The global electric vehicle power inverter market is anticipated to grow at a considerable CAGR of 21.9% during the forecast period (2022-2028). One of the prominent factors for the estimated growth is the growing demand for electric vehicles in the market. The growing awareness about the environment, the importance of electrification of vehicles, and the rising fuel prices have increased the demand for electric vehicles in the past few years, which has also increased the demand for electric vehicle power inverters which is a necessary component to run an electric vehicle as it converts direct current (DC) to alternate current (AC).
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For instance, as per the data of the International Energy Agency (IEA) 2020, the sales of EV cars increased by more than 40% as compared to the sales of EV cars in 2019. This exponential demand has generated high competitiveness in the market which has further increased the demand for electric vehicles power inverters. With rising new market players, new vehicles launch has become consistent in the market. For instance, in December 2020, Apple planned to launch its electric car in 2024 which has been under research and development since 2018. Moreover, in April 2022, Tesla announced its plan to launch its Cybertruck in 2023, which was initially planned to be released in 2021.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
Segment Covered-
- By Type
- By Propulsion Type
- By Vehicle Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- including DENSO Corp., Hitachi, Ltd., Mitsubishi Electric Corp., Toyota Industries Corp., Valeo Group, and others.
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Electric Vehicle Power Inverter Market Report Segment
By Type
- Traction Inverter
- Soft Switching Inverter
By Propulsion Type
- Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicle
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Electric Vehicle Power Inverter Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- BorgWarner Inc.
- Continental AG
- Danfoss A/S
- Eaton Corp. plc
- Fuji Electric Co., Ltd.
- Infineon
- Marelli Holdings Co., Ltd
- MEIDENSHA CORP.
- Robert Bosch GmbH
- Vitesco Technologies Group AG
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