Electric Vehicle Power Inverter Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product and End-User Industry
Electric vehicle power inverterhas wider application in electric vehicles. The inverter converts direct current (DC) into alternating current (AC), which allows to run electric vehicles motors. There are different types of inverters, which are used in electric vehicles such as soft switching inverter and traction inverter. In addition, electric vehicle power inverter helps to generate very high current during the time of switching the engine as the generated voltage and input voltage have opposite polarities,which generate current.Therefore, thisleads to increase indemand forelectric vehicles, resulting in the growth of the electric vehicle power inverter market.
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COVID-19 scenario analysis:
COVID-19 has rapidly affected the automobileindustry,thus hampering the growth ofthe electric vehicle power inverter market.
The market was expected to register significant growth due to rapid growth of the automobile industry.However,due to COVID-19, the market is expected to decline in the near future until the situation becomes stable.
Industries are facing slower production due to lockdown and low demand.It is expected to eventually witness decrease in the closure of all works.
Due to non-operation of vehiclesduring COVID-19, many of these companies havestopped their production, which led to decline in the growth of the electric vehicle power inverter market.
There is significant drop in demand and restricted cash inflow, which havedeclined the growth of the electric vehicle power inverter market.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Top impacting factors for the growth of the electric vehicle power inverter market areincrease inpenetration of electric vehicles and government initiatives toward pollution-free environment. However, heavy current flow and blowing of fuses of electric motor hamper the growth of the market. Furthermore, technological advancements in power electronic and initiatives toward eco-friendly environmentprovide lucrativeopportunitiesfor the electric vehicle power inverter market.
Increase inpenetration of electric vehicles
Increase indemand for electric vehicles has resulted in increase indemand for electric brakes. Electrical parking brake systembooststheelectric vehicle power inverter market to build inverters for electric vehicles. Moreover,the sale of electric vehicles is expected todrive the inverter market. As a result,electric vehiclesfuel the growth ofthe electric vehicle power inverter market.
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Government initiatives toward pollution-free environment
Governmentstakeinitiativesto reduce pollution and harmful gasses for aneco-friendly environment. Increase indemand for electric vehicles initiates increase in demand for electrical parking brake systems. Electric vehicles do not emit harmful gases as battery or inverter isused instead of fuel. Therefore,growth of the electric vehicle market propels the growth of the electric vehicle power inverter market.
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