Electric Vehicle Power Inverter Market to Garner $22.25 Billion by 2031: Allied Market Research

Electric Vehicle Power Inverter Market to Garner $22.25 Billion by 2031: Allied Market Research

According to the report published by Allied Market Research, the global electric vehicle power inverter market generated $8.67 billion in 2021, and is projected to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

COVID-19 Scenario:

  • The outbreak of COVID-19 had had a negative impact on the growth of the global electric vehicle power inverter market, owing to the occurrence of lockdowns in various countries across the globe.
  • Lockdowns resulted in the closure of various manufacturing facilities, including those of electric vehicle power inverters, which adversely impacted its demand during the pandemic.
  • The automotive industry suffered a serious blow all dur to the prevalence of social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
  • Besides, strict import and export restrictions were also imposed by the government, which in turn reduced the availability of raw materials. This factor is further expected to aggravate the impact on the market.

The report offers a detailed segmentation of the global electric vehicle power inverter market based on propulsion, inverter type, vehicle type, level of integration, distribution channel, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.

Based on inverter type, the traction inverter segment held the dominating market share in 2021, holding around three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The soft switching inverter segment, on the other hand, is expected to cite the fastest CAGR of 11.6% during the forecast period.

Based on vehicle type, the passenger vehicle segment held the dominating market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The commercial vehicle segment, on the other hand, is expected to cite the fastest CAGR of 15.1% during the forecast period.

Based on distribution channel, the OEM segment held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The aftermarket segment, on the other hand, is expected to cite the fastest CAGR of 14.4% during the forecast period.

Based on region, the market across the Asia-Pacific region held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Europe region, on the other hand, is expected to cite the fastest CAGR of 12.6% during the forecast period.

The key players analyzed in the global electric vehicle power inverter market include Aptiv, BYD COMPANY LTD., Continental AG, CWB Automotive Electronics Co., Ltd., Denso Corporation, Hitachi Astemo, Ltd. (Subsidiary of Hitachi, Ltd.), Lear Corporation, Marelli Holdings Co., Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, Nissan motors co., Ltd., Robert Bosch GmbH, Siemens, Sungchang, Toyota Industries Corporation, Valeo, and Vitesco Technologies.

The report analyzes these key players in the global electric vehicle power inverter market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.

 

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