Published Date: 31-Aug-2022
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Electric Vehicle Power Inverter Market size is expected to reach $15.5 billion by 2028, rising at a market growth of 10.1% CAGR during the forecast period.
The Soft Switching Inverter segment is showcasing a CAGR of 12.2% during (2022 - 2028). Due to the fact that switching devices control the engine at zero or almost zero voltage or current, soft switching aids in reducing switching noise and loss. A high-efficiency power electronic inverter called a soft-switching three-level inverter is specifically designed for use with three-phase drives, like a grid-tie inverter for solar or wind power systems, and in power supply.
The Battery Electric Vehicle segment acquired maximum revenue share in the Global Electric Vehicle Power Inverter Market by Propulsion in 2021 thereby, achieving a market value of $9 billion by 2028. Battery-electric vehicles use no fuel at all, instead, they are powered purely by energy stored in a battery pack, which powers one or more electric motors and emits no exhaust.
The Separate Inverter System segment has shown the growth rate of 10.4% during (2022 - 2028). It is a standard solar inverter, which transforms the DC electricity generated by the solar panels into AC electricity that can power a vehicle's mains or be exported to the grid. The second option is a standard battery inverter that transforms AC electricity from the vehicle into DC electricity for storage in the battery.
The Passenger Vehicle segment is generating highest revenue share in the Global Electric Vehicle Power Inverter Market by Vehicle Type in 2021 thereby, achieving a market value of $11.5 billion by 2028. The growth of the segment is rising due to the rapidly increasing disposable income of people all over the world. A motor vehicle that is intended to carry passengers and has no more than nine seats is called a passenger vehicle.
The Aftermarket segment has shown the growth rate of 11.5% during (2022 - 2028). The rise in the growth of the segment is due to the better price of EV power inverters in such a market. Any market where consumers are likely to purchase a related or follow-up product after purchasing one product or service is called aftermarket.
The Asia Pacific market dominated the Global Electric Vehicle Power Inverter Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6.35 billion by 2028. The Europe market is exhibiting a CAGR of 9.3% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 9.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Siemens AG, Continental AG, Robert Bosch GmbH, Denso Corporation, Valeo SA, Mitsubishi Electric Corporation, Aptiv PLC, Toyota Industries Corporation, Nissan Motor Corporation and Marelli.
By Inverter Type
By Level of Integration
By Vehicle Type
By Distribution Channel
Unique Offerings from KBV Research