The Global Electric Vehicle Power Inverter Market is expected to grow from USD 20,194.10 Million in 2019 to USD 39,755.72 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 11.95%.
A power inverter is a device that is used to convert one form of voltage to the other form, like DC input voltage into a symmetric AC output voltage or vice versa. The AC output voltage which is generated has a certain magnitude and frequency. There are different types of inverters such as traction inverter and soft-switching inverter which are used in electric vehicles for different purposes.
Increasing efforts being taken by OEMs for developing and introducing electric vehicles on the road, at the earliest, are expected to boost the electric vehicle power inverter market during the forecast period. Increasing government support from various countries across the world for the production of electric vehicles is anticipated to propel the electric vehicle power inverter market in the near future. Rapid technological advancements in the field of power electronics such as the development of high power density inverters is expected to fuel the electric vehicle power inverter market during the forecast period. Increasing incorporation of inverters operating on an AC power source in electric vehicles by key vehicle manufacturers such as Tesla, in recent years, is anticipated to propel the electric vehicle power inverter market during the forecast period.
However, when an electric motor runs, the generated voltage and the input voltage have opposite polarities. This results in the generation of a very high current during the first few seconds of switching on the engine when the motor has not actually started running. This high current can pose a threat to big motors that are utilized primarily in heavy commercial electric vehicles, by causing the fuses of the motors to blow off or get damaged. This is anticipated to restrain the electric vehicle power inverter market to some extent during the forecast period.
Key players operating in the global electric vehicle power inverter market include Continental AG, Robert Bosch GmbH, Hitachi Automotive Systems, Ltd., TOYOTA INDUSTRIES CORPORATION, and Infineon Technologies AG.
-Report by Transparency Market Research
