An automotive inverter is a vital part of an electric vehicle. The demand for the automotive inverter market is surging at a robust rate on account of the burgeoning adoption of hybrid and electric vehicles and surging initiatives by governments in order to curb the sales of conventional energy vehicles. Besides, this, increasing introduction of the new and innovative hybrid car by manufacturer and setup of manufacturing plant for an electric vehicle in the countries such as India, the demand for automotive inverter from the OEMs and from the aftermarket side are expected to proliferate in the forecast period.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “Global Automotive Inverter Market Analysis, 2021”, the market is anticipated to grow at a CAGR of 9.0% during 2021-26. Based on Product Type, Sine Wave acquired the majority market share in 2020. Sine waves inverter application is not restricted to the automobile but can be used in various household appliances as well. The demand for these inverters is due to their high efficiency and high safety. Besides this, the decreasing cost of sine wave inverter, thus making it more affordable and reachable in the global market. Hence, this is aiding to the growth of the segment in the forecast period.
IGBT Accounted for Considerable Market Share
Based on Technology, the market is categorized into IGBT and MOSFET. Insulated Gate Bipolar Transistor (IGBT) accounted for considerable market share in Global Automotive Inverter Market in 2019. IGBT majorly find their use in medium to high power applications such as power electronics, traction inverter in electric vehicles (EV) and hybrid electric vehicles (HEV), switched-mode power supplies (SMPS), and in other power circuits that require high switch repetition rates. The perennial development in electric vehicle is infusing the demand for IGBT that are optimised for automotive utilisation. Hence, this is further projected to augment the growth of the segment.
“Global Automotive Inverter Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Automotive Inverter providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Register Fastest Growth
Based on Region, Asia-Pacific is anticipated to grow at the highest CAGR in the Global Automotive Inverter market during 2021-26. The growth is attributed to rising environmental concern due to increasing carbon emission is soaring the government focus on electric vehicle. The introduction of subsidy to fuel the sales of hybrid and electric vehicle is propelling the demand for the automotive inverter. Around USD60 billion is an investment by the Chinese government in subsidies and other incentives in electric mobility. Moreover, the launch of an electric vehicle manufacturing plant, surging advancement in automotive inverter and snowballing inclination toward alternate energy vehicles are anticipated to strongly contribute to the growth of the market in the forecast period as stated in MarkNtel Advisors’ research report “Global Automotive Inverter Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Automotive Inverter market are Bosch, Continental, Denso, Mitsubishi Electric, Hyundai Mobis, Valeo Group, Lear, Toyota Industries, Magneti Marelli, Hitachi Automotive Systems, TVS Group, China Auto Electronics Group, Tata AutoComp Systems, Zhejiang Founder Motor, ABB, Arens Controls, etc.