Vehicle Inverters Market Accelerating at 15.2% CAGR, Asia-Pacific Leads the Charge

Vehicle Inverters Market Expected to Reach USD 17.24 Billion by 2030 with a 15.2% CAGR Throughout 2030

The global Vehicle Inverters Market generated USD 6.40 billion in 2023 and is expected to generate a revenue of USD 22.85 billion by 2030, insulating a CAGR of 15.2% over the forecast period. This growth trend highlights the increasing need for efficient power conversion solutions in the automobile sector, especially in electric and hybrid automobiles.

Opportunities in the Market:

A significant force driving the vehicle inverters market is the rising adoption of electric vehicle (EV). Due to strict emission regulations worldwide and incentives that require people to drive EV cars, there is a growth in demand for advanced inverters to increase vehicle efficiency and performance.

Advances in inverter designs such as the transition to silicon carbide (SiC) technology have enabled greater efficiency and reduced energy losses. By adding Infineon’s CoolSiC technology, Hyundai’s Electric Global Modular Platform has significantly increased high-voltage efficiency, thus reducing battery costs and increasing vehicle range.

Rising consumer preference for luxury and modern vehicles with high-end electronic features provides several growth opportunities for the market. With disposable incomes on the rise, especially in emerging economies, the automotive sector is undergoing a transformation towards vehicles that provide greater comfort and connectivity, driving the demand for more advanced inverter systems.

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Segmentation Analysis

On the basis of inverter type, the vehicle inverters market is segmented into string inverter, micro inverter, and central inverter.

By Inverter Type:

Traction Inverters: A core component of EVs and hybrid electric vehicles (HEVs), traction inverters are used for transforming DC from the battery to AC in order to power the electric motor. The demand for the global vehicle inverter market has been significantly increased by the increasing trend of using traction inverters.

Storage System Inverters: These are used in energy storage systems to convert stored DC energy into AC power for grid integration.

By Vehicle Type:

Passenger Vehicles: The growing trend of EVs and HEVs among consumers in the passenger vehicle segment drives the demand for better inverters in this segment.

Commercial Vehicles: The electrification of commercial fleets such as buses & trucks to lower operational costs and meet emission norms fuel the growth of the vehicle inverter market.

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Regional Insights:

United States:

Significant investments emphasize EV infrastructure and leading automotive manufacturing, making a strong market presence for the U.S. Government incentives and clean energy transportation policies also support the growth of vehicle inverters.

Germany:

In Germany, a nation at the forefront of automotive development and multinational partnerships, the drive to migrate to electric mobility has created a rise in demand for electric vehicle inverters. Stringent emission standards and support for sustainable electronics further drive the need for sustainable technologies in the countries.

China:

China has the highest EV adoption rates in the world, mainly because of supporting policies for electric mobility and significant investments in EV production; China accounted for 40% of all supplies of vehicle inverters in 2021.

Norway:

Norway has an aggressive policy on electric vehicles that has accounted for a large percentage of sales, resulting in the growing demand for vehicle inverters. Norway's Evs accounted for 49.14% of the country in 2018, the highest in the world.

India:

Expectations with Initiatives: Initiatives such as India's target to reduce emissions by 30 % between 2005 and 2030, as well as various state level policies such as that of Maharashtra whereby 10% of newly registered vehicles are expected to be electric by 2025,are among the factors driving demand for vehicle inverters in the region.

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Competitor Analysis

The vehicle inverters market is highly competitive, with several key players operating in the market. Notable companies include:

Infineon Technologies: Worked with Hyundai to add CoolSiC silicon carbide technology to Hyundai's Electric Global Modular Platform, improving inverter performance and lowering battery costs.

They have plans to bring out silicon carbide inverters in their cars that will keep efficiency above 97% without increasing any capacity in batteries geometrically proving their advancement in inverter technology.

Siemens Agrees to Acquire VePoint -- Data as of Oct. 20, 2023 Siemens announced that they will enhance their inverter technology offerings through the planned acquisition of Semikron International, a developer of power electronics components for hybrid electric vehicles, subsidiary VePoint.

Vitesco Technologies: Received contract to deliver 800-volt inverters from Hyundai Motor Group, demonstrating their competence in high-voltage inverter technology.

Mitsubishi Electric: One of the leading companies in inverte technologies especially for hybrids and EVs.

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