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The global electric vehicle power inverter market size was valued at  USD 4,149.28 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 26.5% from 2022 to 2030. The demand for EVPI is growing owing to the many benefits that electric vehicles provide. These benefits include reduced operating costs and reduced tailpipe emissions. The demand for EVPI is increasing all over the world. This positive trend is driving key players to strategically invest in the market.

Global Electric Vehicle Power Inverter Market: Regional Insights

The global electric vehicle power inverter market is regionally divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the global electric vehicle power inverter market over the forecast period. This is due to increasing adoption of electric vehicles in countries such as the U.S. and Canada, and rising focus of market players in the region on partnership and joint ventures to expand geographical presence. For instance, in January 2019, NXP Semiconductors entered into partnership with VEPCO Technologies for the production of a SIL-D- capable, inverter prototype and high-voltage power control reference platform.

Moreover, Europe is also anticipated to witness robust growth in the global electric vehicle power inverter market during the forecast period due to rise in demand and sales of electric cars, buses in countries across the region. For instance, the sales of electric cars in the United Kingdom showed a yearly growth of 182.42%, with 108.3 thousand units sold in 2020 compared to 38.35 units in 2019.

Figure 1. Global Electric Vehicle Power Inverter Market Share (%), by Region, 2021

ELECTRIC VEHICLE POWER INVERTER MARKET

Global Electric Vehicle Power Inverter Market Drivers:

Growing sales of electric vehicles is expected to augment growth of the global electric vehicle power inverter market during the forecast period. Electric vehicles have become an integral part of the automotive industry and due to rise in concerns related to environment, the sales of EVs are increasing around the world. For instance, in 2020, sales of electric vehicles increased from 2% in 2019 to 2.4% in 2020 in the US.

Increasing initiatives by governments across the globe encouraging consumers to opt for electric vehicles over conventional vehicles is also projected to fuel growth of the global electric vehicle power inverter market during the forecast period. For instance, government of India has been providing incentives with its FAME and FAME II policies to consumers and attractive options for manufacturers and investors for setting up EV plants, in order to push the country towards rapid adoption of electric vehicles.

Global Electric Vehicle Power Inverter Market Opportunities:

Growing consumer spending on electric vehicles is anticipated to create various growth opportunities for players in the global electric vehicle power inverter market during the forecast period. Due to growing awareness regarding green vehicles among consumers, expenditure on electric vehicles is increasing around the world and this is presenting manufacturers of EV parts with great opportunities. For instance, in 2020, the overall spending on electric vehicles increased by 50% than 2019 to US$ 120 billion in 2020.

Growing technological development in electric vehicle power inverters is also expected to create lucrative environment for growth opportunities in the market. For instance, Mitsubishi announced the launch of its novel module of power semiconductor with innovative features such as lighter and smaller inverters with high integration and additional compact package. This development lines with focus of government on weight reduction.

Electric Vehicle Power Inverter Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 4,149.28 Mn
Historical Data for: 2017-2022 Forecast Period: 2022-2030
Forecast Period 2022 to 2030 CAGR: 26.5% 2030 Value Projection: US$ 33,364.52 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Propulsion Type: Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle, Fuel Cell Electric Vehicle
  • By Vehicle Type: Passenger Cars, Commercial Vehicles
Companies covered:

Vitesco Technologies, Robert Bosch GmbH, DENSO Corporation, Toyota Industries Corporation, Hitachi Automotive Systems Ltd, Meidensha Corporation, Aptiv PLC (BorgWarner Inc.), Mitsubishi Electric Corporation,Marelli Corporation, Valeo Group, Lear Corporation, Continental AG, Drive System Design, LG-Magna, John Deere Electronic Solutions, Drive System Design LTD, Hyundai Mobis Co. Ltd, Fraunhofer ISE, Eaton Corporation PLC, Exalta Oxy Neuron, Infineon Technologies AG, CWB Automotive Electronics Co. Ltd.

Growth Drivers:
  • Growing sales of electric vehicles
  • Increasing initiatives by governments across the globe
Restraints & Challenges:
  • Challenges associated with supply chains resulted from COVID-19
  • Growing inclination of consumers towards used vehicles

Global Electric Vehicle Power Inverter Market Trends:

Advent of silicon carbide inverters is growing around the world. Silicon carbide devices operate at higher temperatures and consist reduced thermal design, which is an ideal solution for automotive industry. With the use of SiC, power losses can be reduced ten times. As these devices have tenfold increased electric breaking field and tripled cooling coefficient, they are capable of operating at high voltages. Thus, growing introduction of silicon carbide inverters is a growing trend in the global electric vehicle inverter market.

Rise in government expenditure on electric vehicle segment is another trend in the market, which is expected to boost growth of the global electric vehicle power inverter market during the forecast period. For instance, government all over the world are increasingly incentivizing purchases of electric cars with deduction in tax. In 2020, the global government spending on direct purchase and incentives as well as tax deductions for electric vehicles was USD 14 billion, which is an increase of 25% from the previous year.

Global Electric Vehicle Power Inverter Market Restraints:

Challenges associated with supply chains resulted from COVID-19 are expected to impede growth of the global electric vehicle power inverter market during the forecast period. Until late 2019, electric vehicles sales showed immense increase; however, due to implementation of countrywide lockdowns, global economic growth was hindered, which adversely impacted the sales of EV and charging infrastructure systems. For instance, as per the Society of Electric Vehicle Manufacturers (SMEV), there was a 20% decline in registration of EVs in India in FY21 compared to FY20.

Moreover, growing inclination of consumers towards used vehicles is also expected to obstruct growth of the global electric vehicle power inverter market over the forecast period. For instance, in 2020, there was an increase in demand for used vehicles in almost all the regions around the world. Thus, due to this growing demand for used vehicles, the market growth is likely to be affected.                             

Figure 2. Global Electric Vehicle Power Inverter Market Share (%), By Propulsion Type, 2021

ELECTRIC VEHICLE POWER INVERTER MARKET

Global Electric Vehicle Power Inverter Market Segmentation:

The global electric vehicle power inverter market report is segmented into Propulsion, Vehicle, and Region.

Based on Propulsion, the market is segmented into Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle, and Fuel Cell Electric Vehicle. Out of which, Hybrid Electric Vehicle segment is expected to dominate the global market over the forecast period and this is attributed to the growing sales of HEVs around the world. For instance, the U.S. witnessed increased hybrid vehicle sales with 454,890-units sold as compared to 380,794-units sold in 2019.

Plug-in Hybrid Electric Vehicle segment is also expected to witness significant growth in the near future owing to the rise in demand for enhanced vehicle performance, better driving experience and improved economy.

Based on Vehicles, the market is segmented into Passenger Cars and Commercial Vehicles. Out of which Passenger Cars segment is anticipated to dominate the global market during the forecast period and this is attributed to rise in demand for fuel, hybrid and electric passenger cars around the world. For instance, in 2020, the registration of BEVs accounted for 54% of all electric car registration in European countries, which exceeded plug-in hybrid car vehicles.

Commercial Vehicles segment is also expected to witness substantial growth in the near future owing to the growing investment by market players for increasing production capabilities and expanding their product portfolio.

Global Electric Vehicle Power Inverter Market: Key Developments:

In October 2021, Robert Bosh launched a new CV-specific electric motor and inverter, which can be paired with advanced Sic inverter of Bosch for cutting down energy losses and increasing the driving range of commercial vehicles.

In May 2021, Hyundai gave a contract to Vitesco for the supply of 800-volt inverters with silicon carbide technology for new EV platform of Hyundai Motor Group. This contract underlines the intension of launching 23 battery-powered models by the year 2025.

Global Electric Vehicle Power Inverter Market: Key Companies Insights

The global electric vehicle power inverter market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global electric vehicle power inverter market are Vitesco Technologies, Robert Bosch GmbH, DENSO Corporation, Toyota Industries Corporation, Hitachi Automotive Systems Ltd, Meidensha Corporation, Aptiv PLC (BorgWarner Inc.), Mitsubishi Electric Corporation,Marelli Corporation, Valeo Group, Lear Corporation, Continental AG, Drive System Design, LG-Magna, John Deere Electronic Solutions, Drive System Design LTD, Hyundai Mobis Co. Ltd, Fraunhofer ISE, Eaton Corporation PLC, Exalta Oxy Neuron, Infineon Technologies AG, CWB Automotive Electronics Co. Ltd.

*Definition:

The Electric Vehicle Power Inverter (EVPI) is a complex electronic device that converts DC battery voltage into multiphase AC current. The EVPI uses six semiconductor power switching devices and a gate driver to regulate the AC voltage and current. It has two current measurements and a position measurement, and it uses mathematical transformations to generate the correct output signals.

Frequently Asked Questions

The global electric vehicle power inverter market size is estimated to be valued at US$ 4,149.28 Million in 2021 and is expected to exhibit a CAGR of 26.5% between 2022 and 2030.

Growing sales of electric vehicles and increasing initiatives by governments across the globe are fuelling the growth of the market.

The passenger car segment is the leading component segment in the market.

Challenges associated with supply chains resulted from COVID-19 and growing inclination of consumers towards used vehicles are the major factors restraining growth of the market.

Vitesco Technologies, Robert Bosch GmbH, DENSO Corporation, Toyota Industries Corporation, Hitachi Automotive Systems Ltd, Meidensha Corporation, Aptiv PLC (BorgWarner Inc.), Mitsubishi Electric Corporation,Marelli Corporation, Valeo Group, Lear Corporation, Continental AG, Drive System Design, LG-Magna, John Deere Electronic Solutions, Drive System Design LTD, Hyundai Mobis Co. Ltd, Fraunhofer ISE, Eaton Corporation PLC, Exalta Oxy Neuron, Infineon Technologies AG, CWB Automotive Electronics Co. Ltd.

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