Global Automotive On-board Power Inverters Market to Witness Robust Expansion by 2028

The global automotive on-board power inverters market is anticipated to grow at a CAGR of 3.5% during the forecast period (2022-2028). One of the important factors driving the growth of the global on-board power inverter market owing to increasing popularity of portable devices inside automobiles. Furthermore, the growing cab aggregators business across the globe is projected to increase driver use of GPS systems and cell phones. In the upcoming years, this aspect is projected to contribute to the growth of the global automotive on-board power inverter market. The development in electronic content in modern automobiles has resulted in an increase in a vehicle's power requirements. As a result, effective power management systems in automobiles are required. External electronic equipment is powered by an automotive on-board power inverter, which pulls power from the vehicle's battery.

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The growth rate of the global electric vehicle industry is another important driver of the market. According to the International Energy Agency, more than 1.8 million electric vehicles registered in the US by 2020, more than three times the number registered in 2016. Electric vehicle sales accounted for roughly 2.4% of total vehicle sales in 2020, up from nearly 2% in 2019. In 2020, 295,000 new electric cars were registered, down from 327,000 in 2019, with around 78% of them being BEVs. One of the most important parts of an electric vehicle is the power inverter that converts battery DC power into AC power for electric motors. Inverter manufacturers have developed inverter capabilities to manage energy, and vice versa, from both sources, in response to the growing concern among automakers to optimize energy use in automobiles (i.e., battery and motor).

With regard to inverter producers, there have been a number of new initiatives, expansions, and alliances. Manufacturers have been making strategic moves to stay ahead of the competition in order to meet the rising demand for electric vehicles. For instance, in October 2021, Robert Bosch GmbH introduced a new CV-specific electric motor and inverter.  This 230 e-motor may be used in conjunction with Bosch's sophisticated Sic inverter to reduce energy losses and boost commercial vehicle range. Additionally, in March 2021, Continental AG announced that it has created high-power electronics for Jaguar Land Rover, comprising controllers and a DC-AC inverter system solution that is tailored to the needs of sporty, performance-oriented power trains. According to the manufacturer, the power electronics module can handle up to 650A of current.

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Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Vehicle Type
By Power Range
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- BESTEK, Marelli Corp., Continental AG, Delta Electronics, Inc., DENSO CORP., among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Automotive On-board Power Inverters Market Report by Segment

By Vehicle Type

Commercial Vehicles
Passenger Vehicles

By Power Range

Less Than 150 W
Over 150 W

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This release was published on openPR.