Automotive Inverter Market is Expected to Grow with a CAGR of 17.09% Between 2020-2031

Posted May 10, 2022 by bisrsrch

The growth in the global automotive inverter market is expected to be driven by increasing demand for electric vehicles to acquire sustainability and lower ownership costs.
Automotive inverters are used to control the electric motor within an electric drivetrain. The inverter of an EV is responsible for converting the direct current source to an alternate current source. An inverter is a critical component in the car, similar to the engine management system of an ICE vehicle. The inverter can change motor rotation speed by adjusting the alternating current frequency. It can also decrease or increase the power of torque of the electric motor by regulating the signal's amplitude. The rising demand for electric vehicles is directly linked with the growth opportunities of the automotive inverter market. The automotive inverter market will be advancing with the advancement in electric vehicle technology. Earlier, Silicon inverters were being used in the mobility industry. Nowadays, silicon carbide inverters are being introduced that offer considerable efficiency gains over conventional inverters as they produce less heat and are less temperature sensitive.

The shortfall of semiconductors, which was supposed to lessen by the middle of 2022, is likely to worsen. Russia and Ukraine are both producers of components used in the semiconductor manufacturing industry; semiconductor is used in automotive inverters for electronic switches. Russia's attack on Ukraine will put even more burden on the sector worldwide, with predictions that it may lead to manufacturing limitations, supply shortages, and price increases.

Passenger Electric Vehicles will be dominating the market throughout the forecast period. It can be directly attributed to the larger number of passenger vehicles when compared to commercial vehicles currently. However, it is to be noted that commercial vehicles use heavier automotive inverters owing to their larger size and complex functions. It will also grow at a faster rate over time as electric commercial vehicles are readily being introduced in the EV domain.

Automotive Inverters for HEVs generated the most value in 2020 owing to the large number of HEV production in Asia-Pacific and Japan. Countries such as Japan relies on HEVs for their share in the electric vehicle industry and is one of the largest producers of HEVs through leading companies such as Mitsubishi, Nissan Motor Company, and Honda, among others. However, the market will shift towards BEVs over the forecast period as BEVs number would increase exponentially in the coming years.

Silicon carbide (SiC) technology has a number of advantages, the most important of which is its electrical resistance. It is feasible to achieve the same resistance as silicon-based technology while utilizing a lesser mass using this technology. As a result, smaller and more efficient components may be created. Owing to the fact that switching losses are decreased, higher frequencies may be achieved with fewer passive components.

During the projection period, the Asia Pacific region is expected to be the largest market for vehicle inverters, as it has emerged as a hub for car production. Consumers' increasing spending power has sparked a surge in demand for autos in the region. Automobile manufacturers and automotive component suppliers have strong market potential due to cost benefits for OEMs, low automobile penetration levels, and rising vehicle production. Many large OEMs have either opened manufacturing units in the region or partnered with big local vehicle manufacturers, owing to the availability of cheap labor and low production costs.

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Bhavya Banga
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Categories Automotive , News , Research
Tags automotive inverter , automotive inverter industry , automotive inverter market , electric vehicle inverter , power inverter module in cars , vehicle inverter market
Last Updated May 10, 2022