Electric Vehicle Power Inverter Market to Reach 10.4% CAGR Globally by 2031 at $8.67 Billion : Allied Market Research

PORTLAND, ORAGON, UNITED STATES, August 12, 2022 /EINPresswire.com/ — The Electric Vehicle Power Inverter Market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.

Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the electric vehicle power inverter market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the automobile sector across all segments along with government subsidies and incentives related to electric vehicle fuels the growth of the electric vehicle power inverter market in China and India.

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Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and fuel-efficient vehicles. The market economy is responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry, which in turn, is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the electric vehicle sales, which is expected to boost the EV power inverter market.

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Electric vehicle power inverter market is segmented on the basis of propulsion, inverter type, vehicle type, level of integration, distribution channel, and region. By propulsion, it is divided into full hybrid vehicle, plug-in hybrid vehicle, and battery electric vehicle. By on inverter type, it is divided into traction inverter, and soft switching inverter. By vehicle type, it is segmented into passenger cars, and commercial vehicles. By level of integration, it is divided into integrated inverter system, separate inverter system, and mechatronic integration system. By distribution channel, the market is divided into OEM, and Aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

KEY FINDINGS OF THE STUDY –

By propulsion, the battery electric vehicle segment is expected to register a significant growth during the forecast period.
By inverter type, the soft switching inverter segment is projected to lead the global electric vehicle power inverter market.
By vehicle type, the commercial vehicle segment is projected to lead the global electric vehicle power inverter market.
By level of integration, the integrated inverter system segment is projected to lead the global electric vehicle power inverter market.
By distribution channel, the aftermarket segment is projected to lead the global electric vehicle power inverter market.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

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The key players that operate in this electric vehicle power inverter market are Aptiv, BYD COMPAY LTD., Continental AG, CWB Automotive Electronics Co., Ltd., Denso Corporation, Hitachi Astemo, Ltd. (Subsidiary of Hitachi, Ltd.), Lear Corporation, Marelli Holdings Co., Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, Nissan motors co., Ltd., Robert Bosch GmbH, Siemens, Sungchang, Toyota Industries Corporation, Valeo, and Vitesco Technologies

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies

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