According to a new report published by UnivDatos Markets Insights, The Electric Vehicle Power Inverter Market was valued at USD 6,905.01 million in 2022 & is expected to grow at a CAGR of 13.7% from 2022-2030. The analysis has been segmented into Propulsion (BEV, HEV, and PHEV); Inverter Type (Traction Inverter and Soft Switching Inverter); Vehicle Type (Passenger Vehicle and Commercial Vehicle); Distribution Channel (OEM and Aftermarket); and Region/Country.
The electric vehicle power inverter market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electric vehicle power inverter market. The electric vehicle power inverter market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the electric vehicle power inverter market at the global and regional levels.
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Key Market Dynamics
The surge in the sales of electric vehicles is one of the key factors driving the demand for the EV power inverter market during the forecast period.
High Demand: The demand for electric vehicles is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs). For instance, 2022, the Ministry of Power issued the revised consolidated Guidelines and Standards for EV charging infrastructure on January 14, 2022. The Government of India has undertaken multiple initiatives to promote the manufacturing and adoption of electric vehicles in the country. Efforts by the government resulted in 2.5 times increase in charging stations in 9 mega cities in the last four months.
Government Initiatives: On September 26, 2022, the Ministry of Finance (MOF), the State Taxation Administration (STA), and the Ministry of Industry and Information Technology (MIIT) jointly released the Announcement on Continuing Tax Exemptions on Purchases of New Energy Vehicles (Announcement). According to the Announcement, purchases of new energy vehicles (NEVs) that occur between January 1, 2023, and December 31, 2023, will continuously be exempted from vehicle purchase tax. Only NEVs included in the List of NEV Models Exempted from Purchase Tax (List), updated to its 58th batch, are eligible for tax exemption.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the global economy, and the EV industry is no exception. The pandemic has caused a significant disruption in the supply chain, leading to a shortage of essential components, including power inverters. The power inverter is an essential component in an EV, responsible for converting the DC power from the battery to AC power for the motor. The shortage of power inverters has caused a significant delay in the production and delivery of new EVs, which has affected the overall growth of the EV market. Furthermore, the pandemic has led to a decrease in consumer demand for EVs, as people have been hesitant to make large purchases due to economic uncertainty. This has further affected the growth of the EV market. However, the EV industry is expected to recover in the coming years, as governments around the world are increasing their efforts to reduce carbon emissions and promote sustainable transportation. The development of new technologies, such as solid-state power inverters, is also expected to improve the efficiency and cost-effectiveness of EVs, which could help to drive growth in the market.
The global Electric Vehicle Power Inverter Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on propulsion, the market is segmented into BEV, PHEV, and HEV. Among these, BEV has a high market share in 2021 and will dominate during the forecast period.
Based on the inverter type, the market is segmented into traction inverter and soft switching inverter. Among them, the traction inverter category dominated the market in 2022. This is mainly due to its critical role in the electric vehicle's drivetrain.
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Electric Vehicle Power Inverter Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific)
· Rest of the World
APAC is dominating the EV power inverter market during the forecast period. Countries like China, Japan, and South Korea are at the forefront of electric vehicle adoption, with supportive government policies, generous incentives, and massive investments in research and development. This region's vast automotive manufacturing base and the presence of major EV manufacturers create a substantial demand for power inverters. For instance, in China, the government has set a goal for new energy vehicles to account for 20% of all new car sales by 2025. Also, China’s EV production amounted to 3.5 million units in 2021, an increase of 1.6 times year-over-year. Furthermore, the growing adoption of EV batteries in the Asia Pacific is the increasing availability of affordable EV models. In recent years, many Asian automakers, such as Hyundai and Kia, have released affordable EV models with longer ranges and faster charging times, making them more attractive to consumers.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Electric Vehicle Power Inverter Market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
In December 2021, the Government of the U.S. announced that all vehicles acquired by the government must be emission-free by 2035. These will replace the 600,000 U.S. government vehicles currently in use.
In 2021, Ford announced its plans to invest 11 billion USD to set up several plants to produce electric vehicle components. The company has planned to build new assembly plants to manufacture all-electric F-series trucks and three battery plants, with locations in Tennessee & Kentucky among others.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the electric vehicle power inverter market?
• Which factors are influencing the electric vehicle power inverter market over the forecast period?
• What are the global challenges, threats, and risks in the electric vehicle power inverter market?
• Which factors are propelling and restraining the electric vehicle power inverter market?
• What are the demanding global regions of the electric vehicle power inverter market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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