Electric Vehicle Inverter Market is predicted to reach a CAGR of 15.5% during the forecast period 2023-2032

The Electric Vehicle Inverter Market is estimated to register a CAGR of 20.65 % during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Electric Vehicle Inverter Market—Dana Incorporated, UQM Technologies, GKN Automotive, Magna International, Valeo, BorgWarner Inc., AISIN CORPORATION, Hitachi Astemo, Ltd., ZF Friedrichshafen, among others.

Market Highlights

The global Electric Vehicle Inverter Market is accounted for to register a CAGR of 20.65 % during the forecast period and is estimated to reach USD 21,197.9 million by 2032.

The growing demand for electric vehicles (EVs) is being driven by several factors, including environmental concerns, greater vehicle choice, improved battery capacity, and cost savings. According to a report from the Federal Reserve Bank of St. Louis, the number of EVs on the road in the US has grown from about 22,000 to over 2 million over the past decade. Environmental concerns are a significant driver of this trend, with drivers citing protecting the environment as the top reason for considering buying an EV.

Another factor driving the demand for EVs is the broader range of available vehicles, including larger models like trucks and SUVs. This greater choice is expected to continue expanding in the coming years, with dozens of new models to debut by 2024. Improved battery capacity and range have also helped to address range anxiety, a primary concern for drivers considering an EV. Battery capacity has dramatically improved over the past decade, from a median range of 68 miles on a single charge in 2011 to 234 miles in 2021, making EVs a more viable option for many drivers.

Lastly, studies have found that switching to EVs saves consumers money, especially over the long run. EVs yield significant savings on maintenance costs over the vehicle's lifetime, and battery pack costs are expected to continue falling, bringing EV prices closer to those of conventional cars. All these factors contribute to the growing demand for EVs, which in turn is driving the need for inverters explicitly designed for EVs.

Segment Analysis

The global Electric Vehicle Inverter Market has been segmented based on Inverter, Power, Vehicle Propulsion, Vehicle Category.

Based on inverter, the global Electric Vehicle Inverter Market has been segmented into SiC and IGBT. IGBT would be the majority shareholder in 2022, contributing around 92.8 % to the market revenue. The advancements in IGBT technology, such as improved power density and thermal performance, are driving the growth of the EV inverter market. The need for more efficient and reliable inverters to enhance the performance and range of electric vehicles further fuels the demand for IGBT-based inverters in the EV industry.

Based on power, the global Electric Vehicle Inverter Market has segmented into Up to 100 kW, 101-300 kW, 301-600 kW and 601 kW & above. The 100 kW EV held the largest market share in 2022, as these are primary sources for gathering information in the OSINT domain. The 100 kW EV inverter is a critical component in electric vehicles responsible for converting DC power from the battery into AC power to drive the electric motor. These inverters are designed to handle power levels up to 100 kW, suitable for various electric vehicles, from passenger cars to light commercial vehicles.

Based on vehicle propulsion, the global Electric Vehicle Inverter Market is segmented into BEVs, HEVs, PHEVs and FCEVs. BEV’s accounted for the largest market share owing to the growing focus on sustainability and the development of charging infrastructure are further boosting the adoption of BEVs, creating a favorable market environment for BEV inverters as essential components in the electrification of transportation.

Based on vehicle category, the global Electric Vehicle Inverter Market has been segmented into passenger cars and commercial vehicles. The passenger cars held the majority share in 2022. The advancement of EV inverters in passenger cars is the ongoing quest for increased energy efficiency and range. Improving the inverter's efficiency extends the driving range of electric vehicles on a single charge, making them more practical for everyday use. Additionally, advancements in EV inverter technology help reduce energy losses during power conversion, leading to improved overall performance and lower operating costs for electric vehicle owners.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Vehicle Inverter Market Research Report

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The North America Electric Vehicle Inverter Market accounted for ~13.7 % in 2022. The North American EV inverter market is a rapidly growing sector within the electric vehicle industry. EV inverters are crucial in converting the DC power stored in the vehicle's battery into AC power to drive the electric motor. This market is witnessing significant growth due to the increasing adoption of electric vehicles in the region, driven by environmental concerns and government incentives promoting clean energy. Key players in the North American EV inverter market include major automotive manufacturers and specialized inverter manufacturers focusing on EV technology.

The Europe EV inverter market is a rapidly growing industry that is expected to experience significant growth in the coming years. The development of the European EV inverter market can be attributed to various factors, such as the increasing demand for electric vehicles, government incentives, and technological advancements. Key players in the European EV inverter market include major automotive manufacturers and specialized inverter manufacturers focusing on EV technology. These companies are investing in research and development and training programs to enhance EV inverters' efficiency, reliability, and performance.

The Asia Pacific inverter EV market offers significant growth opportunities fueled by the companies are investing in research and development to enhance the efficiency and performance of EV inverters, making them more suitable for a wide range of electric vehicles. The Asia-Pacific EV inverter market is characterized by intense competition, with players focusing on product differentiation, cost optimization, and strategic partnerships to gain a competitive edge. Additionally, the market is witnessing collaborations between EV manufacturers and suppliers to develop customized inverter solutions that cater to specific vehicle requirements.

Key Findings of the Study

• The global Electric Vehicle Inverter Market is expected to reach USD 21,197.9 million by 2032, at a CAGR of 15.5% during the forecast period.


• The South & Central America region accounted for the fastest-growing global market.


• Based on Inverter, the IGBT category was attributed to holding the largest market in 2022.


• Dana Incorporated, UQM Technologies, GKN Automotive, Magna International, Valeo, BorgWarner Inc., AISIN CORPORATION, Hitachi Astemo, Ltd., ZF Friedrichshafen, among others are some of the players in the market.