USD 28.10 Billion
HEV/EV Power Inverter Market Size, Share, Growth Analysis, By Propulsion Type(Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle, and Fuel Cell Electric Vehicle), By Vehicle Type(Passenger Cars, and Commercial Vehicle), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2113 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
HEV/EV Power Inverter Market Insights
HEV/EV Power Inverter Market size was valued at USD 30.8 billion in 2022 and is poised to grow from USD 33.75 billion in 2023 to USD 70.28 billion by 2031, growing at a CAGR of 9.60% during the forecast period (2024-2031).
With the increasing popularity of electric and hybrid vehicles, the demand for HEV/EV power inverters is expected to grow significantly in the coming years. The primary driving factor for the HEV/EV power inverter market is the increasing demand for electric and hybrid vehicles due to environmental concerns and government regulations promoting green energy. Additionally, advancements in technology and the declining cost of batteries have made electric vehicles more accessible to consumers. The need for efficient and reliable inverters in these vehicles is also driving the market.
The main restraining factors for the HEV/EV power inverter market is the high cost of production and the associated high retail price of electric and hybrid vehicles. Another challenge is the limited driving range of electric vehicles, which can make them less practical for certain applications. The biggest challenge in the HEV/EV power inverter market is to develop inverters that are more efficient and reliable while keeping costs low. In addition, the market is highly competitive, with many players vying for market share. There are several opportunities in the HEV/EV power inverter market, including the development of new and innovative technologies that improve efficiency and reduce costs. Additionally, the growth of electric vehicle infrastructure and the increasing popularity of electric vehicles in emerging markets presents significant growth opportunities for the market. The demand for high-power inverters is increasing due to the growing popularity of larger electric vehicles, such as buses and trucks. The HEV/EV power inverter market is poised for significant growth in the coming years, driven by the increasing demand for electric and hybrid vehicles and advancements in technology. The market is also highly competitive, with players vying for market share and developing new and innovative technologies to meet the demands of consumers.
US HEV/EV Power Inverter Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hybrid Electric Vehicle
Fastest Growth
Hybrid Electric Vehicle
Growth Rate
9.60% CAGR
Global HEV/EV Power Inverter Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
To get more reports on the above market click here to Buy The Report
HEV/EV Power Inverter Market Segmental Analysis
The global HEV/EV power inverter market is segmented on the basis of propulsion type, group, and region. By propulsion type, the market is segmented into hybrid electric vehicle, plug-in hybrid electric vehicle, battery electric vehicle, and fuel cell electric vehicle. By vehicle type, the market is segmented into passenger cars, and commercial vehicles. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
HEV/EV Power Inverter Market Analysis By Propulsion Type
Battery Electric Vehicles (BEVs) segment earned the largest market share in the HEV/EV power inverter market, and it is estimated to grow at a CAGR of 25.3% over the forecast period. This growth can be attributed to the increasing sales of BEVs and the high cost of batteries, which has led to the need for improved power electronics and vehicle performance. The adoption of electric mobility by transportation companies globally has also contributed to the growing demand for power inverters. Governments worldwide have taken steps to promote the use of electric vehicles, further increasing the demand for power inverters in the market.
The Hybrid Electric Vehicle (HEV) segment is the second-largest, and its sales have been gradually growing worldwide. The increasing sales of luxury cars with hybrid-electric systems worldwide are expected to boost the growth of the HEV segment during the forecast period.
HEV/EV Power Inverter Market Analysis By Vehicle Type
In terms of classification by vehicle type, the passenger cars segment held the largest share in 2022 and is projected to continue so during the forecast period as well. "In the context of an electric drivetrain, the inverter plays a crucial role by governing the performance of the electric motor. Similar to the engine management system (EMS) found in conventional combustion vehicles, the inverter's effectiveness significantly influences the overall performance of the vehicle. The escalating demand for hybrid, electric, and fuel cell passenger cars on a global scale, particularly from North America, Europe, and Asia-Pacific, notably China, has been on the rise. This increasing inclination toward vehicle electrification is projected to continue, fueled by the introduction of upcoming models by international automakers. Consequently, these advancements in electric passenger cars are expected to create fresh opportunities for participants in the HEV/EV power inverter market."
Global HEV/EV Power Inverter Market Size By Propulsion Type 2022(%)
To get detailed analysis on other segments, Request For Free Sample Report
HEV/EV Power Inverter Market Regional Insights
Asia-Pacific holds the largest market share in the HEV/EV power inverter market and is projected to grow over the forecast period. China, in particular, plays a crucial role in the global electric vehicle industry, and the Chinese government is actively promoting the adoption of electric vehicles, with plans to completely ban diesel and petrol vehicles by 2040. The Chinese electric passenger car market is among the largest globally and has been growing rapidly, with this trend expected to continue in the forecast period, driving demand for electric vehicle power inverters as the need for electric cars increases. Furthermore, it is anticipated that contracts and agreements between Chinese automakers and other nations for the export of electric buses will increase demand for electric vehicle power inverters in China. An increase in vehicle production for export and the adoption of electric mobility are key factors expected to drive the growth for electric vehicle power inverters in China.
Europe is estimated to account for USD 6,500 million by 2030, growing at a CAGR of 23.6%. Germany, being one of the major automobile markets in Europe, represents one of the largest markets for electric trucks globally, with a continuously growing demand for electric cars over the past few years, paving the way for electric vehicle power inverters. Given that the demand for components like electric vehicle power inverters is anticipated to increase during the forecast period, partnerships and collaborations between component makers are anticipated to present opportunities for manufacturers of electric vehicle components and parts. For example, VIC, an Israeli technology startup, and ZF Friedrichshafen AG partnered in May 2020, with the production of inverters for electric vehicles as their primary goal. These factors mentioned above create opportunities for electric vehicle component manufacturers as the demand for components like electric vehicle power inverters is expected to increase in the forecast period.
Global HEV/EV Power Inverter Market Size By Geography, 2022-2030
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
HEV/EV Power Inverter Market Dynamics
HEV/EV Power Inverter Market Drivers
Increased Sales of Electric Vehicles
- The automotive industry has readily embraced electric vehicles as an essential aspect, providing a means to enhance energy efficiency and decrease emissions of harmful pollutants and greenhouse gasses. The increasing concerns about the environment and the encouraging support from governments play pivotal roles in propelling the expansion of this market. Additionally, the market is driven further by the growing sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), as well as the reduced costs of inverter components, resulting from material advancements and improved packaging methods. Furthermore, the necessity to address the high price associated with batteries has led to advancements in inverters and other power electronics, alongside efforts to enhance vehicle performance. Governments across the globe have also implemented various incentives and policies to encourage consumers to opt for electric vehicles over traditional ones. Anticipated factors driving market growth during the forecast period include the rapid global sales expansion and ongoing technological advancements in electric vehicle power inverters.
Rise in Investments on Electric Vehicles
- The electric vehicle industry is experiencing significant growth and is expected to continue expanding in the foreseeable future. Many vehicle manufacturers and related industries view electric vehicles as a lucrative investment opportunity, contributing to the surge in the electric vehicle and EV charging station market. The global electric bus market is particularly promising, with China leading the way and driving the demand for e-buses during the forecast period. Government initiatives to promote e-mobility are further boosting the sales of electric buses. Additionally, Thailand plays a significant role in the automotive sector, being the 11th largest automotive producer in the world and the leading producer in the ASEAN region. The continuous advancements in power inverters for electric vehicles are also anticipated to be a key driver for the market's growth in the forecast period.
HEV/EV Power Inverter Market Restraints
Lack of Sufficient Infrastructure for Electric Vehicles
- Although electric vehicles offer numerous benefits both for the environment and in terms of cost savings, they have not yet achieved widespread adoption. The limited availability of charging infrastructure poses a significant constraint for the electric vehicle industry. This lack of charging options hinders the growth of electric vehicles, making it challenging for the market of electric vehicle power inverters to flourish. Consequently, this situation negatively impacts the production and acceptance of electric vehicles, further inhibiting the expansion of the market for EV power inverters. The disparity between the demand for charging facilities and the distribution of infrastructure discourages the manufacturing of electric vehicles and presents additional barriers to the market's growth.
High Cost of Electric Vehicles
- One of the significant restraints of the HEV/EV power inverter market is the high cost of electric vehicles. The cost of electric vehicles is comparatively higher than conventional fuel-based vehicles, and this may deter potential customers from purchasing electric vehicles, thereby hindering the demand for power inverters.
Request Free Customization of this report to help us to meet your business objectives.
HEV/EV Power Inverter Market Competitive Landscape
The global HEV/EV power inverter market is a major player in the electric vehicle power inverter market. Companies are leading manufacturers in the market due to their extensive product portfolios, global presence, efficient supply chain management systems, and growing demand for their products.
To expand their market share and improve their product offerings, some players are adopting various strategic initiatives such as acquisitions and geographical expansions. companies are investing to construct a new plant building at Himeji Works, Hirohata plant, aimed at enhancing the production of motors, generators, and inverters for hybrid and electric vehicles. These strategic initiatives are expected to help these players meet the increasing demand for electric vehicle power inverters and maintain their market position.
HEV/EV Power Inverter Market Top Player’s Company Profiles
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Denso Corporation (Japan)
- Hitachi Automotive Systems, Ltd. (Japan)
- Delphi Technologies (UK)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Electronic Devices & Storage Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
- Renesas Electronics Corporation (Japan)
- Texas Instruments Incorporated (US)
- Infineon Technologies AG (Germany)
- STMicroelectronics NV (Switzerland)
- Lear Corporation (US)
- ABB Ltd. (Switzerland)
- Hyundai Mobis Co., Ltd. (South Korea)
- Dana Incorporated (US)
- Vitesco Technologies GmbH (Germany)
- Magna International Inc. (Canada)
- BorgWarner Inc. (US)
- Valeo SA (France)
HEV/EV Power Inverter Market Recent Developments
- In October 2022, the German government made a substantial investment of Euro 6.3 Billion (USD 6.1 Billion) with the objective of expanding the network of charging stations throughout the country.
- During September 2022, Orix, a Japanese leasing company, unveiled plans to deploy electric vehicle charging stations nationwide. In collaboration with Ubiden, the company aims to establish approximately 50,000 charging stations by the year 2025.
- In July 2022, Renault Group, a prominent player in the automotive industry, and Vitesco Technologies, a leading international manufacturer specializing in modern drive technologies and electrification solutions, declared the formation of a strategic partnership. The collaboration is centered around the joint development and production of power electronics, referred to as a "One Box," designed for electric and hybrid powertrains.
- In August 2022, Vitesco Technology joined the Swappable Batteries Motorcycle Consortium (SBMC). This multinational manufacturer of contemporary drive technologies and electrification solutions became the 21st member of the Consortium, which was established in 2021 by four major global two-wheeled vehicle manufacturers: Honda, KTM, Piaggio, and Yamaha.
HEV/EV Power Inverter Key Market Trends
- Government Initiatives: Governments around the world are implementing various initiatives and regulations to promote the adoption of electric vehicles. For instance, the Chinese government is planning to ban the sale of petrol and diesel vehicles entirely by 2040, and the Indian government is planning to achieve 100% electric vehicle sales by 2030. These initiatives are expected to drive the demand for electric vehicle power inverters.
- Partnership and Collaborations: Another Companies in the electric vehicle power inverter market are collaborating with other players in the value chain to improve their market position and expand their product portfolio. DENSO and BlackBerry Limited announced their collaboration to develop an integrated human machine interface (HMI) digital cockpit system.
HEV/EV Power Inverter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global HEV EV power inverter market analyses, the increasing demand for hybrid and electric vehicles worldwide. The demand for electric cars in Germany has been growing continuously over the past few years, leading to a rise in the demand for HEV/EV power inverters. implementing strategies such as acquisitions and geographical expansion to increase their market share. The key trends in the HEV/EV power inverter market is the increasing use of silicon carbide (SiC) technology, which offers higher efficiency and reliability compared to traditional silicon-based inverters. This technology is becoming more widely available and is expected to become the industry standard in the near future. the integration of inverters and DC/DC converters, which can save space and reduce costs in electric vehicles. The use of AI and machine learning in inverters is also a growing trend, as it allows for more precise control of the electric motor and can lead to increased efficiency. The HEV/EV power inverter market is experiencing significant growth, driven by the increasing adoption of electric vehicles and advancements in technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 28.10 Billion |
| Market size value in 2031 | USD 64.12 Billion |
| Growth Rate | 9.60% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on HEV/EV Power Inverter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on HEV/EV Power Inverter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the HEV/EV Power Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the HEV/EV Power Inverter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the HEV/EV Power Inverter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the HEV/EV Power Inverter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
