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 is expected to develop at a compound annual growth rate (CAGR) of 16.4% to reach US$ 13.9 billion by 2034, from its estimated US$ 3.5 billion in 2024.

The global market for automotive inverters is expanding due to significant OEMs switching from producing conventional engines to hybrid and electric vehicles due to stricter emission regulations. Data from the IEA released in 2019 show that electric mobility is proliferating. Over 5.1 million electric cars were sold worldwide in 2018, up 2 million from the year before and nearly double the new electric car sales. China leads the globe in the market share of electric cars, with the U.S. and Europe following. Regarding market share for electric vehicles, Norway is leading the way.

Furthermore, local governments everywhere establish the conditions that foster electric car sales growth, increasing the demand for car inverters. Several prominent companies in the worldwide market provide incentives for buying electric cars, such as reduced taxes on electric automobiles. Throughout the projection period, the power electronics industry is predicted to grow rapidly due to technological advancements, including the development of car inverters with higher power densities. On the other hand, mishandling an automobile inverter can shorten its battery life, raise maintenance costs, and impede the expansion of the worldwide market.