Increasing fuel efficiency requirements, rising greenhouse gas emissions are projected to fuel the growth of the global automotive inverter market at a CAGR of 14.8% during the forecast period 2024 to 2032

The global automotive inverter market is estimated to register a CAGR of 14.8% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global automotive inverter market— Borgwarner Inc., Robert Bosch, GKN Automotive, Toyota Industries Corporation, Lear Corporation, Sensata Technologies, Inc, Mitsubishi Electric Corporation, VALEO, Infineon, NXP Semiconductors, STMicroelectronics, Marelli, Nissan Motor Corporation, Danfoss, Continental AG, Denso Corporation, and others.

Automotive Inverter Highlights

The global automotive inverter market is accounted for to register a CAGR of 14.8% during the forecast period and is estimated to reach USD 13,333.70 million by 2033.

Automotive inverters convert the DC Power Output stored in the battery to the AC that is used to drive the motor. The motor torque and speed can be varied, and the vehicle speed increased or decreased, by using the inverter to control the amount and AC frequency of the Power Output supplied to the motor. High output density is an important consideration for automotive inverters, which are subject to tight space constraints compared to other applications.

The global automotive inverter market is expected to be driven by increasing demand for 'electric Power output and alternative energy vehicles globally; and government initiatives promoting environment-friendly automotive sales. However, the global automotive inverter market will likely be restrained by the lack of infrastructure and high maintenance costs, and the global shortage of semiconductors. On the other hand, rapid innovations increased R&D in the inverters industry. The rise in demand for solar-Power output electric vehicles is expected to create lucrative growth opportunities for players operating in the global automotive inverter market.

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Segment Analysis

The global automotive inverter market has been segmented based on inverter type, propulsion type, material, power output, technology, vehicle type, and battery voltage.

Based on inverter type, the global automotive inverter market segmentation includes traction inverter, and soft switching inverter. This segment is significantly dominated by traction inverter in the year 2023 and expected to grow with the CAGR of 14.5%.

Based on the propulsion type, the global automotive inverter market segmentation is battery electric vehicle, plug in hybrid vehicle, and hybrid vehicle.

 Battery electric vehicle segment dominated the market in 2023 with the market with the market share of 49.58%. Technological advancements in Power Output electronics, such as wide-bandgap semiconductors like silicon carbide and gallium nitride, are driving efficiency improvements in inverters, leading to better performance and range for electric vehicles. Additionally, the growing focus on sustainability and the development of charging infrastructure are further boosting the adoption of BEVs, creating a favorable market environment for BEV inverters as essential components in the electrification of transportation.

Based on the material, the global automotive inverter market segmentation is gallium nitride, silicon, silicon carbide, and others. In this segment silicon had the largest market share in 2023 contributing 33.17% of the total market revenue.

Based on the power output, the global automotive inverter market is segmented into upto 200, 200kW-300kW, Above 400kW. This segment is prominently dominated by above 400 kW.

Global automotive inverter market based on power output is segmented into IGBT, and MOSFET. The segment was dominated by IGBT in the year 2023 with market share of 13.1%. IGBT is in demand as these are widely used in high-power application. Because of its potential to improve switching, temperature, weight, and cost performance, the IGBT power module is quickly becoming the ideal device for high-power applications. Direct current (DC) can be converted to alternating current (AC) via alternate switching. The power conversion that is taking place is critical for the apps to perform properly.

Based on vehicle type, the global automotive inverter market is segmented into passenger car, and commercial vehicles. In this segment passenger car had the highest market share of 74.50%. The continuous increase in demand for passenger vehicles has led international automobile manufacturers to increase their production capacities, per the International Organization of Motor Vehicle Manufacturers (OICA).

Based on battery voltage, the global automotive inverter market is segmented into below 400 V, and above 400 V. Above 400 segments recorded the highest market share in the year 2023.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The Asia-Pacific automotive inverter market accounted for ~40.41% in 2023 and is expected to grow with the CAGR of 14.3% during the forecast period. The continuous demand for the automotive inverter and succeeding vehicle production drives the automotive inverter market in AsiaPacific. Additionally, increasing governmental mandates for improving vehicle safety have strongly contributed to the demand for the Asia-Pacific automotive engine automotive inverter. Asia-Pacific is expected to witness the highest growth because manufacturers in this region offer high-cost reductions, owing to the availability of low-cost labor and raw materials. Furthermore, the region comprises countries such as India, Japan, China, and others.

North America remains a long-term growth market for the automotive inverter market, particularly in the US, due to its expected volume of truck and bus production and the increasing adoption of vehicle safety and efficiency technologies. The North American market is also driven by factors such as its large and aging light vehicle park and the higher average number of miles traveled per light vehicle. legislative regulation and reforms are key in driving the automotive inverter market.

Europe region emerges as a noteworthy contender, holding substantial market potential in 2023. The Europe automotive inverter market is expected to witness significant growth due to a rise in industrial development, increasing demand for automotive inverters, and supportive government initiatives for road safety. which account for a decent part of the total vehicle production globally.

Key Findings of the Study

• The global automotive inverter market is expected to reach USD 13,333.70 million by 2033, at a CAGR of 14.8% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market.


• Robert Bosch, GKN Automotive, Toyota Industries Corporation, Lear Corporation, and Sensata Technologies, Inc. are the key market players.