Electric Vehicle Power Inverter Market
Electric Vehicle Power Inverter Market Size, Share & Trends Analysis Report by Type (Traction Inverter, Soft Switching Inverter), by Propulsion Type (Hybrid EVs, Plug-in Hybrid EV, Battery EV, and Fuel Cell EV) and by Vehicle Type (Passenger Vehicles, and Commercial Vehicles) and by Distribution Channel (OEM, and Aftermarket) Forecast Period (2024-2031)
Electric vehicle power inverter market is anticipated to grow at a significant CAGR of 21.9% during the forecast period (2024-2031). The expansion of the electric vehicle (EV) power inverter market is supported by pivotal factors such as increasing demand for EVs, growing emphasis on developing efficient EV systems that support long-range, and expansion in EV charging systems infrastructure. Further, the advancement in power electronics technology, increasing adoption of soft-switching inverters, and development of bidirectional inverters are also contributing to the growth of the market.
Market Dynamics
Rising Demand for EVs
The increasing demand for global EVs is likely to make a huge impact on the growing EV power inverter market. Multiple factors are driving the increased demand for EVs, which is supported by government incentives, improving supportive technologies, and environmental issues leading to further extensions in the need for power inverters that allow the efficient, longer, and reliable performance of EVs. For instance, according to the International Energy Agency (IEA), nearly 14 million new electric cars were registered globally in 2023, bringing the total number up to 40 million, in line with the Global EV Outlook 2023 forecast. The EV sales in 2023 grew by 35% year-on-year, exceeding 2022 figures by 3.5 million and marking a more than six-fold increase compared to 2018. The surge in EV adoption globally would help to support the advancement, adoption, and improvement of superior components like power inverters into the EV ecosystem in the future.
Development of Bidirectional Inverters
Simultaneously, the innovation of bi-directional inverters is also receiving significant strides in the EV market that are likely to fuel the adoption of EV power inverters. The technology includes advanced energy management capabilities such as Vehicle-to-grid (V2G) and Vehicle-to-home (V2H), which increase the two-way flow of electricity thus enhancing a value proposition, utmost use of the power inverters, and further enhanced EV performance. Nissan announced that it will offer affordable bi-directional charging on certain EVs in 2026. The initiative progresses the commitment made in Nissan’s business plan, The Arc, to deliver differentiated innovations that enable the EV transition, while generating new revenue streams. It also aligns with the company's long-term aim, Ambition 2030, of creating a cleaner, safer, and more inclusive environment. Vehicle-to-grid (V2G) technology allows EV owners to use the electricity stored in their vehicle's battery to power their homes or sell them back to the grid. Nissan Energy's goal is to roll out V2G technology in the UK first, followed by other European countries, providing consumers with either AC or DC-based V2G solutions that are compatible with regional infrastructure and regulatory requirements.
Market Segmentation
- Based on the type, the market is segmented into traction inverters, and soft switching inverters.
- Based on the propulsion type, the market is segmented into hybrid EVs, plug-in hybrid EVs, battery EVs, and fuel cell EVs.
- Based on the vehicle type, the market is segmented into passenger vehicles and commercial vehicles.
- Based on the distribution channel, the market is segmented into OEM and aftermarket.
Soft-Switching Inverter Segment is Projected to Expand Market Share
The soft switching inverter segment is projected to expand market share in the future, contributed by factors such as superiority over traction inverters in terms of switching loss & performance, supportive product features towards sustainable adaptability goals, and cost-effectiveness. Further, its prospects are supported by factors such as the growing integration of more efficient, rapid advancements in developing the inverter type, and better integration with modern charging infrastructure.
Passenger Vehicle Segment is Projected to Hold the Largest Market Share
Passenger vehicles are projected to dominate the vehicle type segment, which is supported by factors such as the wider market share of passenger vehicles, increasing investment in developing advanced components for passenger EVs, and rapid expansion of passenger EV charging infrastructure. EV sales are expected to account for 30% of all new car sales in the US by 2030, up from about 3.5% in 2021. In 2023, EV sales made up 9.3% of total passenger vehicle sales. In October 2024, a plug-in EV (PEVs) reached 10.0% of monthly sales. In 2023, PEVs were 9.4% of annual passenger vehicle sales, up from 6.8% in the annual sales of 2022. Further, the prospects of the segment are promoted by factors such as supportive regulatory policies for EV component manufacturing & EV adoption and segmental focus on developing more efficient & performance-driven power inverters. By 2022, DC fast chargers accounted for more than 20% of public EV charging ports in the US. The availability of DC fast charging is expected to grow as a result of federal funding for a national EV charging network, such as the National EV Infrastructure Formula Program or the National Alternative Fuel Corridors Grant Program.
Regional Outlook
The global EV power inverter market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Global EV Power Inverter Market Growth by Region 2024-2031
Asia-Pacific Dominates the Global EV Power Inverter Market
Asia-Pacific dominates the EV power inverter market, contributed to by regionally prevailing factors such as rapidly expanding demand for EVs across vehicle types, the existence of strong EV development & manufacturing infrastructure in the region, government support, and rising investment for the advancement of EV technology in the region. The creation of new factories and manufacturing sites is a major development in the EV sector as automakers and suppliers boost production to meet rising demand. As the production of EV batteries expands, so does the demand for efficient and high-performance power management devices, such as inverters, to maximize energy transfer within the battery and the electric motor. For instance, Hyundai & LG Energy Solution launched Southeast Asia's first $1 billion EV battery plant in Indonesia, aiming to produce 10 GWh annually, powering 150,000 EVs. Indonesia inaugurated Southeast Asia's first EV battery manufacturing plant in Karawang, West Java. HLI Green Power, a joint venture of Indonesia Battery Corporation, Hyundai Motor, and LG Energy Solution, owns this modern factory.
The increasing need to establish an EV manufacturing hub in the region along with regional EV demand is driving the growth of the EV power inverter market. For instance, according to the International Energy Agency (IEA) in 2023, new car registrations of new EVs reached 8.1 million in China, thus registering a 35% year-over-year increase from 2022. Electric car sales were at the top of increased car market sales, growing 5% by year but contracting 8% in internal combustion engine-based conventional internal combustion engine vehicle sales.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order*.
The major companies serving the EV power inverter market include DENSO Corp, Hitachi, Ltd., Mitsubishi Electric Corp., Toyota Industries Corp., and Valeo Group, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
Recent Development
- In June 2024, NXP Semiconductors partnered with ZF Friedrichshafen AG to develop next-generation SiC-based traction inverters for EVs. The collaboration aims to enhance the adoption of 800-V and SiC power devices, delivering safer, more efficient, and high-performance inverters that extend EV range, reduce charging stops, and lower costs for OEMs, accelerating the electrification of the automotive industry.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global EV power inverter market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Market Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. DENSO Corp.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Hitachi, Ltd.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Mitsubishi Electric Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Toyota Industries Corp.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Valeo Group
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Electric Vehicle Power Inverter Market by Inverter Type
4.1.1. Traction Inverter
4.1.2. Soft Switching Inverter
4.2. Global Electric Vehicle Power Inverter Market by Propulsion Type
4.2.1. Circuit Hybrid Electric Vehicles
4.2.2. Plug-in Hybrid Electric Vehicle
4.2.3. Battery Electric Vehicle
4.2.4. Fuel Cell Electric Vehicle
4.3. Global Electric Vehicle Power Inverter Market by Vehicle Type
4.3.1. Passenger Vehicles
4.3.2. Commercial Vehicles
4.4. Global Electric Vehicle Power Inverter Market by Distribution Channel
4.4.1. OEM
4.4.2. Aftermarket
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. BorgWarner Inc.
6.2. Cascadia Motion, LLC
6.3. Continental Engineering Services GmbH
6.4. Danfoss A/S
6.5. Delta Electronics, Inc.
6.6. Eaton Corp. plc
6.7. Exro Technologies Inc
6.8. Fuji Electric Co., Ltd.
6.9. Hillcrest Energy Technologies Ltd.
6.10. Infineon Technologies AG
6.11. Marelli Holdings Co., Ltd
6.12. MEIDENSHA CORP.
6.13. NXP Semiconductors
6.14. Robert Bosch GmbH
6.15. Texas Instruments Inc
6.16. Toshiba Electronic Devices & Storage Corp
6.17. Vitesco Technologies GmbH
1. Global Electric Vehicle Power Inverter Market Research And Analysis By Inverter Type, 2023-2031 ($ Million)
2. Global Traction Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Soft Switching Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Electric Vehicle Power Inverter Market Research And Analysis By Propulsion Type, 2023-2031 ($ Million)
5. Global Circuit Hybrid Electric Vehicles Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Plug-in Hybrid Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Battery Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Fuel Cell Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Electric Vehicle Power Inverter Market Research And Analysis By Vehicle Type, 2023-2031 ($ Million)
10. Global Passenger Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global Commercial Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Electric Vehicle Power Inverter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
13. Global Electric Vehicle Power Inverter Sales Via OEM Market Research And Analysis By Region, 2023-2031 ($ Million)
14. Global Electric Vehicle Power Inverter Sales Via Aftermarket Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
16. North American Electric Vehicle Power Inverter Market Research And Analysis By Country, 2023-2031 ($ Million)
17. North American Electric Vehicle Power Inverter Market Research And Analysis By Inverter Type, 2023-2031 ($ Million)
18. North American Electric Vehicle Power Inverter Market Research And Analysis By Propulsion Type, 2023-2031 ($ Million)
19. North American Electric Vehicle Power Inverter Market Research And Analysis By Vehicle Type, 2023-2031 ($ Million)
20. North American Electric Vehicle Power Inverter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
21. European Electric Vehicle Power Inverter Market Research And Analysis By Country, 2023-2031 ($ Million)
22. European Electric Vehicle Power Inverter Market Research And Analysis By Inverter Type, 2023-2031 ($ Million)
23. European Electric Vehicle Power Inverter Market Research And Analysis By Propulsion Type, 2023-2031 ($ Million)
24. European Electric Vehicle Power Inverter Market Research And Analysis By Vehicle Type, 2023-2031 ($ Million)
25. European Electric Vehicle Power Inverter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
26. Asia-Pacific Electric Vehicle Power Inverter Market Research And Analysis By Country, 2023-2031 ($ Million)
27. Asia-Pacific Electric Vehicle Power Inverter Market Research And Analysis By Inverter Type, 2023-2031 ($ Million)
28. Asia-Pacific Electric Vehicle Power Inverter Market Research And Analysis By Propulsion Type, 2023-2031 ($ Million)
29. Asia-Pacific Electric Vehicle Power Inverter Market Research And Analysis By Vehicle Type, 2023-2031 ($ Million)
30. Asia-Pacific Electric Vehicle Power Inverter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
31. Rest Of The World Electric Vehicle Power Inverter Market Research And Analysis By Region, 2023-2031 ($ Million)
32. Rest Of The World Electric Vehicle Power Inverter Market Research And Analysis By Inverter Type, 2023-2031 ($ Million)
33. Rest Of The World Electric Vehicle Power Inverter Market Research And Analysis By Propulsion Type, 2023-2031 ($ Million)
34. Rest Of The World Electric Vehicle Power Inverter Market Research And Analysis By Vehicle Type, 2023-2031 ($ Million)
35. Rest Of The World Electric Vehicle Power Inverter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
1. Global Electric Vehicle Power Inverter Market Research and Analysis By Inverter Type, 2023 Vs 2031 (%)
2. Global Traction Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
3. Global Soft Switching Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
4. Global Electric Vehicle Power Inverter Market Research and Analysis By Propulsion Type, 2023 Vs 2031 (%)
5. Global Circuit Hybrid Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
6. Global Plug-in Hybrid Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
7. Global Battery Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
8. Global Fuel Cell Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
9. Global Electric Vehicle Power Inverter Market Research and Analysis By Vehicle Type, 2023 Vs 2031 (%)
10. Global Passenger Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
11. Global Commercial Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
12. Global Electric Vehicle Power Inverter Market Research and Analysis By Distribution Channel, 2023 Vs 2031 (%)
13. Global Electric Vehicle Power Inverter Sales Via OEM Market Share By Region, 2023 Vs 2031 (%)
14. Global Electric Vehicle Power Inverter Sales Via Aftermarket Market Share By Region, 2023 Vs 2031 (%)
15. Global Other Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
16. Global Electric Vehicle Power Inverter Market Share By Region, 2023 Vs 2031 (%)
17. US Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
18. Canada Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
19. UK Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
20. France Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
21. Germany Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
22. Italy Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
23. Spain Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
24. Rest Of Europe Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
25. India Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
26. China Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
27. Japan Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
28. South Korea Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
29. Rest Of Asia-Pacific Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
30. Latin America Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
31. Middle East And Africa Electric Vehicle Power Inverter Market Size, 2023-2031 ($ Million)
