Global Automotive Inverter Market Analysis and Forecast, 2020-2031: Opportunities in the Development of High-Power Density Inverter & Combining Autonomous Driving with Electric Vehicles
DUBLIN, Sept. 16, 2022 /PRNewswire/ -- The "Automotive Inverter Market - A Global and Regional Analysis: Focus on Vehicle Type, Propulsion Type, Power Output, Material Type, Technology, and Regional Analysis - Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The global automotive inverter market was estimated to be at $8.3 billion in 2020, which is expected to grow with a CAGR of 17.09% and reach $50.1 billion by 2031
The growth in the global automotive inverter market is expected to be driven by increasing demand for electric vehicles to acquire sustainability and lower ownership costs.
The automotive inverter market is in the development phase. Increased research and development activities are underway to develop newer semiconductor materials such as gallium nitride, which are expected to witness an increase in adoption due to the lower energy and gate losses.
Increasing investments in R&D in gallium nitride and silicon carbide is one of the major opportunities in the global automotive inverter market. Also, the exponential increase in the sales of electric vehicles across the globe will propel the market even further. Though there are some challenges in the market, such as lack of charging infrastructure and complex design requirements, the ongoing vital developments in the market are expected to overcome them in the forecast period.
Impact
The automobile industry has seen a significant technological shift in the previous decade, opening the path for widespread acceptance of electric transportation.
Various countries are implementing measures such as fuel economy standards, deploying support infrastructure for alternative propulsion vehicles, and providing consumer incentives to help bridge the ownership cost gap between alternative energy vehicles and conventional vehicles in order to reduce carbon emissions and increase the adoption of alternative energy vehicles.
With the fast adoption of battery electric cars, plug-in hybrid electric vehicles, and hybrid electric vehicles, demand for automotive inverters, which are an essential component of alternative energy vehicles, has risen dramatically in recent years.
Recent Developments in Global Automotive Inverter Market
- In August 2020, Siemens Limited acquired C&S Electric Limited, an Indian electrical and electronic equipment maker. Siemens acquired a 99.22% stake in C&S Electric from its promoters and planned to address the rising demand for low voltage power distribution, aiming to create an export hub.
- In January 2022, Bosch announced to deliver silicon carbide power electronics to improve vehicle efficiency, and by manufacturing Inverter generation 4 with the use of silicon carbide, Bosch provided a significant technological improvement in powertrain and efficiency in electric vehicles.
- In June 2021, Continental AG developed a system designed for the entire Land Rover and Jaguar hybrid and EVs range that has been specifically adapted to the requirements of sporty and performance-oriented powertrains. Continental AG developed this system for vehicles like the all-electric Jaguar I-Pace, whose electric powertrain can operate at currents of up to 650amps. Another example of such a vehicle is Range Rover Sport Plus-in Hybrid.
- In March 2021, Marelli Corporation launched its first power module called enhanced direct-cooling inverter (EDI), based on silicon carbide technology. The new technology enables conversion efficiency of up to 99.5 % and a 50 % reduction in weight and size.
- In January 2022, Fuji Electric announced that it had decided to increase the production of SiC power semiconductors at Fuji Electric Tsugaru Semiconductor Co., Ltd., one of its power semiconductor production bases. The starting of mass manufacturing is scheduled for the fiscal year 2024.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of company coverage, product portfolio, market penetration, etc.
Some of the prominent names established in this market are:
- Siemens AG
- Mitsubishi Electric Corporation
- Toyota Industries Corporation
- Robert Bosch GmbH
- Continental AG
- DENSO Corporation
- Marelli Corporation
- LG Electronics
- Hitachi Automotive Systems, Ltd.
- Lear Corporation
- Fuji Electric
- Toshiba Corporation
- Aptiv PLC
- Sensata Technologies, Inc.
- Danfoss
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Industry Dynamics Defining the Current and Future Trends of Global Automotive Inverter Market
1.1.1.1 Prominence of Double-Sided Direct Cooling Inverters
1.1.1.2 Growing Application of Multilevel Inverters
1.1.1.3 Trend of Combining Inverter and DC/DC Converter
1.1.2 Supply Chain Analysis
1.1.3 Key Start-Ups in the Global Automotive Inverter Market
1.1.4 Ecosystem/Ongoing Programs
1.1.4.1 Consortiums, Associations, and Regulatory Bodies
1.1.4.2 Government Initiatives
1.1.4.3 Programs by Research Institutions and Universities
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Growing Demand for Electric Vehicles
1.2.1.2 Usage of Navigation Devices and Smartphones by Cab Aggregators, Car Rental, and Fleet Management Service Providers
1.2.1.3 Growing Demand for Electric Vehicles in Order to Acquire Green Earth Goals
1.2.1.4 Government Initiative for Growth and Adaptation of Electric Vehicle
1.2.2 Business Restraints
1.2.2.1 Lack of Charging Infrastructure
1.2.2.2 Complex Design and Integration Process for Advanced Applications
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions
1.2.4.2 Partnerships, Joint Ventures, Collaborations, and Alliances
1.2.5 Business Opportunities
1.2.5.1 Development of High-Power Density Inverter
1.2.5.2 Combining Autonomous Driving with Electric Vehicles
2 Application
2.1 Automotive Inverter Market- Applications and Specifications
2.1.1 Automotive Inverter Market (by Propulsion Type)
2.1.1.1 Battery Electric Vehicle (BEV)
2.1.1.2 Hybrid Electric Vehicle (HEV)
2.1.1.3 Plug-in Hybrid Electric Vehicle (PHEV)
2.1.2 Automotive Inverter Market (by Vehicle Type)
2.1.2.1 Passenger
2.1.2.2 Commercial
2.1.3 Automotive Inverter Market (by End Market)
2.1.3.1 Original Equipment Manufacturer (OEM)
2.1.3.2 Aftermarket
2.2 Demand Analysis of Automotive Inverter Market (by Vehicle Type)
2.2.1 Global Demand Analysis (by Propulsion Type), Million Units and $Billion
2.2.2 Global Demand Analysis (by Vehicle Type), Million Units and $Billion
3 Products
3.1 Automotive Inverter Market- Products and Specifications
3.1.1 Automotive Inverter Market (by Material Type)
3.1.1.1 Silicon
3.1.1.2 Silicon Carbide
3.1.1.3 Gallium Nitride
3.1.2 Automotive Inverter Market (by Power Output)
3.1.2.1 <_30 />3.1.2.2 >130 KW
3.1.3 Automotive Inverter Market (by Technology)
3.1.3.1 Insulated Gate Bipolar Transistor (IGBT)
3.1.3.2 Metal Oxide Semiconductor Field Effect Transistor (MOSFET)
3.2 Demand Analysis of Automotive Inverter Market (by Product)
3.2.1 Global Demand Analysis (by Material Type), Million Units and $Billion
3.2.2 Global Demand Analysis (by Power Output), Million Units and $Billion
3.2.3 Global Demand Analysis (by Technology), Million Units and $Billion
3.3 Pricing Analysis
4 Region
For more information about this report visit https://www.researchandmarkets.com/r/h9p1bv
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