Electric Vehicle Power Inverter Market to see Huge Growth by 2029
The global electric vehicle power inverter market is anticipated to grow at a significant CAGR of 21.9% during the forecast period. The primary factor contributing towards the growth of the market includes governments’ initiatives to reduce pollution and harmful gasses for an eco-friendly environment. It has encouraged governments across the globe to electrify the automobile industry by subsidizing electric vehicles for consumers. This has increased the demand and production of electric vehicles which uses battery and power inverters in place of fuel that emits harmful gases. Therefore, the growth of the electric vehicle market propels the growth of the electric vehicle power inverter market. For instance, in March 2022, Italy government unveiled its plans to subsidize new electric vehicles up to $6,570 of the purchase price as part of the plan to support the electrification of the vehicles.
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COVID-19 pandemic had impacted most the industries including the global automotive industry significantly owning to the lockdown in most the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. However, the electric vehicle market showed significant growth which is also reflected in the growth of power inverters. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,977,058 vehicle units globally which is 40.8% more than the sales of electric cars in 2019.
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· Market Coverage
· Market number available for – 2023-2029
· Base year- 2022
· Forecast period- 2023-2029
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global Electric Vehicle Power Inverter Market Report Segment
By Type
- Traction Inverter
- Soft Switching Inverter
By Propulsion Type
- Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicle
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Electric Vehicle Power Inverter Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric vehicle power inverter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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