Automotive Inverter Market Size, Share, and Industry Analysis, By Type (50-100 KW, Below 50 KW, Above 100 KW), By Application (Electric Vehicles, Hybrid Vehicles), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Automotive Inverter Market REPORT OVERVIEW

• 
• to learn more about this report 

The global automotive inverter market size was USD 3047.4 million in 2023 and market is projected to touch USD 23906.1 million by 2032, at a CAGR of 25.7% during the forecast period.

Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) require a footing inverter to change over dc energy from the high-voltage battery or dc connect transport to the three-stage ac energy used to drive the foothold engine. Automotive inverters are normally fit for moving power in the 20 to 200 kW range, with changing voltages in the 200 V to 800 V reach and flows in the many amperes. The inverter in an electric vehicle is a gadget that changes energy from the vehicle's batteries to control the drivetrain's engines. In light of its weight and size, this significant part affects the vehicle's street execution, driving reach, and reliability. These converters should have the option to oversee high power and flows, as well as the connected electromagnetic similarity (EMC) hardships, and empower the safeguard activity to guarantee dependability and security for the driver and travelers.

With developing discharge norms everywhere, major original equipment management’s are moving their creation profile to electric and mixture vehicles from the ordinary motor is going about as the significant driving variable for the development of auto inverters. Additionally, territorial states across the globe establish the climate that thrives on the electric vehicle deals which thus builds the deals of auto inverters. The different uses and benefits of it facilitates the growth of the automotive inverter.

COVID-19 Impact: Need in Various Industries to Improve Market Growth

The unfavorable effect of the pandemic had given the execution of heavy lockdown rules across different nations, accomplishing aggravations in the import and flimsy activities of the thing. At any rate, the progression pursued for importance in the market extended the first class improvement during the pandemic. The usage of this in all the industries such as chemical industry and others for purposes increased the necessity. With every one of the current circumstances additionally, the advancement of the market of automotive inverter figures post-COVID-19 is shown in the market.

LATEST TRENDS

"Applications in Automotive Industry to Improve Market Growth"

In the past years, the automotive industry has undergone a substantial technical transformation that has paved the way for the mainstream adoption of electric mobility. In order to lower carbon emissions and boost the use of alternative energy vehicles, various nations are putting into place policies like fuel economy regulations, establishing support infrastructure for alternative propulsion vehicles, and offering consumer incentives. The need for automotive inverters, a crucial part of alternative energy vehicles, has increased significantly in recent years as a result of the rapid uptake of battery electric cars, plug-in hybrid electric vehicles, and hybrid electric vehicles. Such demands are expected to pose an opportunity for global automotive inverter market growth during the forecast period. 

Automotive Inverter Market SEGMENTATION

• 
•   to learn more about this report

• By Type

Based on type; the market is divided into 50-100 kW, Below 50 kW, Above 100 KW.

50-100 kW is the leading part in the type segment.

• By Application

Based on application; the market is divided into electric vehicles, hybrid vehicles.

Electric vehicles are the leading part in the application segment.

DRIVING FACTORS

"Increase in Technology of Power Electronics to Increase Production"

In the long run, it is anticipated that rapid technological advancement in the field of power electronics, such as the creation of car inverters with higher power densities, will drive the demand for these devices. Automobile inverter manufacturers have improved the automotive inventor's ability to handle energy in light of the automakers' growing worries about reducing energy usage. However, improper use of the automobile inverter may result in a reduction in battery life, which raises the cost of maintenance. Such demands are anticipated to drive the automotive inverter market share.

"Increase in Gadgets to Improve Market Growth"

The primary function of the automotive inverter, which is a vital and essential component of the automobile, is to convert or switch the DC power from the battery source to AC power. These typically simulate the alternating current that is necessary for the proper operation of small consumer devices like mobile phones, laptops, and accessory jacks, to name a few. Truck drivers and those who frequently travel long distances for leisure or business frequently require efficient and effective automobile inverter assemblies. The majority of automobile inverters now come with an additional component in the commercial market that creates a true or modified sine wave because most consumer devices operate on a specific true sign wave. These factors and different uses are anticipated to drive the automotive inverter market growth during the forecast period.

RESTRAINING FACTORS

"High Cost Investments to Impede Market Growth"

The expense of a pure sine wave inverter is its biggest and most important drawback. Due to the use of more advanced state-of-the-art manufacturing technologies, these inverters are more expensive than modified sine wave inverters. When it comes to payments, the pure sine wave inverter always costs more than the modified sine watt inverter of the same watt. Therefore, it is always good to be aware of the budget and affordability before making a purchase. Appliances that don't require rectifiers and can be powered by any common DC adapter will operate flawlessly with the modified sine wave inverters. These factors restrict the growth of the automotive inverter market.

Automotive Inverter Market REGIONAL INSIGHTS

• 
•   to learn more about this report

"North America to Dominate Market due to High Rate of Consumers"

North America holds the biggest piece of the automotive inverter market because of the biggest assembling organizations in various conditions of nations such as the U.S. being the main makers. The accessibility of assets primarily relies upon the nations of America. The pace of utilization being higher in these districts is additionally one reason. This additionally added to the development in the foundation of different producer organizations to extend the market development in the area.

KEY INDUSTRY PLAYERS

"New Methods by Manufacturers to Improve Market Growth"

The report turns the overall relationship of get-together individuals and their new turn of events. Sorting out unequivocally exactly as expected to parties the essential data, it is utilized through basic assessment, creative developments, acquisitions, and interests. Discretionary viewpoints noted for this market join affiliations that work with and offer new things, the geographic locales they base on, computerization, lead gathering, making the most undeniably reimbursing pieces, and having guaranteed contact with their things.

List of Market Players Profiled

• Toyota Industries (Japan)
• Bosch (Germany)
• Valeo (France)
• Mitsubishi Electric (Japan)
• Denso (Japan)
• Vitesco Technologies (Germany)
• Hitachi Astemo (Japan)
• Hyundai Mobis (South Korea)
• Suzhou Inovance Automotive (China)
• Marelli (China)
• Zhongshan Broad-Ocean (China)

REPORT COVERAGE

This examination outfits a report with evaluations that consider the portrayal liberated from the business ties that could change the timespan that is being tangled. The layout gives a reasonable perspective concerning collecting affiliations with its boundless appearance structures, market validness, and late new developments. By reviewing the parts, for example, division, expected open pieces, energy restores, plans, improvement, size, shares, drivers, blocks, and others, it gives a general assessment under the course of the finished point by point evaluation. This assessment could be changed considering the focal information and future market part changes.