An automotive inverter is a vital part of an electric vehicle. The demand for the Automotive Inverter market is surging robustly due to the burgeoning adoption of hybrid & electric vehicles and rising government initiatives to curb the sales of conventional energy vehicles.
Besides, with the increasing number of new & innovative hybrid cars and manufacturing plant setups for electric vehicles in the countries like India, the demand for automotive inverters from OEMs and aftermarket is likely to hike 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 likely to grow at 9% CAGR between 2021-26. Based on the product type, Sine Wave inverters, which do not just apply in automobiles, but various household appliances, acquired the majority market share in 2019.
The soaring demand for these inverters is primarily due to their high efficiency and safety. Further, with their decreasing costs, they are becoming more affordable & accessible across the global market, thereby propelling the segment growth in the forecast period.
IGBT Accounted for Considerable Market Share
Based on technology, the market categorizes into IGBT and MOSFET, in which IGBT (Insulated Gate Bipolar Transistor) accounted for a considerable market share in the Global Automotive Inverter Market in 2019.
Primarily, IGBTs are for medium to high power applications, such as power electronics, traction inverters in EVs (Electric Vehicles), HEVs (Hybrid Electric Vehicles), SMPS (Switched-mode Power Supplies), and others that require high switching repetition rates. The perennial development in electric vehicles is also infusing the demand for IGBTs, the ones that are optimized for automotive utilization, thereby possibly augmenting the segment growth.
"Global Automotive Inverter Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights about the industry potentials, key factors impacting sales & purchase decisions, hotspots, and available opportunities for automotive inverter providers across the globe.
Moreover, the report also encompasses the key strategic imperatives for the competitors' success and strategic factorial indexing to measure competitors' capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Register Fastest Growth
Based on region, Asia-Pacific is likely to grow at the highest CAGR in the Global Automotive Inverter market during 2021-26. The growth attributes to rising environmental concerns due to increasing carbon emissions, thereby drawing the government's focus on electric vehicles.
Additionally, the introduction of subsidies to fuel the sales of hybrid & electric vehicles further propels the demand for the Automotive Inverter market. The Chinese government invested around USD 60 billion in subsidies & other incentives toward electric mobility.
Moreover, the launch of electric vehicles' manufacturing plants, surging advancements in automotive inverters, and snowballing inclination toward alternate energy vehicles are also likely to contribute to the market growth in the forecast period, reveals MarkNtel Advisors in their 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.