Electric
Vehicle Power Inverter Market Industry Growing Demand, Top Companies, Regional
Outlook Up To 2031

EV
power inverter market is expected to register exponential growth at a
CAGR of 21.9% during the forecast period (2024-2031). The expansion in the
electric vehicle power inverters market is highly linked with the advancements
in power electronics & associated technology. This development involves
using more compatible materials, including silicon carbide (SiC) and gallium
nitride (GaN), in developing semiconductors for power inverters, which has led
to the development of compact, lightweight, & thermally efficient
inverters. 

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Moreover,
developments in power electronics owing to the integration of advanced digital
control techniques, such as Pulse Width Modulation (PWM), Model Predictive
Control (MPC), and Field-Oriented Control (FOC), have also contributed to
further accuracy and adaptability of investors through real-time optimization
of power flow. Cumulatively, all these developments are proof of the fact that
the EV power market is witnessing significant development across domains, which
is projected to act as a significant driver for the EV power inverter market to
grow and expand in the future. 

The
production of modern power electronics systems, particularly for EV and
renewable energy applications, is rapidly expanding as manufacturers expand
their production facilities. For instance, In January 2024, Vitesco
Technologies announced a new production in Ostrava-Hrusov, Czech Republic.
Vitesco plans to manufacture their advanced power electronics system here,
which combines an inverter, onboard charger, rapid charging module, and energy
distribution unit all in one module for European carmakers. 

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Recent
Development

• In April 2021,
  STMicroelectronics announced its fourth generation of STPOWER silicon
  carbide MOSFET technology that leads to new standards of power efficiency,
  density, and robustness. The next-generation technology addresses both
  automotive and industrial sectors requirements but places specific
  emphasis on optimizing the traction inverters, critical elements in the
  power train of an electric vehicle.

Market
Coverage

·              The market number available for –
2023-2031

·              Base year- 2023

·              Forecast period- 2024-2031

·              Segment Covered- 

o             By Type

o             By Propulsion Type

o             By Vehicle Type

o             By Distribution Channel

·              Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

·              Competitive Landscape- DENSO
Corp., Hitachi, Ltd., Mitsubishi Electric Corp., Toyota Industries Corp., and
Valeo Group.

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?


• Who is the leader in the
  market?


• How are players addressing
  challenges to sustain growth?


• Where is the investment
  opportunity?

Global
Electric Vehicle Power Inverter Market Report Segment

By
Type

• Traction Inverter


• Soft Switching Inverter

By
Propulsion Type

• Hybrid Electric Vehicles


• Plug-in Hybrid Electric
  Vehicle


• Battery Electric Vehicle


• Fuel Cell Electric Vehicle

By
Vehicle Type

• Passenger Vehicles


• Commercial Vehicles

By
Distribution Channel

• OEM


• Aftermarket

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