Inverters are one of the most critical components of an electric vehicle. They have zero tolerance for failure and are included in the cost of the overall electric drive system. The efficiency of an electric vehicle's inverter is one of the factors that will determine future government incentives. A typical inverter in an EV or HEV will operate in the 10 to 25 kHz range. While this may sound excessive, it is possible to reduce the size and weight of the power module by up to half. Inverters made with SiC with silicon diodes are 20% more efficient than those made with silicon.
The global electric vehicle power inverter market is estimated to account for US$ 5,089.58 Mn in terms of value by the end of 2022.
Global Electric Vehicle Power Inverter Market: Drivers
Growing expenditure on research and development activities in electric vehicles and related components such as power inverters along with launch of novel products by market players is expected to augment growth of the global electric vehicle power inverter market during the forecast period. For instance, in November 2021, BorgWarner announced that the company is starting production and expansion plans of second phase of company’s R&D facility in Suzhou Industrial Park that will focus on design and development of full range of electronics including inverters, electronics, as well as DC/DC converters to pioneer the power electronic technology in the China market.
Global Electric Vehicle Power Inverter Market: Opportunities
The focus on electric vehicles as well as technological developments associated with EV power inverters is growing all over the world, which is likely to offer various growth opportunities to players in the global electric vehicle power inverter market during the forecast period. For instance, in November 2021, Bosch introduced INVCON 2.3, a lightweight inverter plus DC-DC converter weighing less than 7 kg. The demand for advanced inverters is increasing rapidly further raising the levels of competition among the market players.
Global Electric Vehicle Power Inverter Market: Restraints
Disrupted supply chains and delivery operations leading to delays in partner and customer deliveries is likely to hamper growth of the global electric vehicle power inverter market during the forecast period. Due to outbreak of COVID-19 the market growth is affected adversely as lockdown regulations have disrupted supply chains and transportation around the world.
To know the latest trends and insights prevalent in the Global Electric Vehicle Power Inverter Market, click the link below:
Global Electric Vehicle Power Inverter Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak in China has affected more than 100 countries around the world. Among various other markets, the global electric vehicle power inverter market was negatively affected by the COVID-19 pandemic. Several countries imposed lockdown regulations to control the virus spread, under which major market activities were disrupted. Production and demand declined during the pandemic due to lack of manpower and raw material supply. Furthermore, due to disrupted transportations, supply chains were adversely impacted. Moreover, there was significant decline in sales of electric vehicles as well as charging infrastructure systems. Thus, the global electric vehicle power inverter market was negatively impacted by the COVID-19 pandemic.
The global Electric Vehicle Power Inverter market was valued at US$ 4,149.28 Mn in 2021 and is forecast to reach a value of US$ 33,364.52 Mn by 2030 at a CAGR of 26.5% between 2021 and 2030.
Passenger cars segment held dominant position in the global Electric Vehicle Power Inverter market in 2021, accounting for 81.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Electric Vehicle Power Inverter Market Trends:
Increasing introduction of gallium nitride-based power inverters is a growing trend in the global electric vehicle power inverter market during the forecast period. For instance, in December 2021, Hofer Powertrain, a leading German automotive firm collaborated with VisIC Technologies, an Israel-based gallium nitride solution developer on gallium nitride (GaN)-based inverter that can be used in 800V automotive applications.
Rising focus of market players on offering fast charging technologies is another trend in the market, which is likely to boost the market growth during the forecast period. Due to increased sales of electric vehicles, the demand for charging stations is growing all over the world and to cater this demand market players are focused on innovative fast charging technologies.
Global Electric Vehicle Power Inverter Market: Competitive Landscape
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.
Global Electric Vehicle Power Inverter Market: Recent Developments
In May 2021, Robert Bosch, collaborated with Fraunhofer Institute for Reliability and Micro Integration and Porsche to start a new project that focuses on improving electric vehicle range by advancing performance of power inverters.
In December 2020, Meidensha Corporation announced that its new manufacturing plant at Nagoya has started a full operation of manufacturing inverter-integrated motors for vehicles with annual production capacity of 170, 000 units.
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