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Automotive Inverter Market: By Propulsion Type (Battery Electric Vehicle [BEV], Plug-in Hybrid Electric Vehicle [PHEV], Hybrid Electric Vehicle [HEV]), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Technology (IGBT, MOSFET), By Material Type (Silicon, Silicon Carbide, Gallium Nitride), By Power Output (>130 KW, <130 KW), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[170+ Pages Research Report] Automotive Inverter Market to surpass USD 48.5 billion by 2031 from USD 9.7 billion in 2021 at a CAGR of 18.8% throughout the forecast period 2021-31.
Automotive inverter is a critical component in every vehicle that is used to convert DC power from a battery source to AC power. Small consumer devices such as mobile phones, laptops, accessory jacks, and cigarette lighters, to name a few, benefit from these vehicle inverters since they resemble alternating current. People used to travel long distances for camping, and business truck drivers frequently require efficient and effective automotive inverter assembly in their vehicles. Since most consumer electronics operate on a specific true sign wave, most automobile inverters in the commercial market include an additional component that generates a modified true sign wave.
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Global Automotive Inverter Market to surpass USD 48.5 billion by 2031 from USD 9.7 billion in 2021 at a CAGR of 17.4% in the coming years, i.e., 2021-2031. Some of the primary market drivers are the growing desire for electric vehicles to achieve sustainability and lower ownership costs, rising fuel efficiency regulations, and rising greenhouse gas emissions. Newer semiconductor materials, such as gallium nitride, are undergoing increased research and development, and are likely to see a rise in use due to decreased energy and gate losses.
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The Hybrid Electric Vehicle (HEV) segment is expected to grow with the highest CAGR during 2021-31
Based on Propulsion Type, the global Automotive Inverter Market is fragmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV). Owing to the high volume of HEV production in Asia-Pacific and Japan, automotive inverters for HEVs created the maximum value in 2020. Japan, for example, relies on HEVs to meet its part of the electric vehicle market, and is one of the top producers of HEVs thanks to businesses like Mitsubishi, Nissan Motor Company, and Honda.
The Passenger Vehicle segment is expected to grow with the highest CAGR during 2021-31
Global Automotive Inverter Market is classified on the basis of Vehicle Type into Passenger Vehicle, and Commercial Vehicle. Throughout the projected period, passenger vehicles are expected to dominate the market. It can be ascribed to the fact that there are currently more passenger automobiles on the road than business vehicles. Commercial vehicles, on the other hand, utilize heavier automotive inverters due to their bigger size and more complicated operations, which will continue to develop at a quicker rate as more commercial electric vehicles are introduced into the EV realm.
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Increasing Fuel Efficiency Requirements, Rising Adoption of Alternate Energy Vehicles
Some of the major drivers driving the growth of the automotive inverter market include rising fuel efficiency regulations and greenhouse gas emissions, expanding use of alternative energy cars, and rising worries about greenhouse gas emissions. Nonetheless, new chances for the growth of the automotive thermoelectric generator market are expected to arise as a result of government agendas acting as a catalyst for growth, electric vehicle adoption, and rapid commercialization in the automotive industry.
Growing Concerns among Market Participants for Increasing Energy Consumption
In the long run, rapid technological innovation in the power electronics sector, such as the development of higher power density car inverters, is likely to boost the automotive inverter market. Given the growing concern among automakers to reduce energy usage, automotive inverter manufacturers have outperformed the automotive inventor's ability to manage energy.
High cost associated with the Production of Thermoelectric Material
Some of the primary reasons that may hamper the growth of the automotive thermoelectric generator market include high thermoelectric material production costs, rising demand for electric vehicles, and limited charging infrastructure availability.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Automotive Inverter Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. As a center for automotive manufacturing, the Asia-Pacific area is likely to be the largest market for vehicle inverters. The rising purchasing power of consumers has spurred a boom in demand for automobiles in the region. Due to cost savings for OEMs, low automobile penetration levels, and expanding vehicle production, automobile manufacturers and automotive component suppliers have a large market opportunity. Due to the availability of cheap labor and low production costs, many multinational OEMs have either opened manufacturing units in the region or cooperated with large local vehicle manufacturers.
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The COVID-19 pandemic created havoc on the global economy. The automotive sector was harshly affected by the pandemic. Some industries are doing well as a result of the outbreak, while others have been devastated. In terms of manufacturing/processing and sales, the industry has seen a significant drop. Similarly, the automotive inverter industry was impacted by the closure of manufacturing sites, which resulted in global manufacturing disruptions.
Global Automotive Inverter Market is further segmented by region into:
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REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 9.7 billion |
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Revenue forecast in 2031 |
USD 48.5 billion |
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Growth Rate |
CAGR of 17.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Propulsion Type, Vehicle Type, Technology, Material Type, Power Output, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Siemens AG, Mitsubishi Electric Corporation, Toyota Industries Corporation, Robert Bosch GmbH, Continental AG, DENSO Corporation, Marelli Corporation, LG Electronics, Hitachi Automotive Systems, Ltd., Lear Corporation, Fuji Electric, Toshiba Corporation, Aptiv PLC, Sensata Technologies, Inc., Danfoss, and Other Prominent Players. |
utomotive Inverter Market size was estimated at USD 9.7 billion in 2021 and is expected to reach USD 48.5 billion in 2031.
An automotive inverter is a piece of equipment that converts one kind of energy into another, such as converting input DC voltage to output AC voltage or vice versa.
The Hybrid Electric Vehicle (HEV) segment accounted for the largest Automotive Inverter Market share.
Key players in the Automotive Inverter Market include Siemens AG, Mitsubishi Electric Corporation, Toyota Industries Corporation, Robert Bosch GmbH, Continental AG, DENSO Corporation, Marelli Corporation, LG Electronics, Hitachi Automotive Systems, Ltd., Lear Corporation, Fuji Electric, Toshiba Corporation, Aptiv PLC, Sensata Technologies, Inc., Danfoss, and Other Prominent Players.
Stringent car pollution standards, rising environmental concerns, government tax credits, and electric vehicle subsidiaries are likely to propel the industry forward.
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