Electric Vehicle Power Inverter Market size worth US$22.786 billion by 2029

electric vehicle power inverter market

The electric vehicle power inverter market is valued at US$9.406 billion in 2024 and is projected to grow to US$22.786 billion by 2029, with a CAGR of 19.36%.

The EV power inverter is among the most important components of any electric vehicle, which is used to convert the DC power, received from the battery of the vehicle to the AC power required to drive the motor of the vehicle. The electric vehicle inverters also help to improve the efficiency of the vehicle batteries and also have the capability to modify the supply of power to each motor, depending on the power need.
With the increasing demand for electric vehicles globally, the technologies for these vehicles have witnessed rapid developments. The technology of the storage solution, motors, and other components of electric vehicles majorly develops with the introduction of new companies and increased competitiveness in the global electric vehicle sector. Many companies introduced new technologies, that are aimed at boosting the efficiency of the battery, improving the driving range of these vehicles. For instance, in May 2024, ABB introduced its latest energy-efficient motor and inverter solutions for electric buses. This new package of motor and inverter, deployed together, enables a longer lifespan of the batteries, while an increase in efficiency, with 12% fewer energy losses by the motor.

The global electric vehicle power inverter market, by propulsion type, is segmented into hybrid vehicles, plug-in hybrid vehicles, and battery electric vehicles. In the propulsion type segment of the global electric vehicle power inverter market, the battery electric vehicle category is forecasted to attain the maximum market share. The battery electric vehicle is a type of zero-emission vehicle, which uses grid energy to charge the batteries integrated inside the vehicles, which is further used to operate the motors to drive the vehicles. The global battery electric vehicle market has witnessed massive growth in demand, majorly with the introduction of new technologies, like improved battery range, self-driving, and improved safety systems of vehicles. Similarly, the introduction of governmental initiatives and policies to boost the global market demand for zero-emission vehicles is also expanding the demand for battery electric vehicles in the global market, boosting the market share of EV power inverters in the battery electric vehicle category.

The vehicle type segment of the electric vehicle power inverter market is categorized into passenger vehicles and commercial vehicles. The passenger vehicle category is estimated to attain a greater share in the global electric vehicle power inverter market, under the vehicle type segment. The passenger vehicle category of EV has witnessed massive growth across the globe, majorly with the push by governments across the world to adopt zero-emission vehicles, and increasing consumer popularity of the sustainable mode of transportation.

The global electric vehicle power inverter market, by inverter type, is segmented into traction inverter and soft switching inverter. In the inverter type segment of the global electric vehicle power inverter market, the traction motor is forecasted to grow significantly. A traction inverter is a type of inverter that converts the DC power of the batteries to the AC power required to drive the vehicle. The traction motor also helps in regulating the torque and speed of the motor and also helps in features like regenerative braking, which further helps to charge the battery on which the vehicle is driven.

The distribution channel segment of the electric vehicle power inverter market is categorized into OEM and aftermarket. The OEM category of the global electric vehicle power inverter market, in the distribution channel category, is forecasted to grow at a greater rate. The OEM or original equipment manufacturers are the companies that produce components for the manufacturer of electric vehicles. The market share of the OEM category is expected to grow significantly with the increase in the global production volume of electric vehicles.

Based on geography, the Asia Pacific region of the global electric vehicle power inverter market is anticipated to attain significant growth. The demand for electric vehicles in the Asia Pacific region has witnessed significant growth over the years, and the region is also among the biggest producers of electric vehicles across the globe. Multiple Asian Pacific countries like India, China, Vietnam, and Japan are among the biggest producers of sustainable vehicles, which include hybrid vehicles, plug-in hybrids, and fully electric vehicles. Furthermore, the increase in the introduction of governmental initiatives and policies to boost the region’s electric vehicle infrastructure and ecosystem is also estimated to propel the electric vehicle inverter market in the Asia Pacific region. Governments of various countries like India, China, Japan, South Korea, and Singapore have introduced multiple policies, and incentives, to increase the production capabilities of the nation, boosting the market demand for electric vehicles inverters.

The research includes several key players from the electric vehicle power inverter market, such as Vitesco Technologies, Robert Bosch GMBH, DENSO Corporation, Toyota Industries Corporation, Hitachi Astemo Ltd, Meidensha Corporation, Aptiv PLC (Borgwarner Inc.), Mitsubishi Electric Corporation, Bosch Rexroth (India) Private Limited, Eaton, Toshiba Electronic Devices & Storage Corporation, and Delta Electronics, Inc.

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This analytics report segments the global electric vehicle power inverter market as follows: