Electric Vehicle Acquired Majority market share
Based on the application, Electric Vehicles acquired a majority market share in the Global Automotive Inverter market in 2019. The demand for an electric vehicle is high in regions like North America and Europe. Additionally, various subsidies introduced by the government in the Asia-Pacific region to boost the sales of electric vehicles are propelling the demand for the automotive inverter market.
Further, the increasing inclination toward e-mobility due to the growing demand for zero-emission vehicles and snowballing investments in the electric vehicle production units are likely to promote the Automotive Inverter Market growth in the forecast years, reveals MarkNtel Advisors in their research report, "Global Automotive Inverter Market Analysis, 2021."
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, Australia|
|South America: Brazil|
|Middle East & Africa: GCC, South Africa|
|Key Companies Profiled||(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.|
|Unit Denominations||USD Million/Billion|
OEMs Acquired the Largest Market Share
Based on the end-user system, the OEMs acquired the majority market share in the Global Automotive Inverter market in 2019. The growth attributes to the rising government initiatives to boost demand & production of alternative energy vehicles owing to environmental concerns, such as increasing levels of CO2 and GHG gasses.
Moreover, massive investments by the OEMs and automotive suppliers on R&D in developing advanced battery compliance with government rules are burgeoning sales of electric vehicles in China, Australia, and various European countries are the factors placing a lucrative opportunity for this segment's growth.
According to the MarkNtel Advisors' research report, "Global Automotive Inverter Market Analysis, 2021," the market is likely to grow at a CAGR of 9.0% during 2021-26. The growth attributes to a significant upsurge in advancements by market players in inverter technologies, the burgeoning inclination to increase the travel range of electric vehicles, snowballing investments by governments in electric vehicles' production, and charging infrastructure.
Further, the formulation of various stringent policies to reduce the GHG emissions to fuel the purchase of electric vehicles is also likely to promote the market growth of the Automotive Inverter Market in the forecast period.
Impact of COVID-19
The outbreak of the COVID-19 pandemic has adversely affected the automotive industry and its associated markets. The sharp decline in the sales of electric vehicles had a profound impact on the Automotive Inverter Market due to the temporary closure of the production units. Further, the shrinking R&D budget and changing manufacturers' focus to revive the demand and produce BS-VI vehicles has led to sluggish market growth.