Global Electric Vehicle Inverter Market 2024-2030

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    Published date- Feb 2024 Number of Pages- 150

    ELECTRIC VEHICLE INVERTER MARKET

     

    KEY FINDINGS

    • China and Europe will be the markets with the largest growth from 2024-2030 followed by the USA. The market growth will occur due to the growth of BEV and HEV in the Global EV Inverter Market. 
    • Electric vehicles in China are gaining traction and competing with internal combustion engine (ICE) vehicles without subsidies. This trend is expected to persist as the lower running costs of battery electric vehicles (BEVs) make them increasingly attractive to consumers.
    • Stringent emission regulations and EV subsidies are accelerating the shift towards EVs in Europe. This presents a significant opportunity for inverter manufacturers targeting the European market.
    • Most global automakers have different vehicle electrification strategies, so the inverter must be able to support BEV, HEV, PHEV and FCEV. For example, the Japanese OEMs are betting strongly on HEVs and PHEVs whereas European OEMs have aggressively planned multiple BEVs in the coming years. Chinese OEMs are coming up with vehicles with larger battery vehicles and as well as focusing on A00 and A0 segment
    • Stellantis plans to have 40% of its US sales volume come from electric vehicles by 2030 and is investing €30 billion to achieve this goal. 
    • The power of inverters in this region will range from <50 kW to >200 kW mainly due to the strong presence of hybrids, plugged in hybrids, and battery electric vehicle, only region with a high penetration of all 3 kinds of vehicles
    • The Chinese market requires inverters across the spectrum from <50 kW to >200 kW for plugged in vehicles, being the only market with significance for <50 kW for plugged in vehicles.
    • The government’s early achievement of the 20% NEV target by 2025, covering BEVs, PHEVs, and FCEVs, is expected to drive higher demand for inverters due to increased electric vehicle adoption.
    • Dual-motor hybrid power systems, combined with high-capacity batteries, deliver impressive fuel efficiency. Brands such as BYD, Li Auto, Geely, and Great Wall have rapidly gained market share by offering plug-in hybrid or extended-range models. 
    • The push for electric vehicle adoption across India, Japan, South Korea and Thailand countries is expected to significantly increase the demand for inverters, essential components in electric vehicle powertrains, as more electric vehicles are manufactured and deployed to meet these targets.
    • 800 V architecture is increasing in popularity and there is a demand for 350 kW charging which will increase the technological capabilities of the inverter
    • While the Chinese inverter market for BEVs will include all ranges from <50 kW to >200 kW, Europe and USA will largely remain within 100 kW + for EV inverters as the type of vehicle sales differ largely depending on the region
    • Vehicle electrification is happening across different vehicle segments which include pickup trucks, trucks, buses, SUVs etc. and the output requirement varies which will create multiple new products in the market by various suppliers
    • Integration of the inverter with other power electronics component is another key focus area of the suppliers to ensure that they have better deals from OEMs and OEMs will have an easier job in developing new electric vehicles 
    • Electrified commercial vehicles will mainly focus on buses as fleet operators gather the best returns through running costs. Buses utilize a multi motor setup or 200 kW+ motor; both which benefit inverter suppliers
    • There will also be a focus on 800V based architecture as multiple vehicles are launched based on that architecture and both manufacturers and OEMs will aim to increase the vehicle sales based on that architecture.

     

    ELECTRIC VEHICLE INVERTER MARKET OVERVIEW

    The electric vehicle inverter market is booming, driven by the increasing adoption of electric vehicles (EVs) worldwide. Inverters are a critical component of EVs, converting the direct current (DC) electricity from the battery pack into alternating current (AC) electricity to power the electric motor.

     

    As EVs become more sophisticated and powerful, the demand for high-performance inverters is increasing. Inverters are also becoming more complex, as they need to integrate with other powertrain components, such as the motor and transmission. As EVs with longer ranges and faster charging capabilities become more popular, the need for inverters that can handle more power is growing.

     

    As the EV market continues to grow, the demand for inverters is expected to grow as well. Inverter manufacturers are investing heavily in research and development to develop new and improved inverters that meet the demands of the next generation of EVs. Tesla, BYD, and Hyundai are the major OEMs that have insourced EV Inverters.

     

    INTRODUCTION TO ELECTRIC VEHICLE INVERTER MARKET

    An electric car motor requires AC power, which is produced by an inverter, which transforms DC electricity. The frequency of the alternating current can be changed by the inverter to alter the motor’s rotational speed. Coal-fired energy can be converted into electricity by an EV motor with efficiency.

     

    To enable the electric motor to turn the wheels, the inverter transforms the direct current (DC) from the battery into the alternating current (AC) needed. In an all-electric car or a hybrid plug-in vehicle, the charger accomplishes the same duty by converting AC voltage into DC voltage in order to charge the battery.

     

    In order to match line power, output is typically 120 or 240 volts at 60-cycle alternating current. Inverters are frequently a viable option for applications that call for the main engine to run at a job site, such as powering hydraulic systems or air compressors, because they can handle greater and longer-lasting loads.

     

    Simply said, an inverter transforms DC (battery) power into AC power, which is subsequently sent to connected equipment. When AC utility power is available, an inverter/charger performs the same function, with the exception that it is coupled to an AC power source to continually charge the attached batteries.

     

    The first harmonic of the inverter switching frequency for electric vehicles, which is 10 kHz, can be heard at 20 kHz. Current ripple refers to high frequency current variations on the electrical side. As fossil fuel powered engines get closer to prohibition, many OEMs are looking up to vehicle electrification as a saviour.

     

    Battery powered electric vehicles will not become mainstream unless battery costs come down to <$100/kWh and fast charging infrastructure becomes a commonplace. Now, that leaves manufacturers with a bridge gap or a “hybrid” solution.

     

    A 48V Mild-hybrid/Plug-in hybrid architecture can result in 10%-16% increase in fuel economy at an added cost of 6%-12% of vehicle. In any case, hybridization warrants a DC-DC converter as well as an inverter in a vehicle.

     

    ELECTRIC VEHICLE INVERTER MARKET DYNAMICS

    More than 2.9M plug-in vehicles were sold in China in 2023 with BYD and Tesla Model 3 leading the pack. The ability of A00 and A0 segment vehicles to be sold with minimal subsidy help will affect the overall electric vehicle inverter market positively as the market shifts away from subsidies to direct supply-demand pricing.

     

    The range of a battery-electric vehicle is related to the efficiency of the main inverter. The dynamics of the electric vehicle inverter market is shifting away from subsidies as they’ll be phased out by the end of 2023, except for certain technologies and related infrastructure such as battery swapping.  The focus in this region will remain to be BEVs with multiple high-performance BEVs gathering attention and market share such as Nio and Xpeng

      

    Tesla Model 3 was the most sold EV. Nio ES6 was a luxury segment EV in the top 10 sold EVs in China. There were A00 segment vehicles with small battery packs in the top 10 such as SGMW Mini and Chery Eq. The sales of the A00 and A0 segment were predominantly from Tier 3 cities and beyond. Europe also saw a major increase in plugged in vehicle sales. The BEV-PHEV split was almost equal with BEVs edging by a small margin. 

      

    ELECTRIC VEHICLE INVERTER MARKET RECENT DEVELOPMENT AND INNOVATION

     

    Wide bandgap (WBG) semiconductors: Companies like Cree, Infineon, and ROHM introduced new silicon carbide (SiC) and gallium nitride (GaN) MOSFETs and modules for inverters, offering higher efficiency, smaller size, and lighter weight.

     

    Integrated inverters: Several players, including NXP, STMicroelectronics, and TI, launched integrated inverter solutions combining motor controller, inverter, and other functionalities into a single chip, simplifying design and reducing cost.

     

    Wireless charging inverters: Manufacturers like Aptiv and HEVIZI unveiled new inverter designs optimized for wireless charging applications, paving the way for faster and more convenient charging experiences.

     

    Integrated Inverters: Introduced the Aurix microcontroller family with integrated inverter control capabilities, simplifying design and reducing component count. Launched the STPOWER STEVAL-IPMxxA series of integrated power modules, combining motor driver and inverter functions for efficient and cost-effective solutions. 

     

    800V inverter platforms: Major players like ABB, Bosch, and Continental showcased 800V inverter platforms enabling faster charging speeds and potentially reducing battery size and cost.

     

    Bidirectional inverters: Several manufacturers introduced bidirectional inverter designs that allow vehicles to feed energy back into the grid, supporting vehicle-to-grid (V2G) applications.

     

    GaN-based inverters deliver efficiency improvements of more than 70% compared to current inverters using traditional IGBT semiconductors that currently are the workhorses in EV and hybrid vehicle power control. 

     

    • Delphi and Hitachi have launched inverters for mass production which can handle upto 800 volts.Eaton`s  eMobility developed and launched  vehicle inverters in Jan 2023 with a power density of 35 kw/L and 98% operating efficiency.
    • BorgWarner revealed that it has signed contracts to supply dual inverters to two major Chinese OEMs. The dual inverters will be used on the GWM LEMON platform’s hybrid and plug-in hybrid electric vehicle (PHEV) versions, while another major Chinese automaker will use the technology on its own HEV and PHEV passenger vehicle models.
    • The newly launched Porsche Taycan with 800V architecture sourced inverter chip from Delphi, and is made of Silicon Carbide. The high power and highly efficient chip allows the Taycan to DC fast charge at 270kW.
    • At present most BEVs have 360-400V architecture which allows the DC fast charge at 50-125kW. To know more about the Global DC fast charging network, read our report.
    • Multi other brands have showcased and launched 800 V architecture based vehicles such as Hyundai Ioniq 5, BYD, Zeekr etc. This has decreased charging times, and will have a significant market share post 2030 
    • Delphi`s new inverter has double-sided cooling, which makes it 40% lighter and 30% more compact than other inverters. It has partnered with silicon carbide semiconductor maker Cree in a deal that will allow production of inverters at a much higher scale by 2023.
    • US based Cree Inc  has the world’s largest silicon carbide device manufacturing facility in New York.
    • ZF has also partnered with Cree to create an “efficient driveline” . It expects to make silicon carbide electric drivelines available to various global automakers by 2023. 
    • Hitachi`s new 800V inverter also has double-sided cooling to improve thermal management and offer 2.7X power density as compared to previous inverters.

     

    ELECTRIC VEHICLE INVERTER MARKET SIZE AND FORECAST

    • With the expected rise in BEV adoption, accounting for 42.31% this year and increasing to 63% by 2034, there will be a corresponding surge in demand for inverters. As BEVs become the dominant vehicle type, inverters will play a crucial role in facilitating charging and power distribution, driving an increase in inverter sales within the electric vehicle market.
    • Volkswagen plans to introduce more electric vehicle models in the U.S., but expects lower sales due to SUV dominance. Nonetheless, they remain committed to launching 25 EV models in USA by 2030. This expansion, coupled with emphasis on charging infrastructure, will likely drive growth in the inverter market as demand for electric vehicle components rises.
    • The high penetration of multi model BEVs is a prime opportunity for suppliers to supply a single inverter which can control all motors.Since the market is still reliant on premium purchases till 2025, the opportunity to experiment with high efficiency SiC and GaN is present as the cost can be absorbed.
    • Growth in the USA will also come from multiple start-ups with existing orders such as Rivian and upcoming vehicles such as Lucid Air.Lucid is using its own inverters in the Air, and is also developing next-generation inverter technologies.
    • The European market shows strong growth in electrified vehicles, with plug-in cars exceeding 23% market share.BEVs continue to lead the charge within the electrified segment, representing over 67% of plug-in sales.HEVs remain relevant, holding a significant portion of the market while facing competition from both BEVs and PHEVs.This is a ripe market for inverter suppliers as the market will be in growth state till 2034.
    • BorgWarner’s reduced profit and revenue forecast for 2024, driven by cooling demand for parts as automakers scale back on EV ambitions, contrasts with its expansion into supplying 800V silicon carbide-based inverters.This development as introducing uncertainty to the EV inverter market, with potential impacts on demand amidst mixed industry trends.

     

    Electric Vehicle Inverter Market Size

     

     

    ELECTRIC VEHICLE INVERTER MARKET RECENT ACQUISITION

    Borgwarner – Marelli, This partnership focuses on developing and supplying integrated electric axle systems, which include inverters. It combines BorgWarner’s expertise in electrification with Marelli’s motor and power electronics capabilities. This collaboration strengthens their offerings and positions them to compete effectively in the growing market for integrated EV drivetrain solutions.

     

    Nidec – Stellantis, Nidec will supply electric motors and inverters for upcoming Stellantis electric vehicles. This multi-year agreement leverages Nidec’s global manufacturing footprint and Stellantis’ wide vehicle portfolio. This partnership ensures a stable supply chain and access to advanced technology for both companies.

     

    Continental – Geely, This joint venture focuses on developing and manufacturing electric drive systems, including inverters, specifically for the Chinese market. It combines Continental’s technology with Geely’s local market knowledge and distribution channels. This strategic move allows them to cater to the specific needs of the rapidly growing Chinese EV market.

     

    ELECTRIC VEHICLE INVERTER MARKET RECENT TRENDS

    Electric vehicles are becoming more powerful and efficient, and this is driving the demand for high-performance EV inverters. High-performance EV inverters are more efficient and can handle higher power levels, which is essential for electric vehicles with high-performance motors and batteries.

     

    Manufacturers are developing new EV inverter technologies to improve the performance, efficiency, and reliability of electric vehicles. For example, some companies are developing EV inverters with integrated power electronics, which can help to reduce the size and weight of electric vehicles.

     

    The demand for EV inverters for commercial vehicles is also growing rapidly. This is due to the increasing electrification of commercial vehicles, such as buses, trucks, and delivery vans.

     

    The transition from silicon insulated gate bipolar transistors (Si-IGBT) to silicon carbide (SiC) metal oxide semiconductor field-effect transistors is a significant development trend for inverters (MOSFET). SiC technology clearly shows its advantages in the low power range, which is the predominant operating regime for daily driving.

     

    Key design challenges to extend range and lower costs still exist as electric vehicles gain popularity. Here, the electric powertrain’s high efficiency is a key focus.

     

    The highly integrated electric drive units (EDUs), which include an inverter, electric motor, transmission, and heat exchanger, are clearly on the rise and offer benefits in terms of package, weight, and power density.

     

    The transition from silicon insulated gate bipolar transistors (Si-IGBT) to silicon carbide (SiC) metal oxide semiconductor field-effect transistors is a significant development trend for inverters (MOSFET). SiC technology clearly shows its advantages in the low power range, which is the predominant operating regime for daily driving.

     

    Even more optimizations can be achieved with clever control techniques like variable switching frequency and discontinuous modulation. Higher switching speeds that result in high voltage gradients, on the other hand, present more isolation and electromagnetic interference problems.

     

    additionally, there are technologies like two-level SiC with advanced gate drivers or soft switching technology, current source inverters with dual blocking devices, three-level gallium nitride (GaN) technology implementation on DC-DC converters, and traction inverters.

     

    ELECTRIC VEHICLE INVERTER MARKET SIGNIFICANT ADVANCEMENTS

    Power Electronics: The development of electric car inverters has benefited greatly from the science of power electronics. The switching speed and efficiency of inverters have increased thanks to developments in semiconductor technology, including insulated-gate bipolar transistors (IGBTs) and silicon carbide (SiC) MOSFETs. These developments have reduced power losses, allowing for higher power densities and increased system efficiency in general. 

     

    High-frequency switching techniques have been included into inverters for electric vehicles. Reduced system space and weight result from the use of lighter and smaller passive components like inductors and capacitors at higher switching frequencies. High-frequency switching also reduces electromagnetic interference (EMI) and enhances the vehicle’s general electromagnetic compatibility (EMC).

     

    Heat Management: Reliable operation of electric car inverters depends on effective heat management. The improvement of cooling systems has been the subject of technological advancements, such as liquid cooling or sophisticated air cooling methods. These developments increase the efficiency and dependability of the system by helping to disperse the heat produced by the inverter and guarantee ideal operating temperatures.

     

    Technology improvements have made it possible to combine several powertrain parts, such as the inverter, motor controller, and other power electronics, into a small, lightweight package.This integration enhances overall efficiency, simplifies wiring and linkages, and reduces system complexity.

     

    EV inverter market

     

    Semiconductors with a Wide Bandgap: Wide bandgap semiconductors, such gallium nitride and silicon carbide, have showed promise in enhancing the efficiency of inverters used in electric vehicles. In comparison to conventional silicon-based semiconductors, these materials offer larger breakdown voltages, faster switching rates, and lower conduction losses. 

     

    Higher inverter efficiency, power density, and operating temperatures are made possible by wide bandgap semiconductors.sophisticated control algorithms The performance and efficiency of inverters for electric vehicles have been significantly improved because to the development of sophisticated control algorithms. With the help of these algorithms, the switching frequency, voltage, and current of the inverter may be precisely controlled to increase motor performance, regenerative braking effectiveness, and general vehicle dynamics.

     

    Grid Integration and Vehicle-to-Grid (V2G) Capabilities: As electric vehicles proliferate, technological advancements have concentrated on allowing grid integration and V2G capabilities.

     

    Electric car inverters with bidirectional power flow characteristics enable vehicles to transfer energy from one vehicle to another or from one building to another, providing grid stabilization. Electric vehicle inverters employ a number of technologies to make them easier to use and perform better. 

     

    ELECTRIC VEHICLE INVERTER MARKET SEGMENTATION

     

    Electric Vehicle Inverter Market By Geography

    • USA
    • Europe
    • China
    • Asia Ex China
    • ROW

     

    Electric Vehicle Inverter Market By Inverter Power

    •   < 50 KW
    •   50-100 KW
    •   100-200 KW
    •   >200 KW

     

    Electric Vehicle Inverter Market By Vehicle Type

    •  Passenger Vehicles
    •  Commercial Vehicles

     

    Electric Vehicle Inverter Market By EV Type

    •   BEV
    •   PHEV
    •   HEV
    •   FCEV

      

    ELECTRIC VEHICLE INVERTER MARKET COMPANY PROFILES

    1. Hyundai Mobis Co., Ltd.
    2. Marelli Corporation (Formerly Calsonic Kansei Corporation)
    3. Aptiv PLC (Formerly Delphi Automotive PLC)
    4. Hitachi Automotive Systems, Ltd.
    5. Bosch [Robert Bosch GmbH]
    6. China Auto Electronics Group Limited (THB Group)
    7. Continental AG
    8. Denso Corporation
    9. Eaton Corporation
    10. Danfoss Group
    11. Cree Inc.
    12. Toyota Industries Corporation

     

    ELECTRIC VEHICLE INVERTER MARKET REPORT WILL ANSWER THE FOLLOWING QUESTIONS

    1. What are the key drivers of the global Electric vehicle inverter market?
    2. What are the key challenges facing the global Electric vehicle inverter market?
    3. What are the key trends in the Electric vehicle inverter market?
    4. What are the key investment opportunities in the Electric vehicle inverter market?
    5. What are the top companies in the global Electric vehicle inverter market?
    6. What is the outlook for the global Electric vehicle inverter market?
    7. How is the global EV inverter market different from other regional EV inverter markets?
    8. What is the impact of government regulations on the global Electric vehicle inverter market?
    9. What is the average price of an EV inverter?
    10. What are the most common problems with EV inverters?
    11. What are the key strategies adopted by EV inverter manufacturers to gain a competitive edge in the global market?
    12. What are the key mergers and acquisitions that have taken place in the global Electric vehicle inverter market in recent years?
    13. What are the key research and development trends in the global Electric vehicle inverter market?
    14. What are the key challenges and opportunities in the global Electric vehicle inverter market for emerging countries?
    15. Major players in the global electric vehicle inverter market and their market share.
    16. Competitive analysis, including SWOT analysis of key players.
    17. Market dynamics such as mergers, acquisitions, partnerships, and collaborations.
    18. Market size and growth potential of the global electric vehicle inverter market
    Sl no Topic
    1 Market Segmentation
    2 Executive Summary
    3 Avg B2B price of Inverters, By Region
    4 5 Key Predictions for EV Inverter Market
    5 Insights From Industry Stakeholders
    6 Breakdown of upcoming EVs by powertrain
    7 EV Product Plan Of OEM’s (Top 10 OEMS) –2024-2030 and expected volumes
    8 Latest Innovation/New Product Launch In EV Inverter Market
    9 Key Criteria For EV Inverter vendor selection By OEMs
    10 Cost breakdown of EV inverter-2023
    11 Rise in development of 400V & 800V Architecture and impact on EV inverter market
    12 Usage of Gallium Nitride and Silicon Carbide in EV inverter
    13 Global EV traction motor market overview and correlation with EV Inverter Market
    14 Comparison of inverters available in the market by major suppliers
    15 Growing popularity of Integrated DC-DC converter and inverter
    16 Upcoming EVs by region and outsourced inverter volume per annum
    17 Rise in average battery capacity and impact on EV Inverter Market
    18 Market Size, Dynamics And Forecast By Geography, 2024-2030
    19 Market Size, Dynamics And Forecast By Electric Vehicle Type, 2024-2030
    20 Market Size, Dynamics And Forecast By Inverter Power, 2024-2030
    21 Market Size, Dynamics And Forecast By Vehicle type, 2024-2030
    22 Gross Margin On EV Inverter And Breakup By Sub Components
    23 Competitive Landscape of EV Inverter Market
    24 OE-Supplier Alignment in EV Inverter Market
    25 Market share of EV Inverter Market-2023
    26 Recent Mergers and Acquisitions
    27 Company Profiles
    28 Unmet needs and Market Opportunity for suppliers
    29 Conclusion
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