Market Size of North America Electric Vehicle Power Inverter Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 3.40 Billion |
Market Size (2029) | USD 5.58 Billion |
CAGR (2024 - 2029) | 10.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
North America Electric Vehicle (EV) Power Inverter Market Analysis
The North America Electric Vehicle Power Inverter Market size is estimated at USD 3.40 billion in 2024, and is expected to reach USD 5.58 billion by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).
A power inverter is one of the key components in electric vehicles, ideally converting battery DC power into AC power for an electric motor. Considering the growing concern among automakers to optimize energy consumption in cars, inverter manufacturers have improved their inverter capabilities to handle energy, and vice versa, from both sources (i.e., battery and motor).
An increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicles, and a surge in demand for low-emission and fuel-efficient vehicles are expected to fuel the growth of the electric vehicle power inverter market in North America.
Moreover, with growing stringent emission standards worldwide, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric cars. In addition, governments have initiated incentives, such as a cut down in vehicle tax, bonus payments, and premiums, for buyers of electric vehicles in respective countries to support the growth of electric vehicle sales.
The Federal Government has set a goal to make half of all new vehicles sold in the United States in 2030 zero-emissions vehicles and build a convenient and equitable network of 500,000 chargers to help make electric vehicles accessible to all Americans for both local and long-distance trips.
Vehicle inverter manufacturers are consistently working to improve their products in terms of efficiency and size. Combining an inverter with a motor or converter has significantly gained attention among automakers.
North America Electric Vehicle (EV) Power Inverter Industry Segmentation
An electric vehicle power inverter converts DC power to AC for the motor.
The North American electric power inverter market is segmented by propulsion type, vehicle type, and country. Propulsion types, such as hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, and fuel cell electric vehicles, segment the market. The market is segmented as vehicle types into passenger cars and commercial vehicles. By country, the market is segmented by the United States, Canada, and the Rest of North America.
The report offers market size and forecast for the North American electric vehicle power inverter market in terms of value (USD) for all the above segments.
By Propulsion Type | |
Hybrid Electric Vehicle | |
Plug-in Hybrid Electric Vehicle | |
Battery Electric Vehicle | |
Fuel Cell Electric Vehicle |
By Vehicle Type | |
Passenger Cars | |
Commercial Vehicle |
Geography | |||||
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North America Electric Vehicle Power Inverter Market Size Summary
The North American electric vehicle power inverter market is poised for significant growth, driven by the increasing demand for electric vehicles and supportive government initiatives aimed at promoting low-emission and fuel-efficient vehicles. Power inverters, crucial for converting battery DC power into AC power for electric motors, are seeing advancements in efficiency and size, spurred by the automotive industry's shift towards hybrid and electric vehicles. This transition is further supported by government incentives such as tax cuts and bonuses for electric vehicle buyers, as well as ambitious goals to increase the adoption of zero-emission vehicles. The market is also benefiting from the development of a robust charging infrastructure, with plans to establish a widespread network of chargers to facilitate the use of electric vehicles across North America.
The market landscape is characterized by the presence of established global and regional players who are actively engaging in product innovations, collaborations, and strategic expansions to maintain their competitive edge. Companies like Continental AG, Robert Bosch, and Denso Corp. are at the forefront, contributing to advancements in inverter technology. The focus on reducing development time and enhancing product performance is evident, with innovations such as silicon carbide power modules and soft switching inverters being introduced. These developments, coupled with substantial investments in research and development, are expected to drive the market forward, aligning with the broader industry trends towards electrification and sustainability.
North America Electric Vehicle Power Inverter Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Adoption of Electric Vehicles
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1.2 Market Restraints
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1.2.1 High Cost Initiated to Power Invertors
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Propulsion Type
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2.1.1 Hybrid Electric Vehicle
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2.1.2 Plug-in Hybrid Electric Vehicle
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2.1.3 Battery Electric Vehicle
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2.1.4 Fuel Cell Electric Vehicle
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2.2 By Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicle
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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North America Electric Vehicle Power Inverter Market Size FAQs
How big is the North America Electric Vehicle Power Inverter Market?
The North America Electric Vehicle Power Inverter Market size is expected to reach USD 3.40 billion in 2024 and grow at a CAGR of 10% to reach USD 5.58 billion by 2029.
What is the current North America Electric Vehicle Power Inverter Market size?
In 2024, the North America Electric Vehicle Power Inverter Market size is expected to reach USD 3.40 billion.