USD 33.75 billion
Report ID:
SQMIG25A2113 |
Region:
Global |
Published Date: January, 2025
Pages:
157
|Tables:
63
|Figures:
75
Global HEV/EV Power Inverter Market size was valued at USD 33.75 billion in 2023 and is poised to grow from USD 36.99 billion in 2024 to USD 77.01 billion by 2032, growing at a CAGR of 9.6% during the forecast period (2025-2032).
With the increasing popularity of electric and hybrid vehicles, the demand for HEV/EV power inverters is expected to grow significantly in the coming years. The primary driving factor for the HEV/EV power inverter market is the increasing demand for electric and hybrid vehicles due to environmental concerns and government regulations promoting green energy. Additionally, advancements in technology and the declining cost of batteries have made electric vehicles more accessible to consumers. The need for efficient and reliable inverters in these vehicles is also driving the market.
The main restraining factors for the HEV/EV power inverter market is the high cost of production and the associated high retail price of electric and hybrid vehicles. Another challenge is the limited driving range of electric vehicles, which can make them less practical for certain applications. The biggest challenge in the HEV/EV power inverter market is to develop inverters that are more efficient and reliable while keeping costs low. In addition, the market is highly competitive, with many players vying for market share. There are several opportunities in the HEV/EV power inverter market, including the development of new and innovative technologies that improve efficiency and reduce costs. Additionally, the growth of electric vehicle infrastructure and the increasing popularity of electric vehicles in emerging markets presents significant growth opportunities for the market. The demand for high-power inverters is increasing due to the growing popularity of larger electric vehicles, such as buses and trucks. The HEV/EV power inverter market is poised for significant growth in the coming years, driven by the increasing demand for electric and hybrid vehicles and advancements in technology. The market is also highly competitive, with players vying for market share and developing new and innovative technologies to meet the demands of consumers.
US HEV/EV Power Inverter Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 33.75 billion
Largest Segment
Hybrid Electric Vehicle
Fastest Growth
Hybrid Electric Vehicle
Growth Rate
9.6% CAGR
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Global HEV/EV Power Inverter Market is segmented by Propulsion Type, Vehicle Type, Inverter Type, Distribution Channel, Inverter Power and region. Based on Propulsion Type, the market is segmented into Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Fuel Cell Electric Vehicle (FCEV). Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Inverter Type, the market is segmented into Traction Inverter and Soft Switching Inverter. Based on Distribution Channel, the market is segmented into Original Equipment Manufacturer (OEM) and Aftermarket. Based on Inverter Power, the market is segmented into <50 KW, 50-100 KW, 100-200 KW and >200 KW.. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Battery Electric Vehicles (BEVs) segment earned the largest market share in the HEV/EV power inverter market, and it is estimated to grow at a CAGR of 25.3% over the forecast period. This growth can be attributed to the increasing sales of BEVs and the high cost of batteries, which has led to the need for improved power electronics and vehicle performance. The adoption of electric mobility by transportation companies globally has also contributed to the growing demand for power inverters. Governments worldwide have taken steps to promote the use of electric vehicles, further increasing the demand for power inverters in the market.
The Hybrid Electric Vehicle (HEV) segment is the second-largest, and its sales have been gradually growing worldwide. The increasing sales of luxury cars with hybrid-electric systems worldwide are expected to boost the growth of the HEV segment during the forecast period.
In terms of classification by vehicle type, the passenger cars segment held the largest share in 2022 and is projected to continue so during the forecast period as well. "In the context of an electric drivetrain, the inverter plays a crucial role by governing the performance of the electric motor. Similar to the engine management system (EMS) found in conventional combustion vehicles, the inverter's effectiveness significantly influences the overall performance of the vehicle. The escalating demand for hybrid, electric, and fuel cell passenger cars on a global scale, particularly from North America, Europe, and Asia-Pacific, notably China, has been on the rise. This increasing inclination toward vehicle electrification is projected to continue, fueled by the introduction of upcoming models by international automakers. Consequently, these advancements in electric passenger cars are expected to create fresh opportunities for participants in the HEV/EV power inverter market."
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Asia-Pacific holds the largest market share in the HEV/EV power inverter market and is projected to grow over the forecast period. China, in particular, plays a crucial role in the global electric vehicle industry, and the Chinese government is actively promoting the adoption of electric vehicles, with plans to completely ban diesel and petrol vehicles by 2040. The Chinese electric passenger car market is among the largest globally and has been growing rapidly, with this trend expected to continue in the forecast period, driving demand for electric vehicle power inverters as the need for electric cars increases. Furthermore, it is anticipated that contracts and agreements between Chinese automakers and other nations for the export of electric buses will increase demand for electric vehicle power inverters in China. An increase in vehicle production for export and the adoption of electric mobility are key factors expected to drive the growth for electric vehicle power inverters in China.
Europe is estimated to account for USD 6,500 million by 2030, growing at a CAGR of 23.6%. Germany, being one of the major automobile markets in Europe, represents one of the largest markets for electric trucks globally, with a continuously growing demand for electric cars over the past few years, paving the way for electric vehicle power inverters. Given that the demand for components like electric vehicle power inverters is anticipated to increase during the forecast period, partnerships and collaborations between component makers are anticipated to present opportunities for manufacturers of electric vehicle components and parts. For example, VIC, an Israeli technology startup, and ZF Friedrichshafen AG partnered in May 2020, with the production of inverters for electric vehicles as their primary goal. These factors mentioned above create opportunities for electric vehicle component manufacturers as the demand for components like electric vehicle power inverters is expected to increase in the forecast period.
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Increased Sales of Electric Vehicles
Rise in Investments on Electric Vehicles
Lack of Sufficient Infrastructure for Electric Vehicles
High Cost of Electric Vehicles
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The global HEV/EV power inverter market is a major player in the electric vehicle power inverter market. Companies are leading manufacturers in the market due to their extensive product portfolios, global presence, efficient supply chain management systems, and growing demand for their products.
To expand their market share and improve their product offerings, some players are adopting various strategic initiatives such as acquisitions and geographical expansions. companies are investing to construct a new plant building at Himeji Works, Hirohata plant, aimed at enhancing the production of motors, generators, and inverters for hybrid and electric vehicles. These strategic initiatives are expected to help these players meet the increasing demand for electric vehicle power inverters and maintain their market position.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global HEV EV power inverter market analyses, the increasing demand for hybrid and electric vehicles worldwide. The demand for electric cars in Germany has been growing continuously over the past few years, leading to a rise in the demand for HEV/EV power inverters. implementing strategies such as acquisitions and geographical expansion to increase their market share. The key trends in the HEV/EV power inverter market is the increasing use of silicon carbide (SiC) technology, which offers higher efficiency and reliability compared to traditional silicon-based inverters. This technology is becoming more widely available and is expected to become the industry standard in the near future. the integration of inverters and DC/DC converters, which can save space and reduce costs in electric vehicles. The use of AI and machine learning in inverters is also a growing trend, as it allows for more precise control of the electric motor and can lead to increased efficiency. The HEV/EV power inverter market is experiencing significant growth, driven by the increasing adoption of electric vehicles and advancements in technology.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 33.75 billion |
Market size value in 2032 | USD 77.01 billion |
Growth Rate | 9.6% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the HEV/EV Power Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the HEV/EV Power Inverter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the HEV/EV Power Inverter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the HEV/EV Power Inverter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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