HEV/EV Power Inverter Market Size

HEV/EV Power Inverter Market Insights

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.

FAQs

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. 'Continental AG (Germany) ', 'Robert Bosch GmbH (Germany) ', 'Denso Corporation (Japan) ', 'Hitachi Automotive Systems, Ltd. (Japan) ', 'Delphi Technologies (United Kingdom) ', 'Mitsubishi Electric Corporation (Japan) ', 'Toshiba Electronic Devices & Storage Corporation (Japan) ', 'Fuji Electric Co., Ltd. (Japan) ', 'Renesas Electronics Corporation (Japan) ', 'Texas Instruments Incorporated (United States) ', 'Infineon Technologies AG (Germany) ', 'STMicroelectronics NV (Switzerland) ', 'Lear Corporation (United States) ', 'ABB Ltd. (Switzerland) ', 'Hyundai Mobis Co., Ltd. (South Korea) ', 'Dana Incorporated (United States) ', 'Vitesco Technologies GmbH (Germany) ', 'Magna International Inc. (Canada) ', 'BorgWarner Inc. (United States) ', 'Valeo SA (France)'

The automotive industry has readily embraced electric vehicles as an essential aspect, providing a means to enhance energy efficiency and decrease emissions of harmful pollutants and greenhouse gasses. The increasing concerns about the environment and the encouraging support from governments play pivotal roles in propelling the expansion of this market. Additionally, the market is driven further by the growing sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), as well as the reduced costs of inverter components, resulting from material advancements and improved packaging methods. Furthermore, the necessity to address the high price associated with batteries has led to advancements in inverters and other power electronics, alongside efforts to enhance vehicle performance. Governments across the globe have also implemented various incentives and policies to encourage consumers to opt for electric vehicles over traditional ones. Anticipated factors driving market growth during the forecast period include the rapid global sales expansion and ongoing technological advancements in electric vehicle power inverters.

Government Initiatives: Governments around the world are implementing various initiatives and regulations to promote the adoption of electric vehicles. For instance, the Chinese government is planning to ban the sale of petrol and diesel vehicles entirely by 2040, and the Indian government is planning to achieve 100% electric vehicle sales by 2030. These initiatives are expected to drive the demand for electric vehicle power inverters.

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.