The increase in adoption of alternative energy vehicles, as well as rising concerns about green house gas emissions, are driving the global automotive inverter market. However, considerations such as the scarcity of charging resources stifle overall business expansion. The automotive inverter market research offers a comprehensive view of the technology and materials used in its production.
The aim of this market research is to look at the future of the automotive inverter market in terms of market drivers, patterns, technical advancements, and funding scenarios, among other things.
The Global Automotive Inverter Market accounted for $113.2 Billion in 2020 and is estimated to be $172.5 Billion by 2030 and is anticipated to register a CAGR of 4.4%. Major OEMs are changing their output profiles from traditional engines to hybrid and electric vehicles as a result of the emission standards around the world, which is a major factor driving the global automotive inverter market’s development.
The automotive inverter is a key component in any car, and it’s responsible for converting DC power from the battery to AC power. These inverters are designed to imitate alternating current, which aids in the proper operation of small consumer electronics. Furthermore, regional governments all over the world create an ecosystem that encourages the selling of electric vehicles, which boosts the sale of automotive inverters. Geographically, Asia Pacific is expected to hold a significant market share during the forecast period, as the automotive industry thrives in major economies such as China and India.
- The Asia-Pacific region dominated the global automotive inverter in 2018, whereas Europe is expected to have the highest growth rate, during the forecast period.
- Since the automotive sector is thriving in major economies such as China and India, Asia Pacific is expected to hold a significant market share during the forecast period.
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Key Market Insights:
The Global Automotive Inverter Market accounted for $113.2 Billion in 2020 and is estimated to be $172.5 Billion by 2030 and is anticipated to register a CAGR of 4.4%. The Global Automotive Inverter Market is segmented based on the Technology, material, propulsion type, application, and region.
- By technology, the Global Automotive Inverter Market is segmented into IGBT, and MOESFET.
- By material, the market is segmented in Silicon, and Silicon carbide.
- By propulsion type, the market is segmented into Battery electric vehicle, Plug-in hybrid electric vehicle, and Hybrid electric vehicle.
- By Application, the Global Automotive Inverter Market is segmented into <130KW, and >130 KW.
- By region, the Global Automotive Interior Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The key players operating in the Global Automotive Inverter Market include Arilou Technologies, Argus cyber security Ltd. ,NXP semiconductors N.V , HARMAN International, Continental AG, ESCRYPT, Vector informatik GmbH, Karamba security, Robert Bosch GmbH, and Symantec Corporation. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in April 2019, Denso Corporation, the world’s second largest mobility supplier, has announced that it will invest approximately $1.6 billion over the three years – from FY2018 to late FY2020. The investment is based to support production and development of electrified automotive products, systems and technologies.
The market report provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth.