Electric Vehicle Power Inverter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Electric Vehicle Power Inverter Market is Segmented by Propulsion Type (Full Hybrid Vehicle, Plug-in Hybrid Vehicle, and Battery Electric Vehicle), Vehicle Type (Passenger Car and Commercial Vehicle), and Geography

Market Snapshot

electric vehicle power inverter market
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Europe
Largest Market: Asia Pacific
CAGR: >11 %

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Market Overview

The electric vehicle power inverter market is anticipated to register a CAGR of over 11% during the forecast period (2020 - 2025).

  • Power inverter is one of the key components in electric vehicles, which ideally converts battery DC power into AC power for electric motor. Considering the growing concern among the automakers to optimize energy consumption in vehicles, the inverter manufacturers have improved inverter capabilities to handle energy, vice versa, from both the sources (i.e. battery and motor).
  • With growing stringent emission standards across the globe, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric vehicles. In addition, governments have initiated incentives, such as cut-down in vehicle tax, bonus payments, and premium, for buyers of electric vehicles in the respective countries to support the electric vehicles sales growth. Also, the increasing charging station facilities in the regions, especially in Europe, North America, and Asia-Pacific, and particularly in Japan and China, have further supported the growing electric vehicle sales. 
  • Vehicle inverter manufacturers are consistently working to improve their products, in terms of efficiency and size. The trend of combining inverter with motor or converter has been significantly gaining attention among the automakers. For instance, motor with an integrated inverter or single power module, which includes inverter and DC-DC converter functionalities, has resulted in improved efficiency with a reduced space and weight occupancy in the vehicle. 

Scope of the Report

The global electric vehicle power inverter market is segmented by propulsion type (full hybrid vehicle, plug-in hybrid vehicle, battery electric vehicle), by vehicle type (passenger car and commercial vehicle), and by geography (North America, Europe, Asia-Pacific, and the rest of the world). 

Full Hybrid Vehicle
Plug-in Hybrid Vehicle
Battery Electric Vehicle
Passenger Car
Commercial Vehicle
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa

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Key Market Trends

Growing Demand for E-mobility Services Across the World

The electric vehicle market is rapidly growing across the world. The electric vehicle sales in Europe has significantly increased by 47% in the first quarter of 2018, in comparison to the first quarter of 2017. By 2040, nearly 54% of the new car sales and 33% of the global car fleet will be electric. To meet the electric vehicle sales target, the European government has already started various projects for building charging infrastructure across the region.

The global and regional manufacturers of electric vehicles are innovating with new technologies and are expanding their services across the world. For Instance;

  • China’s BYD has built up a large production network in Europe that has largely gone unnoticed in the passenger car world. Some of the primary reasons for this are the firm’s new plant in Hungary, its planned plant in France, and its joint venture operations in the United Kingdom, all of which, manufacturing electric buses.
  • Daimler has teamed up with the Chinese government for promoting e-mobility in china. Electric mobility is one of the major pillar of Daimler's future mobility strategy. The company is bringing this strategy forward globally, and especially in China, the world's largest NEV market.
Electric Vehicle Power Inverter Market

Asia-Pacific is leading the Electric Vehicle Power Inverter Market

The Asia-Pacific is leading the electric vehicle power inverter market followed by Europe and North America respectively. The sale of electric vehicles in China is growing at a rapid pace. Approximately 1.3 million new energy vehicles were sold in 2018, a 62% rise compared to 2017. New energy vehicles accounted for just over 4% of all 28.1 million automobiles sold in China in 2018 which is higher than United States (under 2%), and Europe (~3%). However, the government of china wants to double the speed of electric vehicle production and sales in the country. The government has announced that, they will sell 10% electric vehicle of total conventional passenger car in 2019, which will be increased to 12% by 2020. These commitments of government and growing interest of people in electric vehicles are attracting the foreign vehicle manufactures to open production plant in China, which is boosting the power inverter market in the country.

The demand for electric commercial vehicle is growing in Europe. Auto makers are launching new electric commercial vehicle in the region. For instance,

  • Renault Trucks, after ten years of experimentation of its all electric truck, are in operating conditions with its customer-partners.
  1. In 2018, it has unveiled three electric vehicles, the Renault Master Z.E, Renault Trucks D Wide Z.E, and Renault Trucks D Z.E, with a complete range from 3.5 to 26 metric ton, ideally suited for use in the cities of France. Truck Models D and D Wide Z.E will be manufactured in the Renault Truck plant at Blainville-sur-Orne, France, and will be launched commercially in 2019. In 2018, Renault launched a light commercial vehicle model Master Z.E.

The demand for power inverters is likely to grow simultaneously with the growing trend of hybrid and electric vehicle sales around the world during the forecast period.

Electric Vehicle Power Inverter Market_Geography

Competitive Landscape

The global electric vehicle power inverter market is dominated by few players such as Continental AG, Robert Bosch GmbH, DENSO Corporation, and Mitsubishi Electric Corporation among others. The companies are expanding their business by opening new production plant and by making joint ventures, so that they can have edge over their competitors. For instance,

  • Mitsubishi Electric Corporation announced that it has completed the construction of its new eight plant building at Himeji Works, Hirohata plant, by investing around USD 63.6 million. The new plant boasts of the production of motors, generators, as well as inverters for hybrid and electric vehicles.
  • Nidec Corporation and France’s Groupe PSA have completed the establishment of a joint venture to develop, manufacture, and sell automotive traction motors and inverters. The new company, Nidec PSA motors, has invested around USD 177.7 million and both the companies hold a share of 50% each.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Propulsion

      1. 5.1.1 Full Hybrid Vehicle

      2. 5.1.2 Plug-in Hybrid Vehicle

      3. 5.1.3 Battery Electric Vehicle

    2. 5.2 Vehicle

      1. 5.2.1 Passenger Car

      2. 5.2.2 Commercial Vehicle

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Norway

        5. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. South America

        2. Middle East & Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Continental AG

      2. 6.2.2 Robert Bosch GmbH

      3. 6.2.3 DENSO Corporation

      4. 6.2.4 Toyota Industries Corporation

      5. 6.2.5 Hitachi Automotive Systems Ltd

      6. 6.2.6 Meidensha Corporation

      7. 6.2.7 Aptiv PLC

      8. 6.2.8 Mitsubishi Electric Corporation

      9. 6.2.9 Calsonic Kansei Corporation (Marelli Corporation)

      10. 6.2.10 Valeo Group


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Frequently Asked Questions

The Electric Vehicle Power Inverter Market market is studied from 2018 - 2026.

The Electric Vehicle Power Inverter Market is growing at a CAGR of >11% over the next 5 years.

Europe is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Continental AG, Robert Bosch GmbH, DENSOCorporation, Mitsubishi Electric Corporation, Calsonic Kansei Corporation (Marelli Corporation) are the major companies operating in Electric Vehicle Power Inverter Market.

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