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

HEV/EV Power Inverter Market size was valued at USD 28.10 Billion in 2021 and is poised to grow from USD 30.80 Billion in 2022 to USD 64.12 Billion by 2030, at a CAGR of 9.60% during the forecast period (2023-2030).

The 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, presence, efficient supply chain management systems, and growing demand for their products. '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)'

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 sales expansion and ongoing technological advancements in electric vehicle power inverters.

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.

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 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.