Automotive Inverter Market, By Technology (IGBT and MOSFET), By Material (Silicon and Silicon Carbide), By Propulsion Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Hybrid Electric Vehicle), By Power Output (Less than or Equal to 130 KW and Greater than 130 KW), By End-market (Original Equipment Manufacturer and Aftermarket), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Automotive Inverter Market was valued at US$ 3.5 billion in 2024 and is projected to grow at a CAGR of 16.4% to reach US$ 13.9 billion by 2034.

Due growing emission standards across the globe, major OEM's are shifting their production profile from the conventional engine to hybrid & electric vehicles which is major factor driving growth of automotive inverter market. According to data published by IEA in 2019, electric mobility is expanding at a rapid pace. In 2018, the global electric car fleet exceeded 5.1 million which was increased by 2 million from the previous year and almost doubling the number of new electric car sales. The world’s largest electric car market is accounted by China, followed by Europe and the United States. Norway is dominating in terms of the electric car market share. In addition, regional governments across the globe create the environment that flourishes the electric vehicle sales which in turn boosts the sales of automotive inverters. Some of the key players operating in the global market are offering incentives on the purchase of electric vehicles, low electric vehicle tax to name a few. Rapid innovation in technological sector of power electronics such as the development of better power density automotive inverter is expected to propel growth of the global market over the forecast period. However, improper use of the automotive inverter may lead to shrinking down the battery life which in turn increases the maintenance cost, thus hampering growth of the global market.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Automotive inverter market is segmented based on technology, material, propulsion type, power output, end-market, and region.

Based on technology, the automotive inverter market is segmented into IGBT and MOSFET. On the basis of material, the target market is classified into silicon and silicon carbide. Based on propulsion type, the global market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. On the basis of power output, the target market is bifurcated into ≤130 KW and >130 KW. Based on end-market, the global market is segmented into original equipment manufacturer and aftermarket.

Based on region the automotive inverter market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2018, The Asia-Pacific region has dominated the automotive inverter market and is expected to maintain its dominance over the forecast period. In China, India & other Asian countries the sale of the automotive inverter is expected to gain the maximum growth, with an increase in electric vehicle production. In addition, growing efforts from these countries in order to increase the sales of the electric vehicle is projected to flourish the automotive inverters market. North America is accounted to remain the dominant region for the sales of automotive inverters as major automakers have their production plants in the region.

The key players operating the automotive inverter market involves Denso Corporation, Siemens AG, Calsonic Kansei Corporation, Robert Bosch GmbH, Continental AG, Hyundai Mobis Co., Ltd., LG Electronics, Hitachi Automotive Systems, Lear Corporation, and Toshiba Corporation. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in April 2019, Denso Corporation, the world’s second largest mobility supplier, has announced that it will invest approximately US$1.6 billion over the three years – from FY2018 to late FY2020. The investment is based to support production and development of electrified automotive products, systems and technologies.

• In August 2022, Toyota Industries Corporation opened a new facility in Ishihama which would start manufacturing bipolar nickel-hydrogen batteries for hybrid cars in October 2022. A total of 20,000 units will be produced each month by the new plant. When coupled with the Kyowa Plant, which started producing batteries in May 2021, the monthly capacity will be 40,000 units.
• In June 2022, Continental AG created intelligent solutions for automatic driving. In the automotive industry, these intelligent solutions are employed.
• In November 2021, Delphi Automotive PIc introduced a new worldwide steering and suspension package for the Tesla Model S, in order to open up additional repair opportunities. OE knowledge, safety emphasis, and technical excellence characterize the steering and suspension parts for the Tesla Model S application that are part of the Delphi Technologies range.

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“*” marked represents similar segmentation in other categories in the respective section.