Covina, Feb. 01, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the Automotive Inverter Market size was valued at about USD 3.5 Billion in 2024 and expected to grow at CAGR of 16.4% to extend a value of USD 13.9 Billion by 2034.”
What is Automotive Inverter?
- Market Overview:
An automotive inverter is a device that converts direct current (DC) from a vehicle's electrical system, usually supplied by the battery, into alternating current (AC). This conversion is essential for powering electronic devices and appliances that require AC power while on the move. Inverters are commonly used in various vehicles, including cars, trucks, RVs (recreational vehicles), and boats.
The primary function of an automotive inverter is to convert the DC power from the vehicle's battery or electrical system into AC power. This is important because many electronic devices, such as laptops, mobile chargers, and small appliances, operate on AC power. Automotive inverters come in different voltage and power ratings. Common voltage ratings include 12V and 24V, reflecting the typical voltage of a vehicle's electrical system. Power ratings can range from a few hundred watts to several thousand watts, depending on the intended use.
Automotive inverters are used to power a variety of devices on the go. Common applications include charging laptops, smartphones, cameras, running small appliances, and even powering tools at construction sites or remote locations.
- Market Dynamics:
Driving Factors:
- The increasing adoption of electric vehicles is a significant driver for the automotive inverter market. Electric vehicles rely on inverters to convert DC power from the battery to AC power for the electric motor.
- In addition to pure electric vehicles, there is a growing market for hybrid electric vehicles that combine internal combustion engines with electric propulsion. Inverters play a crucial role in managing power flow in hybrid systems.
- Automotive inverters are also used in vehicles that incorporate renewable energy sources, such as solar panels. Inverters enable the conversion of DC power generated by these sources into AC power for vehicle use.
- Modern vehicles are equipped with a growing number of electronic components and systems, from infotainment systems to advanced driver-assistance systems (ADAS). Automotive inverters are essential for powering these electronics and ensuring their proper operation.
- Globally, there is an increasing focus on reducing emissions and improving fuel efficiency. This has led to the development of electric and hybrid vehicles, both of which rely on inverters for power management.
- Consumer preferences for advanced features, such as electric power steering, electrified HVAC systems, and other electronic conveniences, contribute to the demand for automotive inverters.
Restrain Factors:
- High initial costs.
- Limited charging infrastructure.
- Battery technology limitations.
- Complexity of integration.
- Regulatory challenges.
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*Note: PMI Sample Report includes,
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Report scope:
| Attribute | Details |
| Market Size 2024 | US$ 3.5 billion |
| Projected Market Size 2034 | US$ 13.9 billion |
| CAGR Growth Rate | 16.4% |
| Base year for estimation | 2023 |
| Forecast period | 2024 – 2034 |
| Market representation | Revenue in USD Billion & CAGR from 2024 to 2034 |
| Market Segmentation | By Technology - IGBT and MOSFET By Material - Silicon and Silicon Carbide By Propulsion Type - Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Hybrid Electric Vehicle By Power Output - ≤ 130 KW and >130 KW By End-market - Original Equipment Manufacturer and Aftermarket |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Top Leading Players in Automotive Inverter Market:
- Denso Corporation
- Siemens AG
- Calsonic Kansei Corporation
- Robert Bosch GmbH
- Continental AG
- Hyundai Mobis Co., Ltd.
- LG Electronics
- Hitachi Automotive Systems
- Lear Corporation
- Toshiba Corporation
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Emerging Trends and Opportunities in Automotive Inverter Market:
- The trend towards electrification in the automotive industry is growing, with more electric vehicles (EVs) being introduced. This trend presents a significant opportunity for automotive inverter manufacturers as EVs rely on inverters for converting DC power from batteries to AC power for the electric motor.
- Ongoing advancements in power electronics technology are enhancing the efficiency and performance of automotive inverters. This includes improvements in semiconductor materials, cooling systems, and overall design to reduce energy losses and increase power density.
- Automakers are increasingly exploring high-voltage architectures, such as 48V systems and even higher voltages, to improve the overall efficiency of electric drivetrains. This shift presents opportunities for inverter manufacturers to develop solutions that cater to higher voltage requirements.
- There is a trend toward miniaturization of inverters, making them smaller and lighter. This is especially important in electric vehicles, where reducing weight and optimizing space are critical for improving overall efficiency and performance.
- Collaboration between automotive inverter manufacturers, automakers, and technology companies is increasing. These collaborations aim to leverage synergies in expertise and resources to accelerate the development and deployment of advanced inverter technologies.
Challenges of Automotive Inverter Market:
- The cost of manufacturing high-quality inverters can be relatively high, impacting the overall cost of electric and hybrid vehicles. As consumers remain price-sensitive, managing and reducing the cost of automotive inverters is a persistent challenge.
- The automotive industry, including the inverter market, is susceptible to supply chain disruptions. Events such as shortages of critical components, like semiconductors, can lead to production delays and affect the availability of inverters.
- Integrating inverters into different vehicle architectures, whether electric, hybrid, or plug-in hybrid, can be complex. Ensuring seamless integration with other vehicle systems and components poses challenges for manufacturers.
- The performance of inverters is closely tied to the capabilities of the batteries they are paired with. Limitations in battery technology, such as energy density and overall lifespan, can impact the effectiveness of the inverter system.
Recent Development:
- In July 2022, GKN Automotive launched new next-generation inverter with 800V technology that will feature a range of efficiency and lightweight improvements for delivering performance & to enhance sustainability. The GKN inverter offers 20% power increase over previous one with power density by 50% and power-to-weight-ratio risen by 60%.
Detailed Segmentation:
Automotive Inverter Market, By Technology:
- IGBT
- MOSFET
Automotive Inverter Market, By Material:
- Silicon
- Silicon Carbide
Automotive Inverter Market, By Propulsion Type:
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Automotive Inverter Market, By Application:
- ≤130 KW
- >130 KW
Key highlights of the Automotive Inverter Market:
- The automotive inverter market has seen significant growth due to the increasing adoption of electric vehicles. The global push towards sustainable and green transportation has accelerated the demand for inverters in electric powertrains.
- Ongoing advancements in power electronics and semiconductor technology have led to the development of more efficient and compact automotive inverters. The use of advanced materials like Silicon Carbide (SiC) and Gallium Nitride (GaN) is becoming more prevalent.
- There has been an increase in collaborations and partnerships between automotive inverter manufacturers, automakers, and technology companies. These collaborations aim to leverage combined expertise to accelerate the development of advanced inverter technologies.
- The automotive inverter market has been expanding globally, with growth observed in various regions. Governments' initiatives promoting electric mobility, coupled with favorable regulations and incentives, have contributed to regional market growth.
- The Asia-Pacific region has dominated the global automotive inverter market and is expected to maintain its dominance over the forecast period. In China, India & other Asian countries the sale of the automotive inverter is expected to gain the maximum growth, with an increase in electric vehicle production. In addition, growing efforts from these countries in order to increase the sales of the electric vehicle is projected to flourish the automotive inverters market.
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