North America Electric Vehicle Power Inverter Market - Growth, Trends, and Forecast (2019 - 2024)

The North America Electric Vehicle Power Inverter Market has been segmented by Propulsion Type (Full Hybrid Vehicle, Plug-in Hybrid, and Battery Electric Vehicle), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography.

Market Snapshot

Market Summary - North America Electric Vehicle Power Inverter Market
Study Period:

2018-2024

Base Year:

2018

Key Players:

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Market Overview

The North American electric vehicle power inverter market is expected to register a CAGR of around 7%, during the forecast period, 2019-2024.

  • 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 world, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric vehicles. In addition to this, governments have initiated incentives, such as cut down in vehicle tax, bonus payments, and premium, for buyers of electric vehicles, in respective countries, to support the electric vehicles sales growth.
  • 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.  Bosch INVCON 2.3 (inverter + DC-DC converter) weighs around less than 7 kg, where the inverter alone weighs 2.26 kg.

Scope of the Report

The North American electric vehicle power inverter market has been segmented by propulsion type, vehicle type, and geography.

By Propulsion Type
Full Hybrid Vehicle
Plug-in Hybrid Vehicle
Battery Electric Vehicle
By Vehicle Type
Passenger Cars
Commercial Vehicle
Geography
North America
United Stateds
Canada
Rest of North America

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Key Market Trends

Plug-in Hybrid Vehicle – Expected to Witness High Demand

Although the plug-in hybrid vehicles are generally more expensive than similar hybrid vehicles, few of its cost can be recovered through a federal tax credit, fuel savings, and government incentives. Recently, it was announced that for Chrysler Pacifica’s plug-in hybrid, the US owners would be able to claim the full federal tax credit, i.e., USD 7,500, off the base price of USD 41,995.

In 2017, the market introduced more PHEVs with more electric range. The latest models include Chrysler Pacifica Hybrid (30 miles), Kia Optima PHEV (27 miles), Cadillac CT6 Plug-in Hybrid (30 miles), and Toyota Prius Prime (25 miles).

The improvement in the electric range in the PHEVs models continues to grow, where more than 50% of the travel will be covered by electric power, resulting in more PHEV demand in the forecast period.

  • For instance, vehicles, like the Mini Cooper Countryman, which are capable of traveling about 20 miles on electric power, have gained traction in sales, post their conversion into the plug-in hybrid platform, from the ICE platform.
  • Other cars that went through similar transformation include BMW X5, 330E, Xdrive40E, etc.

In addition to the above trends, an increase in the number of charging stations for plug-in hybrid vehicles in North America, is likely to drive the market for plug-in hybrid vehicles during the forecast period, whose growth rate revived from its previous year, 2016.

With growing plug-in hybrid vehicle sales, the demand for power inverter is likely to grow, simultaneously, during the forecast period.

Trend 1

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United States Expected to Lead the Market

The United States is expected to lead the North American electric vehicle power inverter market.

Some of the major factors driving the growth of the market are growing environmental concerns, which, in turn, has resulted in the enactment of stringent emission and fuel economy norms, and continuous government support in the form of subsidies.

Electric vehicles hold a small percentage in the country’s automotive market. However, the situation is gradually changing in the country, as the country witnessed 208,000 new electric vehicle registration in 2018, more than double the number in 2017. However, the growth in the EVs was heavily concentrated in California, but with the rising environmental concerns, none other states have adopted the zero-emission vehicle (ZEV) program. California was the first to launch the ZEV program‚ a state regulation that requires automakers to sell electric cars and trucks. Apart from California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont, are also ZEV states. California accounted for nearly 46%, or 95,000, of new EV registrations in 2018.

Currently, there are more than 90,000 public buses operating in the United States, ~300 contributed to the electric bus share. Low ownership and maintenance cost of e-buses, especially battery electric buses (BEB), are expected to propel the demand for electric buses in the coming years.

California mostly pushing for the transition to electric buses: public transport bus fleets are expected to be zero emissions by 2040. It is the target of the Innovative Clean Transit rule, voted by California’s Air Resources Board (CARB), which orders public transit agencies to buy only zero-emission buses (battery electric or fuel cell) starting in 2029. This standard will ensure nearly 14,000 buses on California roads will be zero emission by 2040.

Trend 2

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Competitive Landscape

Some of the major players in the market are Continental AG, Robert Bosch, Denso Corp., Toyota Industries Corporation, Hitachi Automotive Systems Ltd, and Mitsubishi Electric Corporation.

Major Players

  1. Continental AG
  2. Robert Bosch GmbH
  3. Denso Corp.
  4. Toyota Industries Corporation
  5. Hitachi Automotive Systems Ltd

* Complete list of players covered available in the table of contents below

Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Propulsion Type

      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 By Vehicle Type

      1. 5.2.1 Passenger Cars

      2. 5.2.2 Commercial Vehicle

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United Stateds

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

  6. 6. COMPETITIVE LANDSCAPE

    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 Aptiv PLC

      7. 6.2.7 Mitsubishi Electric Corporation

      8. 6.2.8 Calsonic Kansei Corporation

      9. 6.2.9 Valeo Group

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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