DUBLIN--(BUSINESS WIRE)--The "Vehicle Inverters Market Propulsion Type, Output Power Type, Technology Type, Semiconductor Materials Type, By Vehicle Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global vehicle inverters market is estimated to grow from USD 2.5 billion in 2018 at a CAGR of 17.57% to reach USD 7.7 billion by 2025.
With a huge emphasis on the environmental norms, the electric vehicle market has seen decent growth, and this has led to a growth in its adjacent markets.
However, improvement in electronic units in vehicles is challenged by the rising faults and malfunctioning of various units such as controllers, sensors, and capacitors. For example, the failure of DC link capacitors or any IGBT power device can cause an inverter to generate faulty torques at the wheels, causing unsafe driving conditions.
Increasing adoption of EVs in the automotive industry is expected to drive the BEV-based vehicle inverters market.
The BEV-based vehicle inverters market is the fastest and the largest growing segment of the vehicle inverters market. BEVs are considered as zero-emission vehicles.
The rebates from the governments on ZEV's (Zero-Emission Vehicles) purchase can help to increase the BEV sales. Hence, the sale of BEVs is expected to increase in the coming years, which will drive the BEV-based vehicle inverters market.
IGBT-based vehicle inverters market is projected to be the largest market during the forecast period.
Heavy investments by vehicle manufacturers in the research and development of the electrification of vehicles is contributing to the growth of the vehicle inverters market. IGBT-based vehicle inverters can withstand high voltage as the newer version of electric vehicles needs to have higher output capacity.
The IGBT market is projected to grow due to the growing demand for electric vehicles that require high power efficiency and faster switching capabilities. Hence, IGBT-based vehicle inverters market, by technology type (power module), is projected to be the largest.
North America is expected to be the second largest market during the forecast period.
Asia Pacific is estimated to be the largest automotive market followed by North America and Europe. North America is home to leading vehicle manufacturers such as Ford Motors, General Motors, and Tesla. The North American automotive industry has witnessed rapid development because of favorable policies adopted by the government in the manufacturing sector.
The US is estimated to account for the largest share of the North American vehicle inverters market during the forecast period. The US automotive industry is highly inclined toward innovation, technology, and development of carbon emission free vehicles.
Factors such as stringent emission norms and rising technological advancements in the manufacturing of environment friendly vehicles are expected to propel the North American vehicle inverters market.
The vehicle inverters market comprises major manufacturers such as Denso (Japan), Delphi Technologies (UK), Continental AG (Germany), Mitsubishi Electric Corporation (Japan), Toshiba (Japan), and Hitachi (Japan).
Market Dynamics
Drivers
- Rise in Sales of Electric Vehicles Globally
- Surge in the Use of Various Handheld and Household Devices in Vehicles
- Usage of Navigation Devices and Smartphones By Cab Aggregators, Car Rental and Fleet Management Service Providers
Restraints
- Lower Utilization of Battery Power for Necessary Vehicle Applications
- Complex Design and Integration Process for Advanced Applications
- Functional Safety Requirements
Opportunities
- Development of High Power Density Inverters
- Demand for Combined Inverter and DC/DC Converter
Challenges
- Increase in the Overall Weight of the Vehicle and More Space Consumption By the Inverter
Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Electric Vehicle Inverters Market, By Propulsion Type
8 Electric Vehicle Inverters Market, By Technology Type (Power Module)
9 Electric Vehicle Inverters Market, By Semiconductor Materials Type
10 Electric Vehicle Inverters Market, By Output Power
11 Vehicle Inverters Market, By Vehicle Type
12 Electric Vehicle Inverters Market, By Region
13 Competitive Landscape
14 Company Profiles
- Aims Power Compacts
- Bestek Corp.
- Calsonic Kansei
- Continental AG
- Delphi Technologies
- Denso
- Energizer
- Fuji Electric
- Hitachi
- Lear Corporation
- Metric Mind Corporation
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Samlex Europe
- Sensata Technologies
- Stanley Black & Decker
- Toshiba
- Toyota Industries
- Valeo
- Xantrex
For more information about this report visit https://www.researchandmarkets.com/research/zk677s/the_worldwide?w=4
