Global Electric Vehicle Power Inverter Market Report and Forecast 2024-2032

Global Electric Vehicle Power Inverter Market Size

The global electric vehicle power inverter market value reached 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 30.8 billion by 2032.

Global Electric Vehicle Power Inverter Market Growth

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 motors to EVs. This facilitates a smooth driving experience and encourages 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 because of favourable government measures, thus, bolstering the electric power vehicle inverter industry growth.

Global Electric Vehicle Power Inverter Industry Outlook

According to the China Passenger Car Association and the European Automobile Manufacturers’ Association, In Q1 2024, global electric car sales increased to approximately 3.5 million units, up from around 1.75 million units in Q1 2022. Significant growth in electric car sales has been observed in Europe and the United States during Q1 2024 compared to Q1 2022. In Europe, sales increased from 0.65 million units in Q1 2022 to approximately 1.2 million units in Q1 2024. In the United States, sales rose to approximately 0.75 million units in Q1 2024 from 0.35 million units in Q1 2022, indicating substantial growth in both regions.

As per the Federal Chamber of Automotive Industries, the total sales of electric vehicles in Australia have increased to 63,899 units in the first quarter of 2024 from 34,958 units in the first quarter of 2023, further driving the electric vehicle power industry revenue.

According to the Open Government Data (OGD) Platform India, 2,877 EV chargers have been sanctioned across various states and union territories in India by Sept 2023, with Maharashtra and Tamil Nadu leading with 317 and 281 EV chargers sanctioned.

As per the European Automobile Manufacturers Association, in 2023, the European Union had 632,423 public charging points, including 153,027 new installations within the year, reflecting rapid expansion efforts. Germany and France emerged as leaders, with 120,625 (19.1%) and 119,255 (18.9%) charging points respectively. The electric vehicle power inverter market dynamics and trends are being bolstered by the EU's commitment to supporting the growing adoption of electric vehicles and improving the necessary infrastructure to facilitate this transition effectively.

Ongoing innovations in power electronics and inverter technology enhance performance and efficiency, boosting the appeal of electric vehicles (EVs).

• Worldwide subsidies, tax incentives, and favourable policies are driving growth for electric vehicle power inverter industry.

• EVs help reduce carbon emissions and pollution, supporting global sustainability goals and increasing market attractiveness.

The expense of advanced power inverters can raise the overall cost of EVs, limiting affordability for consumers.

• Insufficient charging infrastructure in many areas hinders the widespread adoption of EVs and, consequently, the power inverter market.

• Issues like thermal management and efficiency losses pose development challenges for power inverters.

Growing global EV sales present significant growth in electric vehicle power inverter market opportunities.

• New materials, such as silicon carbide (SiC) and gallium nitride (GaN), can enhance inverter efficiency and performance.

• Increasing environmental awareness and government support in emerging economies offer untapped market potential.

Global economic fluctuations and uncertainties can impact consumer spending on EVs.

• Stiff competition from established and new players affects pricing and profit margins.

• Changing regulations and standards across regions can complicate compliance and increase operational costs.

Key Players in the Global Electric Vehicle Power Inverter Market and their Key Initiatives

Denso Corporation

• Developed next-generation power inverters with enhanced efficiency and reduced size.

• Collaborated with major automakers to integrate innovative inverter solutions into new EV models. 

Toyota Industries Corporation

• Allocate significant resources towards research and development to enhance power inverter efficiency.

• Scaling up manufacturing facilities to meet the growing demand for electric vehicle power inverter market. 

VALEO Limited

• Launched compact, high-power density inverter models.

• Secured major contracts for the supply of advanced EV inverters.

Continental AG

• Developed high-efficiency silicon carbide (SiC) inverters for improved performance.

• The company's technologies, including automated and autonomous driving, and smart infotainment address the growing electric vehicle power inverter market opportunities.

Global Electric Vehicle Power Inverter Industry 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

Electric Vehicle Power Inverter Market Share

OEM inverters ensure seamless integration and compatibility with specific vehicle models, backed by rigorous testing and quality standards, comprehensive warranty coverage, dedicated technical support, and potential for enhanced vehicle resale value. Aftermarket options offer cost-effectiveness, customization, accessibility through diverse channels, rapid innovation, and installation flexibility, catering to varied consumer needs and preferences further driving the growth of the electric vehicle power inverter market.

Leading Companies in the Electric Vehicle Power Inverter Market

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

Key Highlights of the Report

Electric Vehicle Power Inverter Market Report Snapshots

Electric Vehicle Power Inverter Market Size

Electric Vehicle Power Inverter Market Growth

Electric Vehicle Power Inverter Market Share

Electric Vehicle Power Inverter Companies