EV Inverters Market is Forecasted to Reach US$ 40.4 Billion in 2031, Says Stratview Research

The global EV inverters market is projected to witness a growth rate of 12.4% annually from 2024 to 2031, with an anticipated size of US$ 40.4 billion by 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global EV inverters market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights

Segment Insights on the EV Inverters Market:

The report dives deep into the segmentation of the EV Inverters market based on critical parameters:

Based on EV Type – The market is segmented into BEV and HEV. HEVs dominate the EV inverters market, but BEVs are set to take the lead in the coming years. HEVs offer a more affordable option than BEVs, providing longer driving ranges without range anxiety, making them a practical choice for current driving needs. BEVs will dominate the future market, driven by expanding charging infrastructure and advancements in battery technology, enabling faster charging and longer driving ranges. Government incentives, combined with lower maintenance costs, will gradually reduce BEV prices, making them more attractive to consumers.

Based on Technology Type: The market is segmented into IGBT, SiC, and GaN. IGBTs lead the market due to their proven performance, cost-effectiveness, and widespread use in EV inverters. They offer reliable operation, high efficiency, and scalability for modern EV systems.

SiC technology is the market's second-largest and second-fastest technology type, driven by its superior efficiency, higher power density, and reduced energy losses in EV applications.  Advancing technology and lower production costs are making SiC inverters more attractive for next-generation EVs, enabling better performance, longer range, and improved efficiency.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and RoW. Asia-Pacific is expected to remain the largest market for EV Inverters during the forecast period. Higher EV production, especially in China, strong government support (incentives and policies) increases adoption, advancement in battery and power electronics technology, and expanding charging infrastructure support EV adoption among consumers, which are key factors driving the region’s market. China remains the EV market leader, driven by its high manufacturing capacity, strong local demand, government incentives, advancements in power electronics, efficient supply chain, extensive charging infrastructure, and major EV manufacturers.

EV Inverters Market Drivers:

Some of the key drivers listed in the report are given below.

• The escalating number of EV sales, together with increased EV manufacturing, promotes the need for inverters that convert electric battery power into efficient electric motor movement.
•  Recent power electronics development has shifted production towards silicon carbide (SiC) and gallium nitride (GaN) inverters, which provide greater efficiency and decreased energy loss, coupled with enhanced vehicle operational performance.
• Future advancements in battery technology drive the need for EV inverters capable of handling higher power loads, supported by enhanced thermal management systems for improved performance and safety.
• Strict emission regulations, government subsidies, and driver demand for longer ranges drive automakers to choose efficient, lightweight, and compact inverters for EVs.

Top Companies in the EV Inverters Market:

The global market for EV Inverters is highly concentrated, with the top four companies capturing a lion’s share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:

-          Denso Corporation

-          BYD Auto Co., Ltd.

-          Tesla, Inc.

-          Nidec Corporation

-          Dana Incorporated

-          Valeo SA

Note: The above list does not necessarily include all the top players in the market.

What Deliverables Will You Get in this Report?

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About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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