A power dense inverter is an electronic device that is utilized in electric vehicles in order to enhance their range. It uses the power from the battery and delivers it to the motors, while controlling the motor input according to the requirement of torque and speed. The power dense inverter is a technology developed by Eaton, and is likely to be introduced in the market in the fiscal year 2019. The power dense inverter can be also be utilized for alternative fuel vehicles such as fuel cell vehicles and hydrogen cell vehicles.
The power dense inverter is able to enhance the range of electric vehicles, which is a prime concern of electric vehicle manufacturers. Power dense inverters enhance battery life as well as vehicle efficiency, as power from the battery is utilized according to the requirement. This, in turn, is projected to drive the global automotive power dense inverter market. Moreover, stringent government norms, subsidies and incentives from governing bodies, increasing fuel prices, and rising awareness among vehicle manufacturers and consumers are fueling the demand for electric vehicles, which in turn is likely to fuel the automotive power dense inverter market across the globe.
Manufacturers shift toward electric vehicles, government policies in favor of electric vehicles, decreasing prices of electric vehicles coupled with enhancement in their range and announcements from governing bodies to ban the use of fuel powered vehicles are likely to offer lucrative opportunities to the automotive power dense inverter market.
The global automotive power dense inverter market can be segmented based on propulsion type, vehicle type, and region. In terms of propulsion type, the global automotive power dense inverter market can be segregated into four segments. Battery electric vehicles are trending in the global vehicle market, which is attributed to their pollution free operation and significantly lower operating cost. Moreover, governments of various nations offer huge subsidies for battery electric vehicles, which in turn is fueling their demand. Rapid expansion of electric vehicle charging infrastructure across the globe is propelling the battery electric vehicle market, which in turn is likely to boost the demand for power dense inverters.
Based on vehicle type, the global automotive power dense inverter market can be bifurcated into passenger vehicles and commercial vehicles. Adoption of electric vehicles as passenger vehicles is rising significantly across the globe. Decline in prices of electric vehicles and heavy discounts on electric vehicles are boosting the adoption of passenger electric vehicles. A considerable number of passenger electric vehicle manufacturers are anticipated to incorporate the power dense inverter technology into their vehicles and hence, the passenger vehicles segment of the market is anticipated to dominate the global automotive power dense inverter market.
In terms of region, the global automotive power dense inverter market can be segmented in to five regions. China accounts for a large number of electric vehicles, especially battery electric vehicles, and the number is increasing exponentially. Well-developed electric vehicle charging infrastructure, incentives from governing bodies, lower electric vehicle prices due to presence of local manufacturers and battery manufacturers, rising per capita income of individuals, and increasing awareness about the benefits of electric vehicle are fueling the demand for electric vehicles across China. Several manufacturers from China are anticipated to incorporate the power dense inverter technology and hence, China is expected to hold a prominent share of the global automotive power dense inverter market.
Eaton is the inventor of the power dense inverter technology. Considering the potential of electric vehicles and related technologies, several other key players are likely to enter the global power dense inverter technology market. Significant rise in demand for electric vehicles is likely to attract investments and integration into the global automotive power dense inverter market.
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