EV Inverter Market - Forecast(2021 - 2026)

 The market for EV Inverter is forecast to grow at a CAGR of 10.8% from 2020 to 2025. Electric vehicle inverter is deployed in the electric vehicles for converting DC supply to AC for the motor functioning. The significant rise in the demand for electric vehicles owing to the stringent regulations implementation owing to the environmental issues caused by vehicular emissions is set to boost the market growth rate during the forecast period 2020-2025.


Report Coverage
The report: “EV Inverter Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the EV Inverter market. 

By Vehicle: Battery electric vehicle, plug-in, hybrid electric vehicle
By Inverter type: Traction inverter, soft-switching inverter
By Level of Integration: Integrated inverter system, separate inverter system, and mechatronic integration system
By Vehicle Type: Passenger car, Commercial Vehicles
By Geography: North America, South America, Europe, APAC, and RoW

Key Takeaways
  • Battery Electric vehicles are hold highest market share in 2019 owing to the high recorded sales due to cheaper costs and maintenance.
  • APAC is analysed to be the dominant region in 2019 owing to the presence of large automobile manufacturing industries.
  • The increasing demand for electric vehicles is set to drive the market for EV inverter market during the forecast period.

By Vehicle- Segment Analysis
Battery electric vehicles are analysed to hold highest market share in 2019. This is mainly attributed to the increasing sales of BEVs due to the high advantages of the battery electric vehicles due to lower cost, low maintenance and so on. As stated by IEA, the global BEEV sales reached 3.29M units. Adding to this, the growing plans for the expansion of the electric vehicle production facilities is set contribute to the growth of the market. In November 2019, Volkswagen announced to start of construction for its electric vehicle production facility in US. 

By End user- Segment Analysis 
Passenger cars is analysed to hold highest market share in 2019. As stated by OICA, number of passenger cars accounted for 67,149,196units whereas the commercial vehicles accounted for 24,637,665. Adding to this, the growing production plants for passenger cars is also set to escalate the market growth rate. In May 2020, Kia announced that by 2025, it will launch a total of 11 battery-electric cars globally, across a range of vehicle segments including passenger vehicles, SUVs, and MPVs. All these factors are together set to impact on the EV inverter market during the forecast period 2020-2025.

Geography - Segment Analysis
APAC is the dominant region in 2019 with a market share of 34% owing to the high production base in the region, followed by Europe and North America. This is majorly attributed to high adoption of electric vehicles such as China, Japan, India and others. As stated by IEA, China accounted to highest sales at global level of 2.31M units of electric vehicles in 2018. Adding to this, the increasing expansions of the electric vehicle manufacturing plants is set to escalate the market growth rate during the forecast period 2020-2025. In May 2020, Volkswagen announced to spend around $2.2bn in order to expand China's electric car market. In 2019, Government of India announced its aim to make India a 100% electric-vehicle nation by 2030. These factors are set to escalate the market growth rate during the forecast period 2020-2025.

Drivers – EV Inverter market 
  • Stringent regulations impact on the adoption rate
The significant impact of the vehicular emissions on the environment is set to stringent implementation of the vehicular emissions and the electrification of many vehicles. This is set to significant rise in the adoption of electric vehicles thereby driving the EV inverter market. Therefore the sales of electric vehicles has risen significantly over the past few years thereby boosting the market growth rate.

  • Growing demand for electric vehicles 
The electric vehicles sales and production is significantly rising owing to the impact environmental impact. As stated by IEA, the deployment of electric vehicles has risen 63% in 2018 compared to that of 2017, hence it is significantly impacting on the growth of EV inverter market owing to its deployment in the vehicle for conversion applications. Adding to this, the growing investments in the expansion of the electric vehicle manufacturing units is set further escalate the market growth rate. In March 2020, Toyota has announced to invest $1.2bn to expand its electric vehicle production in China.

Challenges – EV Inverter market
  • Technical Inefficiencies
In the electric vehicles more energy from the battery is taken to the inverter causing switching losses, thereby impacting on the vehicle performance. It also affects the thermal efficiency of electronic units in the electric drive system thereby hindering the market growth. Therefore the technical inefficiency of the EV inverters is certainly impacting on the market growth rate during the forecast period 2020-2025.

Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the EV Inverter market. EV Inverter driver market is expected to be dominated by major companies such as Robert Bosch GmbH, Toyota, Hitachi, Infineon Technologies, Denso Corp, Mitsubishi Corp among others.

Acquisitions/Technology Launches/Partnerships
  • In October 2019, Hitachi announced to begin the mass production of 800-volt compatible high voltage and high output electric vehicle inverter.


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