Global Automotive Inverter Market Overview
Automotive Inverter Market Size was valued at USD 2,672.9 Mn in 2022. With increasing demand for 'electric powered' globally automotive inverter market is expected to experience dual digital growth rate of 16.20% during forecast period (2023-2032).
Evolving lifestyles and increasing living standards have led to a noticeable shift in the preference of individuals toward higher-end, sophisticated, and alternative energy-powered vehicles. The anticipated demand for electric-powered cars is aided modestly by rising worldwide gasoline prices but is largely contributed due to increased customer knowledge and environmental concerns. The growing awareness of the need to reduce environmental impact and sustainability is increasing demand for electric and alternative energy cars internationally, propelling the Automotive Inverter Market growth. Major OEMs are also moving their production profile away from traditional engines toward electric and hybrid vehicles, which is expected to boost the expansion of the Automotive Inverter Market during the forecast period.
Figure 1: Automotive Inverter Market Size 2019-2032 (Usd Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Inverter Market Trends:
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Increasing Demand for 'Electric Powered' and Alternative Energy Vehicles Globally
Electric car sales accounted for 9% of the global car market in 2021 – four times their market share in 2019. All the net growth in global car sales in 2021 came from electric cars. Sales were highest in China where they tripled relative to 2020 to 3.3 million after several years of relative stagnation." Electric vehicles in China are often smaller than those manufactured in other regions. This, along with lower development and production costs, has contributed to a narrowing of the price gap with conventional vehicles, making them more appealing. Sales in Europe have continued steady after the 2020 boom. Electric vehicle sales in Europe climbed by around two-thirds year on year. Electric vehicle sales have also climbed dramatically in the US after two years of decline. In 2021, China and Europe accounted for more than 85% of worldwide electric car sales, followed by the US, where sales doubled from the previous year. The electric vehicle market is expected to hold a significant share of the automotive industry by 2030. Hence, the ascending demand for electric-powered vehicles is expected to fuel the global automotive inverters market growth during the forecast period.
Government Initiatives Promoting Environment-Friendly Automotive Sales
With increased environmental and sustainability concerns, governments worldwide have established and implemented policies to incentivize and promote the adoption of electric vehicles and alternatively powered vehicle fleets. Electric cars have a reduced environmental effect since they emit less to nearly no carbon dioxide or polluting gases. Based on Global Electric Market Outlook 2022 published by IEA (International Energy Agency), The Announced Pledges Scenario assumes that governments worldwide meet their announced objectives and targets, including the most recent ones, in full and on schedule. Based on the objectives and promises that go beyond stated policies, the worldwide EV stock reaches over 85 million cars in 2025 and 270 million vehicles in 2030 (excluding two/three-wheelers) under the Announced Pledges Scenario. "In 2030, EVs account for 14% of the stock. In this scenario, EV sales exceed 45 million vehicles by 2030, earning a 33% market share."
Automotive Inverter Market- Segment Insights
Automotive Inverter Market- Material Insights:
The Automotive Inverter Market, in this report, has been segmented based on Material into Gallium Nitrate, Silicon, Silicon Carbide.
The segment- Silicon Carbide hold the largest share, that is 51% of the total market share while, silicon hold the second largest share which is 29.5% of the total share.
Gallium nitride is causing an innovative revolution in the realm of power electronics. For decades, MOSFETs (Metal Oxide Semiconductor Field Effect Transistors) have been an essential component of modern life, converting energy to power. However, we are approaching the theoretical limit of how much silicon MOSFETs can be improved in terms of power efficiency. Silicon cannot fulfill modern expectations for growing power density, efficiency, and environmental pollution standards.
When silicon is manufactured in its finest form, it creates a crystalline structure in which a single silicon atom bonds with four other nearby silicon atoms. This silicon base substrate can then be doped with additional elements to generate semiconductor junctions on a silicon substrate wafer. Silicon carbide substrate materials may sustain higher voltages before breaking down due to their capacity to withstand higher electric fields. The breakdown voltage of silicon is around 600V.
It is well known that silicon carbide-based inverters offer better power densities than conventional inverters while requiring less cooling and cost. However, they are still far from becoming commercially mature because it is still very difficult to convert the technology to mass production due to flaws in the interface between silicon carbide and the insulating silicon dioxide material. Only a few inverter manufacturers have created silicon carbide products to date for the PV sector, and they are typically constructed as prototypes or in pilot projects.
Automotive Inverter Market- Power Output Insights:
The Automotive Inverter Market, in this report, has been segmented on the basis of Power Output into upto 200 KW, 200 KW-300 KW, and 300KW-400 KW.
Figure 2: Automotive Inverter Market, By Power Output, 2022 Vs 2032 (Usd Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Upto 200 segment inverter works on 800VDC bus nominal (900V max), 240ARMS output, 80kHz maximum switching frequency, 300uF DC-Link Capacitance, liquid-cooled cold plate, CAN Interface and is acknowledged for its high performance, energy efficiency, corrosion & abrasion resistance, and other characteristics, the Inverter Duty Induction Motors that is present in the market find their extensive usage in different industrial applications.
This inverter is designed to provide precise and cost-effective speed/torque control of AC motors. MOSFETS or transistors perform the switching operation. These MOSFETS or Transistors are linked to the inverter transformer's primary winding. When these switching devices receive the MOS driving signal from the driver circuit, they begin switching between ON and OFF states at a rate of 50 Hz. The fundamental advantage of utilizing a MOSFET as a load device is that the transistor occupies less silicon area than the resistive load. MOSFETS are active loads in this case, and inverters with active loads outperform inverters with resistive loads.
A SiC-based high power density (34 kW/L) electric vehicle (EV) traction inverter with 105 ambient temperature operation and 100 kW peak power output has been developed. The thermal properties of this high-temperature system are investigated, and the system is designed by the thermal behavior of the switching devices. A liquid cooling system is designed to estimate the maximum device die temperature, and a testing approach is proposed. Key components like dc-link capacitors and dc busbar are designed and arranged to achieve high power density at high ambient temperature. At 105°C ambient temperature and 65°C coolant temperature, the system prototype was built and tested to 60 kW continuous and 100 kW for 20 seconds.
The 400kW inverter's packaging differs significantly from cutting-edge photovoltaic power converters. The method employs functional-block subassemblies to cut manufacturing, servicing, and repair costs. Each functional-block module is highly integrated. In contrast, all other state-of-the-art PV inverter packaging employs a slew of distributed current sensors, voltage sensors, fuse blocks, contactors, power supplies, and printed circuit boards wired together by hand or using hand-made wiring harnesses. The power conversion efficiency of the 400kW inverter is 98%. The 2% of power, or 10,000 Watts, that is not converted into AC power is converted to heat, which must be removed from the inverter enclosure.
Automotive Inverter Market- Propulsion Type Insights:
The automotive inverter market in this report has been segmented on the basis of Propulsion Type into battery electric vehicle and hybrid electric vehicle.
The segment- battery electric vehicle hold 65.79% of the total share while hybrid electric vehicle hold 34.21% of the total share.
Battery electric vehicles (BEVs) generally use chemical energy stored in rechargeable battery packs. The battery-powered electric commercial vehicles use motor controllers and electric controllers instead of using internal combustion engines and get the power from battery packs. Battery electric vehicles are energy efficient, produce fewer greenhouse gases, do not create noise, and pollute less than internal combustion engines.
Hybrid electric vehicles (HEVs) mainly use rechargeable batteries and other energy storage devices that can be charged by plugging in with external electric power. HEVs start in 'all electric' mode, run on electricity, and when the batteries are low in charge, it calls on the internal combustion engine to boost or charge up the battery pack. HEVs can charge their batteries directly from the grid. They also have the facility to utilize regenerative braking. They consume less fuel and reduce associated costs.
Automotive Inverter Market- Technology Insights:
The automotive inverter market in this report has been segmented on the basis of IGBT, MOSFET.
An IGBT is a power semiconductor chip representing an insulated-gate bipolar transistor. An IGBT power module is the physical assembling and packaging of numerous IGBT power semiconductor dies into a single package. The dies are generally coupled in several electrical configurations, including half-bridge, 3-level, dual, chopper, booster, and so on. An IGBT power module is a type of electronic switching device. It can be used to switch electrical power on and off quickly and efficiently. Because of its potential to improve switching, temperature, weight, and cost performance, the IGBT power module is quickly becoming the ideal device for high-power applications.
MOSFETs or transistors perform the switching operation. These MOSFETs or Transistors are linked to the inverter transformer's primary winding. When these switching devices receive the MOS driving signal from the driver circuit, they begin switching between ON and OFF states at a rate of 50 Hz. The fundamental advantage of utilizing a MOSFET as a load device is that the transistor occupies less silicon area than the resistive load. MOSFETs are active loads in this case, and inverters with active loads outperform inverters with resistive loads.
Automotive Inverter Market- Vehicle Type Insights:
The automotive inverter market in this report has been segmented on the basis of Passenger Car, Commercial Vehicle.
Passenger cars are motor vehicles with at least four wheels, used to transport passengers, with no more than eight seats, including the driver's seat. The continuous increase in demand for passenger vehicles has led international automobile manufacturers to increase their production capacities, per the International Organization of Motor Vehicle Manufacturers (OICA). The automotive inverter market is especially seen in the premium and luxury categories. Automotive inverters were initially installed in high-end cars.
The primary factor driving the commercial vehicles segment in the Automotive Inverter Market is the increasing demand for pickup trucks and vans for commercial applications. Retailers and traders mainly use light commercial trucks for transporting light goods. It is seen that the Automotive inverter market is mainly used in light commercial cars such as pickup trucks, minivans, and three-wheeler vehicles. However, due to the competitive market, several manufacturers are installing inverters in normal vehicles due to increased demand and customer base for the automotive Inverter market worldwide.
Automotive Inverter Market- Regional Insights:
Based on Region, the global Automotive inverter is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Asia Pacific region dominating the global market. The continuous demand for the automotive inverter and succeeding vehicle production drive the automotive inverter market in Asia-Pacific. Additionally, increasing governmental mandates for improving vehicle safety have strongly contributed to the demand for the Asia-Pacific automotive engine automotive inverter. Asia-Pacific is expected to witness the highest growth because manufacturers in this region offer high-cost reductions, owing to the availability of low-cost labor and raw materials. Furthermore, the region comprises countries such as India, Japan, China, and others which account for a decent part of the total vehicle production globally.
The Europe automotive inverter market is expected to witness significant growth due to a rise in industrial development, increasing demand for automotive inverters, and supportive government initiatives for road safety. United Nations Economic Commission for Europe has recorded over 9,500 fatalities in road accidents in which urban areas consist 50% of the fatalities of drivers, and 40% were pedestrians. To deal with this situation European government has joined the United Nations Regulation on Advanced Emergency automotive inverters for vehicles to reduce crashes significantly.
Figure 3: Automotive Inverter Market Size By Region 2022 Vs 2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Inverter Market- Key Market Players and Competitive Insights:
The Automotive Inverter Market is characterized by the presence of many regional and local vendors. The global market is highly competitive, with all players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
Denso Corporation, Hitachi Automotive Systems, Mitsubishi Electric Corporation, Continental AG, Delphi Technologies, Fuji Electric, Valeo Siemens, Lear Corporation, SensataTechnologies, Inc., and Toyota Industries Corporation are the major players in the market, competing in terms of a variety of applications of global Automotive inverter and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products. Although global players dominate the market, a few regional and other local players with a limited market share also have a prominent presence in this market.
Automotive Inverter Market- Key Companies Include:
- Denso Corporation
- Hitachi Automotive Systems
- Mitsubishi Electric Corporation
- Continental AG
- Delphi Technologies
- Fuji Electric
- Valeo Siemens
- Lear Corporation
- Sensata Technologies, Inc
- Toyota Industries Corporation
Automotive Inverter Market- Industry developments:
August 2022: Toyota Industries Corporation established its new Ishihama Plant. In October 2022, the plant will begin producing bipolar nickel-hydrogen batteries for hybrid automobiles. The new factory will have a production capacity of 20,000 units per month. Combined with the Kyowa Plant, which began battery production in May 2021, total capacity will be 40,000 units per month.
June 2022: Continental AG developed intelligent solutions for automated driving. These Intelligent solutions are used in the automotive sector.
November 2021: Delphi Automotive Plc launched new global steering and suspension offering for the Tesla Model S unlocking a path to a new repair prospect. These steering and suspension components for the Tesla Model S application carry the hallmarks of a Delphi Technologies portfolio: engineering excellence, safety focus, and OE expertise.
Automotive Inverter Market- Market Segmentation
 Automotive Inverter Market- Material Outlook
- Gallium Nitrate
- Silicon
- Silicon Carbide
Automotive Inverter Market- Power Output Outlook
- Upto 200 KW
- 200KW-300 KW
- 300KW-400 KW
Automotive Inverter Market- Propulsion Type Outlook
- Battery electric vehicle
- Hybrid electric vehicle
Automotive Inverter Market- Technology Outlook
Automotive Inverter Market- Vehicle Type
- Passenger Car
- Commercial Vehicle
Automotive Inverter Market- Regional Outlook
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North America
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
-
South America
- Brazil
- Argentina
- Rest of South America
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Report Attribute/Metric
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Details
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Market Size 2022
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USD Â Â 2,672.9 million
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Market Size 2023
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USD 3,059.5 million
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Market Size 2032
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USD 11,776.2 million
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Compound Annual Growth Rate (CAGR)
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16.2% (2023-2032)
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Base Year
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2022
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Market Forecast Period
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2023-2032
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Historical Data
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2019- 2021
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Market Forecast Units
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Value (USD Billion)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Material, Power Output, Propulsion Type, Technology, Vehicle Type
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Geographies Covered
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Europe, North America, Asia-Pacific, Middle East & Africa, and South America
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Countries Covered
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The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, and Brazil
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Key Companies Profiled
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Denso Corporation, Hitachi Automotive Systems, Mitsubishi Electric Corporation, Continental AG, Delphi Technologies, Fuji Electric, Valeo Siemens, Lear Corporation, Sensata Technologies, Inc., and Toyota Industries Corporation.
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Key Market Opportunities
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·      Rapid innovation and increased R&D in the inverters industry
·      Rise in demand for solar-powered electric vehicle
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Key Market Dynamics
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·      Increasing demand for 'electric powered' and alternative energy vehicles globally
·      Government initiatives promoting environment-friendly automotive sales
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Frequently Asked Questions (FAQ) :
The Automotive Inverter Market was valued at USD 2,672.9 Million in 2022.
The global market is projected to grow at a CAGR of 16.20% during the forecast period, 2023-2032.
Asia Pacific had the largest share of the global market.
The key players in the market are Denso Corporation, Hitachi Automotive Systems, Mitsubishi Electric Corporation, Continental AG, Delphi Technologies, Fuji Electric, Valeo Siemens, Lear Corporation, Sensata Technologies, Inc., and Toyota Industries Corporation.
