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Global Electric Vehicle Power Inverter Market Size, Analysis: By Inverter Type: Soft Switching Inverter, Traction Inverter; By Level of Integration: Integrated Inverter System, Mechatronic Integration System, Separate Inverter System; By Propulsion; By Vehicle Type; By Sales Channel; Regional Analysis; Competitive Landscape; 2024-2032
Global Electric Vehicle Power Inverter Market Outlook
The global electric vehicle power inverter market size was approximately USD 7.04 billion in 2023. The market is assessed to grow at a CAGR of 17.8% between 2024 and 2032, reaching a value of USD 31.62 billion by 2032.
Key Takeaways
- In 2022, the number of electric cars on the road exceeded 26 million, marking a 60% increase compared to 2021. This growth subsequently contributes to the demand for electric vehicle power inverter.
- The global adoption of electric vehicles positively influences the power inverter market as these vehicles require specific current formats for their motors to function, making inverter technology crucial.
- According to industry reports, 1 in every 10 vehicles sold globally will be a battery electric vehicle (EV) by 2026.
The global market for electric vehicle power inverter is expected to be driven by proactive government efforts to promote electric vehicle adoption and the increasing demand for vehicles that are both low-emission and fuel-efficient.
As per the global electric vehicle power inverter market analysis, the adoption of battery electric vehicles is expected to increase significantly in the coming years. Recent advancements in inverter technology have enabled the integration of soft switching inverters with the current traction inverter model which is enhancing the range and speed provided by electric motor to EVs. This facilitates a smooth driving experience, and is encouraging manufacturers to invest in research and development in the field of inverter and battery technologies to improve the performance of electric vehicles and address associated challenges.
The Asia Pacific is expected to be one of the leading regions in the global electric vehicle power inverter market. This can be attributed to the presence of a strong supply chain network and a talented pool of engineers in countries like China, Japan, and South Korea. The adoption of electric vehicles is significant across metropolitan cities in this region and the commercial usage of electric vehicles is also increasing as a result of favourable government measures.
Market Segmentation
Global Electric Vehicle Power Inverter Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Inverter Type
- Soft Switching Inverter
- Traction Inverter
Market Breakup by Level of Integration
- Integrated Inverter System
- Mechatronic Integration System
- Separate Inverter System
Market Breakup by Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- Plug in Hybrid Vehicle
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Sales Channel
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The market players are increasingly focusing on the production of electric vehicles with efficient power inverters and are making significant investments in research and development to produce improved products.
- Denso Corporation
- Toyota Industries Corporation
- VALEO Limited
- Continental AG
- Marelli Holdings Co., Ltd.
- Robert Bosch GmbH
- Hitachi Astemo, Ltd.
- Nissan Motor Co., Ltd.
- Vitesco Technologies Group AG
- Meidensha Corporation
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Inverter Type |
|
| Breakup by Level of Integration |
|
| Breakup by Propulsion |
|
| Breakup by Vehicle Type |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Power Inverter Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Power Inverter Historical Market (2018-2023)
8.3 Global Electric Vehicle Power Inverter Market Forecast (2024-2032)
8.4 Global Electric Vehicle Power Inverter Market by Inverter Type
8.4.1 Soft Switching Inverter
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Traction Inverter
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle Power Inverter Market by Level of Integration
8.5.1 Integrated Inverter System
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Mechatronic Integration System
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Separate Inverter System
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Electric Vehicle Power Inverter Market by Propulsion
8.6.1 Battery Electric Vehicle
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Hybrid Electric Vehicle
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Fuel Cell Electric Vehicle
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Plug in Hybrid Vehicle
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.7 Global Electric Vehicle Power Inverter Market by Vehicle Type
8.7.1 Passenger Cars
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Commercial Vehicles
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Electric Vehicle Power Inverter Market by Sales Channel
8.8.1 OEM
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Aftermarket
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.9 Global Electric Vehicle Power Inverter Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle Power Inverter Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle Power Inverter Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle Power Inverter Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle Power Inverter Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle Power Inverter Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Denso Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Toyota Industries Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 VALEO Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Continental AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Marelli Holdings Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Robert Bosch GmbH
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Hitachi Astemo, Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Nissan Motor Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Vitesco Technologies Group AG
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Meidensha Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Power Inverter Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle Power Inverter Historical Market: Breakup by Inverter Type (USD Billion), 2018-2023
3. Global Electric Vehicle Power Inverter Market Forecast: Breakup by Inverter Type (USD Billion), 2024-2032
4. Global Electric Vehicle Power Inverter Historical Market: Breakup by Level of Integration (USD Billion), 2018-2023
5. Global Electric Vehicle Power Inverter Market Forecast: Breakup by Level of Integration (USD Billion), 2024-2032
6. Global Electric Vehicle Power Inverter Historical Market: Breakup by Propulsion (USD Billion), 2018-2023
7. Global Electric Vehicle Power Inverter Market Forecast: Breakup by Propulsion (USD Billion), 2024-2032
8. Global Electric Vehicle Power Inverter Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
9. Global Electric Vehicle Power Inverter Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
10. Global Electric Vehicle Power Inverter Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
11. Global Electric Vehicle Power Inverter Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
12. Global Electric Vehicle Power Inverter Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Electric Vehicle Power Inverter Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Electric Vehicle Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Electric Vehicle Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Electric Vehicle Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Electric Vehicle Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Electric Vehicle Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Electric Vehicle Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Electric Vehicle Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Electric Vehicle Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Electric Vehicle Power Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Electric Vehicle Power Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Electric Vehicle Power Inverter Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 7.04 billion.
The market is estimated to grow at a CAGR of 17.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 31.62 billion by 2032.
The market is driven by the increasing vehicle electrification globally and the growing demand for improvements in EV performance and speed, addressing issue like range anxiety.
The key trends aiding the market expansion include a shift to sustainability, increasing uptake of electric vehicles, and advancements in research and development in the field.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major inverter types include soft switching inverter and traction inverter.
The major players in the market are Denso Corporation, Toyota Industries Corporation, VALEO Limited, Continental AG, Marelli Holdings Co., Ltd., Robert Bosch GmbH, Hitachi Astemo, Ltd., Nissan Motor Co., Ltd., Vitesco Technologies Group AG, and Meidensha Corporation, among others.
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