Automotive On-board Power Inverter Market Revenue, Opportunity, Forecast and Value Chain 2017 - 2025
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The global automotive on-board power inverter market is likely to grow at a moderate CAGR during the forecast period 2017-2025. The rising adoption of handheld devices inside an automobile is one of the key factors that will drive the growth of the global on-board power inverter market during the forecast period. As per the Traffic Safety Administration (U.S.), the rising prevalence of handheld devices among drivers have increased the growth prospects of on-board power inverters. Additionally, the rising cab aggregators industry across the world is likely to increases the application of navigation systems and smartphones amongst drivers. This factor is likely to add to the growth of the global automotive on-board power inverter market in the coming years. Another key driver of the market is the double digit growth rate of electric vehicle market in the world. The expected growth in sales of electric vehicle is likely to boost the automotive on-board power inverter market in the future.
The global automotive on-board power inverter market can be segmented by vehicle type, power range and region. In terms of type of vehicle type, the global market can be segregated into passenger vehicles and commercial vehicles. The passenger vehicle segment includes sedans, hatchbacks, multi-purpose vehicles (MPVs), and sports utility vehicles (SUVs). Owing to their higher demand and production than LCVs, the passenger vehicle segment is likely to be the leading segment over the course of the forecast period. On the basis of power range the global automotive on-board power inverter market can be segregated into less than 150 W, and over 150 W. The less than 150 W segment is likely to occupy a major share of the market. This is due to the fact that use of electronic devices including consoles, laptops, charging mobile phones, and DVD players requires low power range. The high range power inverters are primarily used in the commercial vehicles.
In terms of geography, the global automotive on-board power inverter market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the maximum share of the market in 2016. The presence of major automobile companies including Ford Motor Company and General Motors is one of the primary reasons for the dominance of this region. Moreover, the projected rise in the number of passenger as well as commercial vehicles in the region is likely to add to the growth of the automotive on-board power inverter market during the forecast period.
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Although the market is categorized by the presence of a number of players, especially in the aftermarket segment, the prerequisite for expertise in the area of vehicle's electrical system as well as the specification for installation of the inverters have placed the OEMs as the favored choice among the customers. Some of the major players operating in the global automotive on-board power inverter market are Lear, Calsonic Kansei, Delta Electronics, Magnum Dimensions, Bestek, Samlex America, and Stanley.
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