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

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.