Automotive Inverter Market Research Report Information by Inverter Type (Traction Inverter, and Soft Switching Inverter), By Propulsion Type (Battery Electric Vehicle, Plug in Hybrid Vehicle, and Hybrid Vehicle) By Material (Gallium Nitride, Silicon, Silicon Carbide, and Others) By Power Output (upto 200, 200kW-300kW, Above 400kW) By Technology (IGBT, mosfet) By Vehicle Type (Passenger Car, and Commercial Vehicles) By Voltage Output (Below 400 V, and Above 400 V) and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, So

Automotive Inverter Market Overview

The Automotive Inverter market industry is projected to grow from USD 2,957.53 Million in 2023 to USD 13,333.7 million by 2033, exhibiting a compound annual growth rate (CAGR) of 14.8% during the forecast period (2024 - 2033). Global 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.

Analyst Comment “The Automotive Inverter Market is experiencing unprecedented growth driven by the increasing fuel efficiency requirement, and rising greenhouse gas emission. The need for inverters is increasing as regulations impose more stringent fuel efficiency standards because of their function in controlling intricate electric power output systems seen in contemporary automobiles.”

FIGURE 1: AUTOMOTIVE INVERTER MARKET SIZE 2019-2033 (USD MILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Inverter Market Opportunity

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  RISE IN DEMAND FOR SOLAR-POWER OUTPUT ELECTRIC VEHICLES

  
  

The electric vehicle Power Output inverter market is expected to benefit from increased demand for solar-Power Output electric vehicles. According to the Worldwide Market Outlook for Solar Power Output/2022-2026, research produced by Solar Power Output Europe, global solar capacity more than doubled in three years from 2018, reaching one Terawatt capacity in April 2022. Solar is the fastest-growing renewable energy, accounting for more than half of the 302 GW of renewable capacity built globally by 2021. Furthermore, a surge in the global installation of PV Power Output plants offers significant development possibilities for the solar inverter system market.

The Tesla Power output marketed as a complement to a photovoltaic solar panel system, is one of the most well-known methods for storing solar energy. The Tesla Power wall is a big lithium solar battery that stores the energy captured by a home's solar panels throughout the day. This zero-carbon approach to Power Output generation and consumption is an excellent example of lowering the environmental effect of mass transportation. There are currently start-ups that are improving materials innovation and sustainable mobility. They're also employing solar technologies to create solar electric automobiles. Tesla is the first automobile business to provide a complete end-to-end solution for the generation, storage, and usage of solar energy at the domestic level. Still, numerous other firms, including ABB Solar, Fortress Power Output, Goal Zero, and LG, provide at least a partial alternative. Lightyear Motors and Sonos Motors are two prominent start-ups. Sono solar technology substitutes standard paint with patented embedded solar panels that can be shaped to fit a variety of purposes. Unlike automobiles with rooftop solar panels, it has 248 solar cells on the hood, fenders, sides, roof, and rear. The panels may provide around 112 km of driving range (up to 245 km) every week using solar electricity. This results in complete self-sufficiency over short distances. Therefore, such a growing market for solar-Power output electric vehicles creates a potential opportunity for the Automotive Inverter Market.

Automotive Inverter Market Platform Segment Insights:

Automotive Inverter Propulsion Type Insights

Based on Propulsion Type, the Automotive Inverter Market segmentation includes battery electric vehicle, plug in hybrid vehicle, and hybrid vehicle. Battery electric vehicle holds the major share in 2023, contributing around 49.58% to the market revenue. The factors fueling the demand for automotive inverters in battery electric vehicles are increasing demand of electric vehicle due to government regulations promoting clean energy transportation solution. Further, the advancing technology in power output electronics, like wide-bandgap semiconductors such as silicon carbide and gallium nitride, are driving efficiency improvements in inverters for better performance and range of electric vehicle. Additionally, the growing focus on development of charging infrastructure further increasing the adoption of battery electric vehicles.

FIGURE 2: AUTOMOTIVE INVERTER MARKET, BY PROPULSION TYPE, 2023 VS 2033 (USD MILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Inverter Material Insights

Based on the Material, the Automotive Inverter Market segmentation is gallium nitride, silicon, silicon carbide, and others. Silicon Carbide dominated the market in 2023 with 41.08% share of total market. It is well known that silicon carbide-based inverters offer better Power output densities than conventional inverters while requiring less cooling and cost. However, they are still far from becoming commercially mature because it is still very difficult to convert the technology to mass production due to flaws in the interface between silicon carbide and the insulating silicon dioxide material. Only a few inverter manufacturers have created silicon carbide products to date for the PV sector, and they are typically constructed as prototypes or in pilot projects.

Automotive Inverter Power Output Insights

Based on the power output, the Automotive Inverter Market segmentation is upto 200 kW, 200 kW to 400 kW, and above 400 kW. Above 400 kW dominated the market in 2023 registering revenue of USD 1,419.0 million. The increasing demand for above 400 kW segment is due to its high-power conversion efficiency. The power conversion efficiency of the 400kW inverter is 98%. The 2% of power, or 10,000 Watts, that is not converted into AC power is converted to heat, which must be removed from the inverter enclosure. The 500kW inverter heat removal system is an air-cooled, forced ventilation system.

Automotive Inverter Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. In 2023, the Asia-Pacific Automotive Inverter market commands a significant share of the global market at approximately 41.40%. The continuous demand for the automotive inverter and succeeding vehicle production drive the automotive inverter market in Asia Pacific. 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 which account for a decent part of the total vehicle production globally. Moreover, India's rising number of accidents has increased safety features, especially in mid-level vehicles. To minimize such incidents, the Union Ministry of Road and Transport of India has made it mandatory for all automobile companies to install advanced engine automotive inverters in their vehicles.

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 travelled per light vehicle. legislative regulation and reforms are key in driving the automotive inverter market.

Meanwhile, the 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. The United Nations Economic Commission for Europe has recorded over 9,500 fatalities in road accidents in which urban areas consist of 50% of the fatalities of drivers, and 40% were pedestrians. To deal with this situation the European government has joined the United Nations Regulation on Advanced Emergency automotive inverters for vehicles to reduce crashes significantly. This action of governments has helped manufacturers set up automotive inverter market units to increase production to meet the demand of people. Due to this factor, the automotive inverter market is growing in Europe.

FIGURE 3: AUTOMOTIVE INVERTER MARKET SIZE, BY REGION 2022 VS 2033

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Inverter Key Market Players & Competitive Insights

The Automotive Inverter Market is distinguished by the presence of numerous global, regional, and local players catering to the Radiator technologies that are evolving at a rapid pace. Furthermore, the Increasing demand due to industrial automation, and rise in number of smart city projects are further driving the growth of Automotive Inverter Market during the forecast period. The Automotive Inverter Market is extremely competitive, with players competing, partnering, and investing heavily in research and development to gain a significant market share. The market is moderately fragmented with rising competition, increasing collaborative partnerships, and other strategic decisions to achieve operational efficiency.

Robert Bosch, BorgWarner Inc., Toyota Industries Corporation, Continental AG, Valeo and others are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology. They consider acquisition as a key strategy in the market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence.

Key Companies in the Automotive Inverter market include.

• Borgwarner Inc.


• Robert Bosch


• GNK Automotive


• Toyota Industries Corporation


• Lear Corporation


• SensataTechnologies, Inc.


• Mitsubishi Electric Corporation


• VALEO


• Infineon


• NXP Semiconductors


• STMicroelectronics


• Marelli


• Nissan Motor Corporation


• Danfoss


• Continental AG


• Denso Corporation.

Automotive Inverter Industry Developments

• In March 2024, Infineon Technologies has launched the OptiMOS™ 6 200 V MOSFET product family, setting a new industry standard for enhanced power density and efficiency. These MOSFETs offer reduced conduction losses and improved switching behavior, leading to lower electromagnetic interference (EMI) and switching losses.


• In November 2022, NXP Semiconductors introduced the S32K39 series of automotive microcontrollers (MCUs) tailored for electric vehicle (EV) control applications, specifically addressing the needs of traction inverter control. They support traditional insulated-gate bipolar transistors (IGBT), as well as newer silicon carbide (SiC) and gallium nitride (GaN) technologies, enabling smaller, lighter, and more efficient inverters.


• In May 2022, Denso Corporation and Honeywell developed an electric motor (e-motor) for the Lilium Jet. This is the first product developed by Honeywell and DENSO since their formal partnership, and it marks DENSO's entry into the aerospace market. The two companies will collaborate with Lilium, the creator of the world's first all-electric vertical take-off and landing ("eVTOL") jet, to incorporate the e-motor into Lilium's aircraft engines.

Automotive Inverter Market Segmentation:

Automotive Inverter, By Inverter Type Outlook (USD Million, 2019-2033)

• Traction Inverter


• Soft Switching Inverter

Automotive Inverter, By Propulsion Type Outlook (USD Million, 2019-2033)

• Battery Electric Vehicle


• Plug In Hybrid Vehicle


• Hybrid Vehicle

Automotive Inverter, By Material Outlook (USD Million, 2019-2033)

• Gallium Nitride


• Silicon


• Silicon Carbide


• Others

Automotive Inverter, By Power Output Outlook (USD Million, 2019-2033)

• upto 200


• 2 00kW-300kW


• Above 400kW

Automotive Inverter, By Vehicle Type Outlook (USD Million, 2019-2033)

• Passenger Car


• Commercial Vehicles

Automotive Inverter, By Battery Voltage (USD Million, 2019-2033)

• Below 400 V


• Above 400 V

Automotive Inverter Market Regional Outlook

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  Brazil
  
  


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  Argentina
  
  


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  Rest of Middle East & Africa