ELECTRIC VEHICLE INVERTER MARKET
- Globally, as of May 2020, there are ~403 Electric cars (HEVs+ BEVs+ PHEVs) on sale generating ~4.5-5 Million-unit sales annually across the globe.
- 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 coming years.
- COVID-19 is expected to have a positive impact on EV inverter market as many EU countries are now offering higher than earlier subsidies to Plug in vehicles
- Growth in sales of BEVs and high cost of batteries($150-$170/kWh in 2019) has necessitated the improvement of inverters
- Regardless of the degree of vehicle electrification, electric vehicles need efficient and compact power electronics, which can be customized across various applications.
- In terms of technical improvement in inverters, almost all suppliers including Hitachi, Delphi, ZF are relying on Silicon carbide technology for creating power dense inverters with much higher efficiency and improved thermal management
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 common place. 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.
The range of a battery electric vehicle is related to the efficiency of the main inverter. China is the biggest BEV market globally, but after steep cuts in subsidy in March 2019- Now only BEVs with a min 250 KM range are eligible and the subsidy on BEVs with 400KM range has been halved to $3.8k(25,000 CNY) from $7.5k( 50,000 CNY). This move proved to be deadly blow to the booming EV market and as a result, the full year 2019 EV sales in Chinese market de-grew by 9.6% at 1.2 Million units.
Europe was the fastest growing EV market in 2019, with total sales over 0.5 Million units, a 25% YOY growth. Hybrid electric vehicles( with a traction motor) sales have grown by 29% CAGR during 2014-2019, fastest among all electric/electrified vehicle category. HEVs now account for 0.6-0.7M annual sales taking the share of electric and electrified vehicles in Europe to 6.7%.
MARKET SIZE AND FORECAST
By 2025, xEVs will account for 12% of total vehicular production, as compared to ~5% in 2019. 48V Mild hybrids will account for a major chunk of those vehicles.
BEVs are the #1 trend worldwide , they accounted for 71% of overall EV sales and the average battery pack size went up to 44kWh from 32kWh. Since, the range of an BEV is closely related to the efficiency of the main inverter. This fundamentally implies that more powerful and efficient inverters will be required in coming years.
PHEV sales(with comparatively lower voltage battery packs) in Europe and China have fallen by 7.5% and 8.1% respectively in 2019(YOY)
In terms of volume, the Electric vehicle inverter market size was estimated at 4.8 Million units in 2019, growing at 23% CAGR to 2025.
Japan is the single largest market for HEVs with over 1.3 Million units sold per annum. Toyota is the market leader in its domestic market as well as European market.
BYD with global EV market share of 10% in 2019 has already showcased its heavily invested in third-generation semiconductor material SiC based IGBT4.0 technology. It is 15% more efficient and losses are reduced by 20% as compared to many other OEMs.
In US, Karma Automotive entered the final stage of development for two new Silicon Carbide (SiC) Inverters.The SiC traction inverters will be used in Karma vehicles and other partner OEMs. The flexible architecture of 400V design can also be customized to fit various vehicle platforms and upscaled to 800V.
The electric vehicle inverter suppliers are focussed on creating inverters with high power density output in order to maximize traction motor performance. 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 2019 with a power density of 35 kw/L and 98% operating efficiency.
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 to DC fast charge at 50-125kW. To know more about Global DC fast charging network, read our report.
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 2022. 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 “efficient drive line” . It expects to make silicon carbide electric drivelines available to various global automakers by 2022.
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.
Going forward, we expect the role of semi-conductor suppliers will get bigger than ever and auto suppliers will rely on them for innovation in electric vehicle inverter market.
- Hyundai Mobis Co., Ltd.
- Marelli Corporation (Formerly Calsonic Kansei Corporation)
- Aptiv PLC (Formerly Delphi Automotive PLC)
- Hitachi Automotive Systems, Ltd.
- Bosch [Robert Bosch GmbH]
- China Auto Electronics Group Limited (THB Group)
- Continental AG
- Denso Corporation
- Eaton Corporation
- Danfoss Group
- Cree Inc.
- Toyota Industries Corporation
THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS
- The most important global EV trends, by vehicle segment
- Important partnerships and developments in battery manufacturing that will affect the outlook of global EV market
- Size of automotive inverter market per annum in top 10 EV markets globally,2019-2025
- Electric vehicle inverter market segmented by power output
- 48v Mild Hybrid Penetration in New Car Sales 2019-2025 and upcoming high-volume mild hybrid vehicles
- Upcoming EV platforms and their probable DC-DC converter/inverter configuration
- Scope for integrated DC-DC converter (DC- DC converter coupled with On-board charger/inverter) in EV market
- Electric vehicle inverter market share of leading suppliers and their growth strategy
- All about automotive DC-DC converter manufacturing, top 5 regions
- Average B-2-B electric vehicle inverter price in US, Europe and China
- The growth of non-plug in hybrid vehicles, which do require a DC-DC converter/inverter but don`t fall in the category of BEVs/PHEVs
|4||Insights from Industry stakeholders||11|
|5||Key criteria for Inverter vendor selection by OEMs||12-13|
|6||Inverter manufacturing in US, Europe and China||14-15|
|7||Breakdown of new EV concept vehicles by powertrain and power electronics||16-17|
|8||Upcoming EV platforms with high power inverters||18-19|
|9||Disruptive innovations in Inverter market||20-21|
|10||Role of semi-conductor companies in EV inverter market||22-23|
|11||About future of Integrated DC- DC converter with on board charger and inverter||23-25|
|12||Market Size ,Dynamics and Forecast By EV Type||26-49|
|13||Market Size ,Dynamics and Forecast By OEM||50-70|
|14||Market Size ,Dynamics and Forecast By Vehicle Type||71-82|
|15||Market Size ,Dynamics and Forecast By Inverter power||83-88|
|17||Market share of major vendors-2019||91|
|20||Unmet needs and Market Opportunity for suppliers||101|