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

Increasing Electric Vehicle Sales

Electric vehicles have become an integral part of the auto industry and represent a path towards energy efficiency and reduced emissions of pollutants and other greenhouse gases. Growing environmental concerns, along with favorable government initiatives, are some of the key factors driving market growth.

 Global sales of battery electric vehicles amounted to 3.5 million units in 2021, significantly higher than 2020 sales figures. The move accelerates the adoption of light electric vehicles (EVs) and gradually phasing out traditional vehicles equipped with internal combustion engines is gaining ground around the world. . The increase in average fuel prices reflects the fact that Europe has a higher registration rate of new electric cars than other regions of the world. Therefore, the widespread adoption of electric vehicles due to rising fuel prices is expected to spur the growth of businesses globally.