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 market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2031: US$ 40.4 billion
Growth (CAGR): 12.4% during 2024-2031
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 6
Number of Tables & Graphs: 100+

Segment Insights on the EV Inverters Market:

The global EV Inverters market is segmented based on Vehicle type, EV type, Technology type, Number of Inverters type, Integration Type, and Region.

Based on vehicle type - The market is segmented into LV (light vehicles) and M&HCV (medium-and heavy-duty commercial vehicles). LV is expected to remain the dominant vehicle of the EV eMotors market during the forecasted period. LVs include passenger cars and LCVs (light commercial vehicles). The increasing motorization rate and higher production of passenger cars and LCVs are the key factors behind the market's dominance.
Stringent government policies and regulations, rising EV adoption, technological advancements in e-motors, fleet electrification, and growing R&D investment in passenger car and LCV e-motors are some other factors driving the LV's demand in the market.

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.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3972/ev-inverters-market.html

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:
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 Unique Insights Does This Report Offer?

This report provides comprehensive insights into the EV Inverters Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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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.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.