“Strict government regulations regarding carbon emissions and an increase in sales of electric vehicles have driven the vehicle inverters market globally.”
The Global Vehicle Inverters Market is estimated to grow from USD 2.5 billion in 2022 at a CAGR of 17.57% to reach USD 7.7 billion by 2031. With a huge emphasis on the environmental norms, the electric vehicle market has seen decent growth, and this has led to a growth in its adjacent markets. However, improvement in electronic units in vehicles is challenged by the rising faults and malfunctioning of various units such as controllers, sensors, and capacitors. For example, the failure of DC link capacitors or any IGBT power device can cause an inverter to generate faulty torques at the wheels, causing unsafe driving conditions.
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“Increasing adoption of EVs in the automotive industry is expected to drive the BEV-based vehicle inverters market.”
The BEV-based vehicle inverters market is the fastest and the largest growing segment of the vehicle inverters market. BEVs are considered as zero-emission vehicles. The rebates from the governments on ZEV’s (Zero-Emission Vehicles) purchase can help to increase the BEV sales. Hence, the sale of BEVs is expected to increase in the coming years, which will drive the BEV-based vehicle inverters market.
“IGBT-based vehicle inverters market is projected to be the largest market during the forecast period.”
Heavy investments by vehicle manufacturers in the research and development of the electrification of vehicles is contributing to the growth of the vehicle inverters market. IGBT-based vehicle inverters can withstand high voltage as the newer version of electric vehicles needs to have higher output capacity. The IGBT market is projected to grow due to the growing demand for electric vehicles that require high power efficiency and faster switching capabilities. Hence, IGBT-based vehicle inverters market, by technology type (power module), is projected to be the largest.
“North America is expected to be the second largest market during the forecast period.”
Asia Pacific is estimated to be the largest automotive market followed by North America and Europe. North America is home to leading vehicle manufacturers such as Ford Motors, General Motors, and Tesla. The North American automotive industry has witnessed rapid development because of favorable policies adopted by the government in the manufacturing sector. The US is estimated to account for the largest share of the North American vehicle inverters market during the forecast period. The US automotive industry is highly inclined toward innovation, technology, and development of carbon emission free vehicles. Factors such as stringent emission norms and rising technological advancements in the manufacturing of environment friendly vehicles are expected to propel the North American vehicle inverters market.
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In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the vehicle inverters market.
• By Company Type: OEM – 11% Tier I – 42%, Tier II – 37%, and Tier III – 10%
• By Designation: C Level – 40%, D Level – 35%, and Others – 25%
• By Region: North America – 25%, Europe – 40%, and Asia Pacific – 35%
The vehicle inverters market comprises major manufacturers such as Denso (Japan), Delphi Technologies (UK), Continental AG (Germany), Mitsubishi Electric Corporation (Japan), Toshiba (Japan), and Hitachi (Japan).
The market study covers the vehicle inverters market across different segments. It aims at estimating the market size and future growth potential of this market across different segments such as by propulsion type, technology type (power module), semiconductor materials type, output power type, vehicle type, and region. The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall vehicle inverters market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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