Electric Vehicle Power Inverter Market: Overview
A power inverter is a device that is used to convert one form of voltage to the other form, like DC input voltage into a symmetric AC output voltage or vice versa. The AC output voltage which is generated has a certain magnitude and frequency. There are different types of inverters such as traction inverter and soft-switching inverter which are used in electric vehicles for different purposes.
Electric Vehicle Power Inverter Market: Drivers and Restraints
Increasing efforts being taken by OEMs for developing and introducing electric vehicles on the road, at the earliest, are expected to boost the electric vehicle power inverter market during the forecast period. Increasing government support from various countries across the world for the production of electric vehicles is anticipated to propel the electric vehicle power inverter market in the near future. Rapid technological advancements in the field of power electronics such as the development of high power density inverters is expected to fuel the electric vehicle power inverter market during the forecast period. Increasing incorporation of inverters operating on an AC power source in electric vehicles by key vehicle manufacturers such as Tesla, in recent years, is anticipated to propel the electric vehicle power inverter market during the forecast period.
However, when an electric motor runs, the generated voltage and the input voltage have opposite polarities. This results in the generation of a very high current during the first few seconds of switching on the engine when the motor has not actually started running. This high current can pose a threat to big motors that are utilized primarily in heavy commercial electric vehicles, by causing the fuses of the motors to blow off or get damaged. This is anticipated to restrain the electric vehicle power inverter market to some extent during the forecast period.
Electric Vehicle Power Inverter Market: Key Segments
The global Electric Vehicle Power Inverter Market can be segmented based on electric vehicle, vehicle, type, level of integration, sales channel, and region. In terms of electric vehicle, the electric vehicle power inverter market can be segmented into battery electric vehicles (BEVs), plug-in electric vehicles (PEVs), and hybrid electric vehicles (HEVs). The BEVs segment is anticipated to expand at a rapid pace during the forecast period owing to the comparatively high cost of HEVs than other types of electric vehicles and gradual shift being observed in the consumer preference from HEVs to BEVs, since BEVs are fully electric vehicles and the use of BEVs helps in reducing the carbon footprint in the environment.
In terms of vehicle, the electric vehicle power inverter market can be segmented into commercial vehicles and passenger vehicles. The passenger vehicles segment can be further sub-segmented into hatchback, sedan, MPV, and others. The number of passenger vehicles in the market is very high. The commercial vehicles segment can be further sub-segmented into light commercial vehicles and heavy commercial vehicles.
Based on type, the electric vehicle power inverter market can be divided into traction inverter and soft-switching inverter. The traction inverter segment is expected to expand at a rapid pace in the near future owing to the ability of the traction inverter to work with multiple motor technologies including AC induction, permanent-magnet synchronous (PMS), and interior permanent-magnet (IPM) types.
Based on level of integration, the electric vehicle power inverter market can be segregated into integrated inverter system, separate inverter system, and mechatronic integration system. In integrated inverter systems, the drive inverter is attached to electric machines, unlike separate inverter system. Mechatronic inverter system consists of a high power density inverter. The mechatronic inverter system segment is anticipated to expand at a rapid pace during the forecast period owing to increasing technological advancements in the usage of high power density inverter in power electronics.
Based on sales channel, the electric vehicle power inverter market can be classified into OEM and aftermarket. The OEM segment is expected to expand at a significant growth rate during the forecast period owing to the fact that the power inverter that is employed in an electric vehicle does not require frequent replacement.
Based on geographical region, the electric vehicle power inverter market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the electric vehicle power inverter market during the forecast period owing to the rapidly expanding automotive sector in the region, the presence of key vehicle manufacturers in few countries of Asia Pacific such as China, Japan, and South Korea, and the increasing efforts being taken by the government of China to develop and introduce electric vehicles on the road at the earliest.
Electric Vehicle Power Inverter Market: Key Players
Key players operating in the global electric vehicle power inverter market include Continental AG, Robert Bosch GmbH, Hitachi Automotive Systems, Ltd., TOYOTA INDUSTRIES CORPORATION, and Infineon Technologies AG.
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