Electric Vehicle Power Inverter Market
Global Electric Vehicle Power Inverter Market Size, Share & Trends Analysis Report by Type (Traction Inverter and Soft Switching Inverter), by Propulsion Type (Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle, and Fuel Cell Electric Vehicle), and by Vehicle Type (Passenger Vehicles and Commercial Vehicles) Forecast (2022-2028)
The global electric vehicle power inverter market is anticipated to grow at a significant CAGR of 21.9% during the forecast period. The primary factor contributing towards the growth of the market includes governments’ initiatives to reduce pollution and harmful gasses for an eco-friendly environment. It has encouraged governments across the globe to electrify the automobile industry by subsidizing electric vehicles for consumers. This has increased the demand and production of electric vehicles which uses battery and power inverters in place of fuel that emits harmful gases. Therefore, the growth of the electric vehicle market propels the growth of the electric vehicle power inverter market. For instance, in March 2022, Italy government unveiled its plans to subsidize new electric vehicles up to $6,570 of the purchase price as part of the plan to support the electrification of the vehicles.
Impact of COVID-19 Pandemic on Global Electric Vehicle Power Inverter Market
COVID-19 pandemic had impacted most the industries including the global automotive industry significantly owning to the lockdown in most the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. However, the electric vehicle market showed significant growth which is also reflected in the growth of power inverters. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,977,058 vehicle units globally which is 40.8% more than the sales of electric cars in 2019.
Segmental Outlook
The global electric vehicle power inverter market is segmented based on the type, propulsion type, and vehicle type. Based on the type, the market is segmented into traction inverters and soft-switching inverters. Based on the propulsion type, the market is sub-segmented into the hybrid electric vehicle, plug-in hybrid vehicle, battery electric vehicle, and fuel cell electric vehicle. Based on the vehicle type, the market is segmented into passenger vehicles and commercial vehicles. Based on type, the soft-switching inverter is anticipated to grow significantly during the forecast period owing to its reducing switching noise and loss as switching devices turn off and on at zero or around zero current or voltage.
Global Electric Vehicle Power Inverter Market Share by Vehicle Type, 2021 (%)
The Passenger Vehicles Segment Projected to Hold the Prominent Share in the Global Electric Vehicle Power Inverter Market
The passenger vehicle segment is estimated to hold the major share in the global electric vehicle power inverter market and is anticipated to grow significantly during the forecast period. Passenger vehicles have been dominating the market since the inception of the vehicle industry. These vehicles are used by most people for various reasons while commercial vehicles are used by some for specific works. Its dominance has been also mirrored in the electric vehicle market which has a rising demand for power inverters in electric vehicles to utilize the electricity to run the vehicle. As per the International Energy Agency (IEA), 2020 data, EV cars stock is 10,228,265 units across the globe, while commercial vehicles are 637,699 units.
Regional Outlooks
The global Electric Vehicle Power Inverter market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Asia-Pacific is anticipated to hold the major share in the power inverter for the electric vehicle market followed by Europe, and then North America.
Global Electric Vehicle Power Inverter Market Growth, by Region 2022-2028
The Asia-Pacific Region Anticipated to Hold the Prominent Share in the Global Electric Vehicle Power Inverter Market
Asia Pacific region holds the major share in the electric vehicle power inverter market globally owing to the presence of emerging countries such as China, India, Japan, South Korea, and others. The region is the most populous and has major vehicle markets such as Toyota, Honda, Nio, Tata, and others. This has increased the sales of electric vehicles in the region exponentially and has great future potential for future electric vehicle sales, and has reflected a huge demand for electric vehicle power inverters to run the vehicles. As per the data of IEA 2020, out of the total EV car stock of 10,228,265 units, China has 4,514,114 EV car stocks which are more than 44% of the total EV car stocks.
Market Players Outlook
The major companies serving the global electric vehicle power inverter market include DENSO Corp., Hitachi, Ltd., Mitsubishi Electric Corp., Toyota Industries Corp., Valeo Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2021, Robert Bosch publicized, in association with Porsche and Fraunhofer Institute for Reliability and Micro integration (Fraunhofer IZM) in Berlin, a new project meant at growing the range of EVs by enhancing the performance of power inverters in vehicles.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric vehicle power inverter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Electric Vehicle Power Inverter Market
• Recovery Scenario of Global Electric Vehicle Power Inverter Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. DENSO Corp.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Hitachi, Ltd.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Mitsubishi Electric Corp.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Toyota Industries Corp.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Valeo Group
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Segmentation
4.1. Global Electric Vehicle Power Inverter Market by Type
4.1.1. Traction Inverter
4.1.2. Soft Switching Inverter
4.2. Global Electric Vehicle Power Inverter Market by Propulsion Type
4.2.1. Hybrid Electric Vehicles
4.2.2. Plug-in Hybrid Electric Vehicle
4.2.3. Battery Electric Vehicle
4.2.4. Fuel Cell Electric Vehicle
4.3. Global Electric Vehicle Power Inverter Market by Vehicle Type
4.3.1. Passenger Vehicles
4.3.2. Commercial Vehicles
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. BorgWarner Inc.
6.2. Continental AG
6.3. Danfoss A/S
6.4. Eaton Corp. plc
6.5. Fuji Electric Co., Ltd.
6.6. Infineon
6.7. Marelli Holdings Co., Ltd
6.8. MEIDENSHA CORP.
6.9. Robert Bosch GmbH
6.10. Vitesco Technologies Group AG
1. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
2. GLOBAL ELECTRIC VEHICLE POWER TRACTION INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL ELECTRIC VEHICLE POWER SOFT SWITCHING INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
5. GLOBAL HYBRID ELECTRIC VEHICLES POWER INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL PLUG-IN HYBRID ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL BATTERY ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL FUEL CELL ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
10. GLOBAL PASSENGER ELECTRIC VEHICLES POWER INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL COMMERCIAL ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
13. NORTH AMERICAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
14. NORTH AMERICAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
15. NORTH AMERICAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
16. NORTH AMERICAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
17. EUROPEAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
18. EUROPEAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
19. EUROPEAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
20. EUROPEAN ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
21. ASIA-PACIFIC ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
22. ASIA-PACIFIC ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
23. ASIA-PACIFIC ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
24. ASIA-PACIFIC ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
25. REST OF THE WORLD ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
26. REST OF THE WORLD ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
27. REST OF THE WORLD ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
28. REST OF THE WORLD ELECTRIC VEHICLE POWER INVERTER MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET, 2022-2028 (%)
4. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY TYPE, 2021 VS 2028 (%)
5. GLOBAL ELECTRIC VEHICLE POWER TRACTION INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL ELECTRIC VEHICLE POWER SOFT SWITCHING INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY PROPULSION TYPE, 2021 VS 2028 (%)
8. GLOBAL HYBRID ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL PLUG-IN HYBRID ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL BATTERY ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL FUEL CELL ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY VEHICLE TYPE, 2021 VS 2028 (%)
13. GLOBAL PASSENGER ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL COMMERCIAL ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. GLOBAL ELECTRIC VEHICLE POWER INVERTER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
16. US ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
17. CANADA ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
18. UK ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
19. FRANCE ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
20. GERMANY ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
21. ITALY ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
22. SPAIN ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
23. REST OF EUROPE ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
24. INDIA ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
25. CHINA ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
26. JAPAN ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
27. SOUTH KOREA ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
28. REST OF ASIA-PACIFIC ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
29. REST OF THE WORLD ELECTRIC VEHICLE POWER INVERTER MARKET SIZE, 2021-2028 ($ MILLION)
