be at $8.3 billion in 2020, which is expected to grow with a CAGR of 17.09% and reach $50.1 billion by 2031. The growth in the global automotive inverter market is expected to be driven by increasing demand for electric vehicles to acquire sustainability and lower ownership costs.
Read Report Overview: Automotive Inverter Market
Market Lifecycle Stage
The automotive inverter market is in the development phase. Increased research and development activities are underway to develop newer semiconductor materials such as gallium nitride, which are expected to witness an increase in adoption due to the lower energy and gate losses.
Increasing investments in R&D in gallium nitride and silicon carbide is one of the major opportunities in the global automotive inverter market. Also, the exponential increase in the sales of electric vehicles across the globe will propel the market even further. Though there are some challenges in the market, such as lack of charging infrastructure and complex design requirements, the ongoing vital developments in the market are expected to overcome them in the forecast period.
The automobile industry has seen a significant technological shift in the previous decade, opening the path for widespread acceptance of electric transportation. Various countries are implementing measures such as fuel economy standards, deploying support infrastructure for alternative propulsion vehicles, and providing consumer incentives to help bridge the ownership cost gap between alternative energy vehicles and conventional vehicles in order to reduce carbon emissions and increase the adoption of alternative energy vehicles. With the fast adoption of battery electric cars, plug-in hybrid electric vehicles, and hybrid electric vehicles, demand for automotive inverters, which are an essential component of alternative energy vehicles, has risen dramatically in recent years.
Impact of COVID-19
The COVID-19 outbreak affected the whole economy across the world. The COVID-19 pandemic had a severe impact on the automotive industry. In this outbreak, some industries are doing well while others have been crushed. The sector witnessed a massive decline in manufacturing/processing and in terms of sales. Likewise, the automotive inverter market was affected due to the shutdown of manufacturing facilities, which resulted in manufacturing interruptions across the world.
Growth/Marketing Strategy: The global automotive inverter market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The most favored strategy for the companies has been partnerships and collaboration to strengthen their position in the automotive inverter market. For instance, in March 2020, Marelli Corporation announced a strategic partnership with Transphorm Inc. to enable Marelli to gain access to technologies for the production of electric vehicles, in specific power converters, chargers, and inverters.
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Competitive Strategy: Key players in the global automotive inverter market analyzed and profiled in the study involve inverter manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global automotive inverter market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.