Vehicle Inverters Market: Global Industry Analysis and Forecast (2023-2029) by Inverter Type and Vehicle Type

Vehicle Inverters Market was valued at US$ 5.56 Bn. in 2022, it is expected to grow at a CAGR of 15.2% for the period 2022-2029. Thanks to the growing trend traction inverter segment use have boosted demand for Global Vehicle Inverter Market.
Vehicle Inverters Market Overview:
An inverter is an electronic device used to convert DC into AC. They are increasingly used in business, RV, and Trucks. The different types of vehicle inverters are modified sine waves and pure sine waves. Due to their energy-saving, soft starters, controlled starting current, and simple installation features are increasingly used to run small electrical devices like laptops, mobiles in vehicles. Increasing demand for electric vehicles for the conservation of the environment is the main factor influencing the growth of the vehicle inverter market. As a result, the global inverter market is expecting to reach US$ 15 Bn. by 2029. To know about the Research Methodology:- Request Free Sample Report
Vehicle Inverters Market Dynamics:
Increasing demand for electric vehicles and rising investment in research activities are expected to drive the growth of the vehicle inverter market. Increasing people’s attraction towards luxury and modern vehicles and rising disposal income add an advantage to the market growth. In 2018, according to “WORLD ECONOMIC FORUM”, Norway took first place by having more electric vehicles with a share of 49.14%.

Growing industrialization and the focus of the government in the economic expansion are expected to boost the growth of the market. During the COP21 summit held in Paris, India committed to reduce the emission by 30% by 2030. In July 2021, the Maharashtra government in India aims to set 10% of newly registered vehicles should be electrical by 2025. These initiatives expect to rise the demand for vehicle inverters in the global market.

In 2021, China held the largest share of 40% in vehicle inverter supply, and the below diagram shows the top manufacturer of cable inverters in China.
Recent Developments:
1. In July 2021, Hyundai's Electric Global Modular Platform-based vehicles will incorporate “Infineon's CoolSiC silicon carbide technology” to bring a high-voltage efficiency platform for electric vehicles. This technology helps in increasing the efficiency of inverters and offers lower battery costs.

2. In February 2021, according to the IDTechEx report "Electric Vehicles: Land, Sea & Air 2021-2041, Tesla is the top-selling electric vehicle from the US to China. And is expecting to introduce “silicon carbide inverters” in their vehicles to improve its efficiency by 97% without increasing the expensive battery capacity.

3. Recently SIEMENS has bought the SEMIKRON INTERNATIONAL'S VePoint subsidiary, a developer of power electronics components for hybrid electric vehicles. They are developing inverters based on “Semikron SKiN technology”, which features a compact design and high densities.

4. In March 2021, VITESCO TECHNOLOGIES, a leading international supplier of modern drive technologies and electrification solutions has won the order from Hyundai Motor Group for the supply of 800-volt inverter with silicon carbide technology.

5. In November 2021, BorgWarner, a multinational automotive supplier based in the USA partnered with Qorvo, a semiconductor company for the development of silicon carbide-based inverters to provide high power density. The U.S. Department of Energy (DOE) awarded $4.97 Mn to BorgWarner.
Vehicle Inverters Market Segment Analysis:
Based on the Inverter Type Segment, The Vehicle Inverter market is sub-segmented into traction Inverter and soft-switching inverter. The traction inverter segment dominates the global market and it held a share of 56 % in 2021. Traction inverters convert direct current (DC) power from an on-board high voltage (HV) battery into alternating current (AC) power to drive an electric vehicle's main motor or motors. Traction inverters also perform functions like voltage boosting, switch protection, and regenerative braking. All of these functions necessitate galvanic isolation to keep control systems separate from high voltage domains. In 2020, “ABB Motors and Mechanical Inc” based in Switzerland is the largest manufacture of traction inverters and held a revenue of more than US$ 240 Mn.Based on the Vehicle Type Segment, the Vehicle Inverter market is sub-segmented into passenger Vehicles and commercial vehicles. The passenger vehicle segment dominates the global market and was valued at US$ 2.3 Bn in 2021. Increasing demand for an electrically driven passenger vehicle in developing countries like India, Indonesia, Iran, and Iraq are boosting the growth of the vehicle inverter market. In April 2021, EATON partnered with “Nidec-PSA Emotors” for the development of vehicle inverters for passenger vehicles. The slow growth of the commercial vehicle segment is due to its high cost, short driving range, and longer recharge time. As a result, the passenger segment is expected to grow at a CAGR of 4.9 % by 2029.
Vehicle Inverters Market Regional Insights:
By 2029, the Asia Pacific region is expected to be the largest market for vehicle inverters, has emerged as a hub for automobile production. Consumers' increasing purchasing power has fueled demand for automobiles in the region. Cost advantages for OEMs, low automobile penetration levels, and increased vehicle production provide appealing market opportunities for automakers and automotive component suppliers. Furthermore, because of the availability of cheap labor and low production costs, many major OEMs have established manufacturing plants in the region or partnered with major domestic vehicle manufacturers. Key electric vehicle manufacturers in the Asia Pacific region include BYD Auto (China), SAIC Motor (China), and Geely (China). It also serves as a hub for key suppliers.

The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Vehicle Inverter market dynamics, structure by analyzing the market segments and projecting the Vehicle Inverter market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Vehicle Inverter make the report investor’s guide.
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Vehicle Inverters Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.56 Bn.


Forecast Period 2023 to 2029 CAGR:
15.2%
Market Size in 2029:
US $ 15 Bn.


 Segments Covered:
by Inverter Type
Traction Inverter
Soft switching Inverter


by Vehicle Type
Passenger Vehicle
Commercial vehicle



Vehicle Inverters Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Vehicle Inverters Market, Key Players are:
1. DELTA ELECTRONICS, INC.
2. Magnum Dimensions
3. Calsonic Kansei,
4. Bestek
5. Continental AG
6. Stanley
7. Power Bright
8. Eaton Corporation
9. Calsonic Kansei Corporation
10.Sensata Technologies, Inc.
11.Koninklijke Philips N.V.
12.TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
13.Lear Corporation
14.DELTA ELECTRONICS, INC.
15.Samlex America Inc.

Frequently Asked Questions:

1. Which region has the largest share in Vehicle Inverters Market?
Ans: Asia-Pacific held the largest share in 2022.

2. What is the growth rate of the Vehicle Inverters Market?
Ans: The Vehicle Inverter Market is growing at a CAGR of 15.2% during the forecasting period 2023-2029.

3. What segments are covered in Vehicle Inverters Market?
Ans: Vehicle Inverter Market is segmented into type and application.

4. What is the study period of this market?
Ans: The Vehicle Inverter Market is studied from 2022 to 2029.