[Straits Research Pvt Ltd] Electric vehicle power inverter market size expected to reach USD 18.98 billion by 2030
*View in browser* *Straits Research Pvt Ltd*
Press release: March 4, 2024
**
Electric vehicle power inverter market size expected to reach USD 18.98 billion by 2030
*
The global electric vehicle power inverter market is valued at USD 3.67 billion in 2021. It is estimated to reach USD 18.98 billion by 2030, growing at a CAGR of 22.8% over the forecast period (2022-2030). *
Electric vehicle power inverter market size
* Download your free sample report PDF here @ * *
https://straitsresearch.com/jp/report/electric-vehicle-power-inverter-market/request-sample*
Electric vehicle engines use inverters to convert direct current (DC) power to alternating current (AC) power.
Convert to Inverters greatly facilitate the control of electronic powertrains. Different types of inverters are used for different purposes in electric vehicles, such as traction and soft switching. The electric vehicle power supply business is mainly driven by the integration of domestic automakers and existing battery manufacturers.
* Rising electric vehicle sales drive global electric vehicle power inverter market *
Electric vehicles have become a key component of the automotive industry and are a means to increase energy efficiency and reduce pollution and greenhouse gas emissions. Rising environmental concerns and favorable government initiatives are the major factors driving market expansion. Furthermore, the target market is BEV
and PHEV
is driven by increased sales and lower costs for inverter components due to breakthroughs in materials and packaging design. Additionally, rising battery prices are prompting upgrades to inverters and other power electronics to improve vehicle performance.
Governments around the world are also enacting programs and laws to encourage consumers to choose electric vehicles over conventional vehicles. 1 of the plans to promote the purchase of electric cars is the California ZEV program, which aims to reach 150 by 2025. The aim is to have 10,000 electric vehicles on the road. It has been proposed by countries such as India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands. Various incentives for individuals interested in purchasing an electric vehicle. Rapid expansion in global sales and continued technological advancements in electric vehicle power inverters are expected to drive market growth throughout the forecast period.
* Improved government and consumer spending creates great opportunities *
Governments around the world offer tax incentives for purchasing electric vehicles.
In 2020, governments around the world will spend $14 billion in direct investment, incentives and tax credits for electric vehicles, a 25% increase from current levels. There was a lot of government spending in Europe. The decrease in spending in China was due to the
discontinuation of previously implemented sales incentive programs. With the introduction of subsidy price limits, electric vehicle prices have fallen slightly. As a result, BEV prices have fallen by 3% and PHEV prices by 8% in Europe and China. India proposed a tax exemption of 1.5 million rupees in December 2021 to promote sales of electric vehicles.
Improving business optimism, post-COVID-19 economic recovery, and increased environmental awareness are driving consumer spending on electric vehicles. EV
Increased sales offer great prospects for EV parts manufacturers, especially power inverter manufacturers. Total spending on electric vehicles in 2020 is 1,200
billion, an increase of 50% compared to 2019. The average price of an electric car is 6%
Despite the rise, sales increased. Such spending presents lucrative opportunities for market expansion.
*Regional insights*
Asia Pacific accounts for the largest market share, registering a CAGR of 22.2% during the forecast period
It is estimated that it will grow in China is an essential participant in the global electric vehicle sector. Additionally, the Chinese government is encouraging the introduction of electric vehicles. The country plans to ban diesel and gasoline cars by 2040. China’s electric passenger vehicle market is one of the largest in the world and has grown significantly over the past few years. This amount is expected to increase throughout the forecast period, which will also impact the demand for electric vehicle power inverters as the demand for electric vehicles increases. The need for electric vehicle power inverters in China is expected to be driven by export deals and agreements on electric buses between Chinese automakers and other countries.
Europe will account for USD 6.5 billion by 2030, at a CAGR of 23.6% It is estimated that it will grow in Germany is one of the most important car markets in Europe. Additionally, Germany is one of the world’s major markets for electric trucks.
That’s one. In Germany, the demand for electric vehicles has been steadily increasing in recent years, paving the way for electric vehicle power inverters. For example, passenger car sales have increased significantly over the past few years.
In 2020, 194.4 thousand electric vehicles were sold, an increase of 207% from 63.2 in 2019.
Various cooperation, alliances and joint ventures between component manufacturers are expected to benefit the electric vehicle power inverter industry in the near future. The aforementioned factors create potential for manufacturers of electric vehicle components and parts as the demand for components such as electric vehicle power inverters is expected to increase during the forecast period.
North America is 3
It is the second largest region. With the introduction and increasing demand for electric vehicles in the United States, the need for electric vehicle power inverters has increased dramatically in recent years. For example, despite the pandemic, demand for electric cars is steadily increasing. annual growth rate
22.56%, and the number of registered passenger cars increased from 1.45 million in 2019 to 178 in 2020.
It has increased to 10,000 units. The electric vehicle power inverter market is expected to be driven by the increasing demand for passenger vehicles such as electric vehicles.
*Main highlights*
– The global electric vehicle power inverter market is segmented by propulsion type into hybrid electric vehicle, plug-in hybrid electric vehicle, battery electric vehicle, and fuel cell electric vehicle. Battery electric vehicles accounted for the largest market share during the forecast period
It is estimated to grow at a CAGR of 24.3%.
– Global electric vehicle power inverter market is segmented by vehicle type into passenger cars and commercial vehicles. Passenger vehicles accounted for the largest market share during the forecast period.
It is estimated to grow at a CAGR of 22.3%.
*Competitive environment*
Key players in the global electric vehicle power inverter market are Vitesco Technologies, Robert Bosch
GMBH, Denso Corporation, Toyota Industries Corporation, Hitachi Astemo Ltd, Meidensha Co., Ltd., Aptiv PLC (Borgwarner
Inc.), Mitsubishi Electric Corporation, Marelli Corporation, Valeo Group, Lear Corporation, Continental AG, ZF
Friedrichshafen AG, LG Magna e-Powertrain, John Deere Electronic Solutions, Drive System Design LTD, Hyundai Mobis Co. Ltd.
*Market News*
– In August 2022, Vitesco Technology will introduce Swappable Batteries Motorcycle
I participated in the Consortium. The company offers modern drive technology and electrification solutions (SBMC)
is a creative multinational manufacturer that provides The consortium, which currently has 21 members, was established in 2021 by four of the world’s major motorcycle manufacturers (Honda, KTM, Piaggio, and Yamaha).
– July 2022 Renault, an important player in the automotive industry The Group and Vitesco Technologies, a leading international manufacturer of cutting-edge drive technology and electrification solutions, are
We announced the conclusion of a strategic partnership for joint development and production of electronics. So-called “one box” for electric and hybrid powertrains
*Global electric vehicle power inverter market: Segmentation*
*By propulsion type*
– Hybrid electric car
– Plug-in hybrid electric vehicle
– battery electric car
– Fuel cell electric vehicle
*By car type*
– Passenger car
– Commercial vehicles
*By region*
– North America
– Europe
– Asia Pacific
– Rest of the world
* Straits Research Co., Ltd. *
Straits Research is a market intelligence company providing global business intelligence reporting and services.
Our unique combination of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. Straits Research Pvt.
Ltd. provides actionable market research data specifically designed and presented for decision making and ROI.
Whether you’re considering a business sector in the next town over or across a continent, we understand the importance of knowing our clients’ purchases.
We solve our clients’ problems by recognizing and deciphering target groups and generating leads with utmost precision.
We strive to work with our clients to combine market research and business research approaches to deliver a wide range of results.
For more information on our target markets, please contact us below.
Phone: +1 646 905 0080 (USA.)
+91 8087085354 (India)
+44 203 695 0070 (UK)
Email: sales@straitsresearch.com
SNS: LinkedIn