Lucintel's latest market report analyzed that electric vehicle power inverter provides attractive opportunities in the passenger vehicle and commercial vehicle markets. The electric vehicle power inverter market is expected to reach $XX billion by 2028 with a CAGR of 22% to 24%. In this market, battery electric vehicle is the largest segment by propulsion, whereas traction inverter is largest by inverter type.
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Based on propulsion, the electric vehicle power inverter market is segmented into full hybrid vehicle, plug-in hybrid vehicle, and battery electric vehicle. The battery electric vehicle segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to increase in sale of battery electric cars and comparatively high cost of HEVs than other types of electric vehicles has gradual shifted the consumer preference from HEVs to BEVs.
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The Electric Vehicle Power Inverter Market is marked by the presence of several big and small players. Some of the prominent players offering electric vehicle power inverter include Continental, Robert Bosch, Hitachi Automotive Systems, Toyota, Denso, Aptiv, Meidensha, Mitsubishi Electric, Valeo, and Infineon Technologies.
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