LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive on-board power inverter market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global automotive on-board power inverter market will grow at a CAGR of over 5% during the forecast period. The need to stay connected in long-distance journeys is a major factor driving the market’s growth.
Globally, the trend of long-distance traveling for pleasure using passenger cars and LCVs is evolving at a fast pace. Fleet drivers, cab drivers, truck drivers, and people undertaking business trips are also involved in extensive long-distance traveling. Travelers look for ways to operate various electronics like laptops, small TVs, smartphones, and other infotainment devices in such long-distance journeys to stay connected always. Consequently, there is a need to power these devices, which is fulfilled by equipping vehicles with power inverters.
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In this report, Technavio highlights the growing focus of the automotive OEMs toward efficient power management as one of the key emerging trends driving the global automotive on-board power inverter market:
Growing focus of the automotive OEMs toward efficient power management
The automotive industry is witnessing structural changes in the form of engine downsizing, electrification of automotive components, implementation of emission regulations, increasing connectivity, and enhanced safety. This resulted in an increase in electrification. Latest vehicles are being equipped with advanced technologies, such as collision avoidance systems, infotainment systems, connected systems, and drive by-wire technologies.
“There has been an increase in a vehicle's power needs due to the rise in electronic contents in modern vehicles. This led to need for efficient power management systems in vehicles. An automotive on-board power inverter draws power from the vehicle's battery to power external electronic devices. The same battery also supplies power to in-vehicle electronic systems,” says a senior analyst at Technavio for research on automotive components.
Automotive OEMs are trying to create awareness among customers to manage their power needs for external electronic devices. At the same time, they are also working toward new technologies to make in-house electronic systems more energy-efficient. With the advent of electric vehicles, power management will become more important. This will result in automotive OEMs focusing on developing more efficient power management solutions. This will greatly benefit the global automotive on-board power inverter market.
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Global automotive on-board power inverter market segmentation
This market research report segments the global automotive on-board power inverter market into the following applications, including passenger cars and light commercial vehicles and key regions, including the Americas, APAC, and EMEA.
The passenger cars segment held the largest market share in 2017, accounting for nearly 76% of the market. The market share for this application is expected to increase by 2022.
The Americas was the leading region for the global automotive on-board power inverter market in 2017, accounting for a market share of nearly 71%. By 2022, APAC is expected to witness a market growth of nearly 3%. The market in EMEA is expected to remain flat during the forecast period.
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