Electric Vehicle Power Inverter Market Size

Global Electric Vehicle Power Inverter Market size was valued at USD 21.43 Billion in 2023 and is poised to grow from USD 26.7 Billion in 2024 to USD 51.28 Billion by 2032, at a CAGR of 8.5% during the forecast period (2024-2032).

Electric vehicle power inverter manufacturers should focus on enhancing the efficiency, performance, and thermal management capabilities of their offerings. Targeting Europe and Asia Pacific region is expected to provide near assured returns for market players as per this global electric vehicle power inverter market analysis. Use of GaN technology semiconductors is expected to emerge as a prominent trend in the long run. 'Vitesco Technologies', 'Robert Bosch GMBH', 'DENSO Corporation', 'Toyota Industries Corporation', 'Hitachi Astemo Ltd.', 'Meidensha Corporation', '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.'

The popularity and sales of electric vehicles are increasing rapidly around the world. Imposition of stringent emission regulations and availability of incentives and subsidies for electric vehicles are also contributing to their high sales thereby favoring the global electric vehicle power inverter market outlook. Power inverters that convert DC from the battery into AC for electric motors are vital for all types of electric vehicles.

Transition Towards Gallium Nitride (GaN) Inverters: Electric vehicle power inverter manufacturers can focus on shifting from silicon-based inverters to SiC and GaN technology to enhance thermal efficiency and performance of their offerings. Use of GaN technology provides higher power density, reduced energy losses, and better performance at high temperatures to create more efficient and long-range EVs.

Asia Pacific is projected to account for a prominent share of the global electric vehicle power inverter industry going forward. High adoption of electric vehicles, presence of leading electric vehicle power inverter manufacturers, and launch of supportive initiatives to promote sales of EVs are helping this region hold sway over others. China is estimated to emerge as the largest market for electric vehicle power inverters in this region owing to the presence of multiple EV makers. India, Japan, and South Korea are also estimated to witness a notable increase in demand for electric vehicle power inverters as emphasis on sustainability and adoption of clean transportation solutions rises in these countries.