North America Electric Vehicle Power Inverter Market Size

North America Electric Vehicle (EV) Power Inverter Market Analysis

The North America Electric Vehicle Power Inverter Market size in terms of Greater Than-10 is expected to grow from USD 3.40 billion in 2024 to USD 5.58 billion by 2029, at a CAGR of 10% during the forecast period (2024-2029).

A power inverter is one of the key components in electric vehicles, ideally converting battery DC power into AC power for an electric motor. Considering the growing concern among automakers to optimize energy consumption in cars, inverter manufacturers have improved their inverter capabilities to handle energy, and vice versa, from both sources (i.e., battery and motor).

An increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicles, and a surge in demand for low-emission and fuel-efficient vehicles are expected to fuel the growth of the electric vehicle power inverter market in North America.

Moreover, with growing stringent emission standards worldwide, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric cars. In addition, governments have initiated incentives, such as a cut down in vehicle tax, bonus payments, and premiums, for buyers of electric vehicles in respective countries to support the growth of electric vehicle sales.

The Federal Government has set a goal to make half of all new vehicles sold in the United States in 2030 zero-emissions vehicles and build a convenient and equitable network of 500,000 chargers to help make electric vehicles accessible to all Americans for both local and long-distance trips.

Vehicle inverter manufacturers are consistently working to improve their products in terms of efficiency and size. Combining an inverter with a motor or converter has significantly gained attention among automakers.