Electric Vehicle Power Inverter Market Projection $8.67 Billion in 2021 to $22.25 Billion by 2031, with a CAGR of 10.4%
PORTLAND, OREGAON, UNITED STATES, June 25, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Electric Vehicle Power Inverter Market," The global electric vehicle power inverter market was valued at $8.67 billion in 2021, and is projected to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the electric vehicle power inverter market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the automobile sector across all segments along with government subsidies and incentives related to electric vehicle fuels the growth of the electric vehicle power inverter market in China and India.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and fuel-efficient vehicles. The market economy is responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry, which in turn, is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the electric vehicle sales, which is expected to boost the EV power inverter market.
Electric vehicle power inverter market is segmented on the basis of propulsion, inverter type, vehicle type, level of integration, distribution channel, and region. By propulsion, it is divided into full hybrid vehicle, plug-in hybrid vehicle, and battery electric vehicle. By on inverter type, it is divided into traction inverter, and soft switching inverter. By vehicle type, it is segmented into passenger cars, and commercial vehicles. By level of integration, it is divided into integrated inverter system, separate inverter system, and mechatronic integration system. By distribution channel, the market is divided into OEM, and Aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
๐๐๐๐๐-๐๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ :
The COVID-19 impact on automotive industry is unpredictable, and is expected to remain in force for a few years.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for components.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/electric-vehicle-power-inverter-market/purchase-options
As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the electric vehicle power inverter market in 2020.
Moreover, COVID-19 outbreak has resulted in disruptions for automotive industry in terms of manufacturing. The majority of OEMs have shut down their production and other essential operations during the pandemic. For instance, global automotive light vehicle (LV) sales fell by 20% from 2019-2020. In addition, global EV sales decreased by 18% in 2020.
However, with the pandemic situation easing out, the automotive manufacture connected work business is expected to recover rapidly. Moreover, on the global level, there is a rise in inclination toward the need for eco-friendly vehicles, which is expected to fuel the demand for efficient power inverter for electric vehicles
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ :
By propulsion, the battery electric vehicle segment is expected to register a significant growth during the forecast period.
By inverter type, the soft switching inverter segment is projected to lead the global electric vehicle power inverter market.
By vehicle type, the commercial vehicle segment is projected to lead the global electric vehicle power inverter market.
By level of integration, the integrated inverter system segment is projected to lead the global electric vehicle power inverter market.
By distribution channel, the aftermarket segment is projected to lead the global electric vehicle power inverter market.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A08757
The key players that operate in this electric vehicle power inverter market are ๐๐ฉ๐ญ๐ข๐ฏ, ๐๐๐ ๐๐๐๐๐๐ ๐๐๐., ๐๐จ๐ง๐ญ๐ข๐ง๐๐ง๐ญ๐๐ฅ ๐๐, ๐๐๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ฅ๐๐๐ญ๐ซ๐จ๐ง๐ข๐๐ฌ ๐๐จ., ๐๐ญ๐., ๐๐๐ง๐ฌ๐จ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ข๐ญ๐๐๐ก๐ข ๐๐ฌ๐ญ๐๐ฆ๐จ, ๐๐ญ๐. (๐๐ฎ๐๐ฌ๐ข๐๐ข๐๐ซ๐ฒ ๐จ๐ ๐๐ข๐ญ๐๐๐ก๐ข, ๐๐ญ๐.), ๐๐๐๐ซ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐๐ซ๐๐ฅ๐ฅ๐ข ๐๐จ๐ฅ๐๐ข๐ง๐ ๐ฌ ๐๐จ., ๐๐ญ๐., ๐๐๐ข๐๐๐ง๐ฌ๐ก๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ข๐ญ๐ฌ๐ฎ๐๐ข๐ฌ๐ก๐ข ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ข๐ฌ๐ฌ๐๐ง ๐ฆ๐จ๐ญ๐จ๐ซ๐ฌ ๐๐จ., ๐๐ญ๐., ๐๐จ๐๐๐ซ๐ญ ๐๐จ๐ฌ๐๐ก ๐๐ฆ๐๐, ๐๐ข๐๐ฆ๐๐ง๐ฌ, ๐๐ฎ๐ง๐ ๐๐ก๐๐ง๐ , ๐๐จ๐ฒ๐จ๐ญ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฌ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐๐ฅ๐๐จ, ๐๐ง๐ ๐๐ข๐ญ๐๐ฌ๐๐จ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐ฌ.
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ :
๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ฎ๐ฉ๐ฉ๐ฅ๐ฒ ๐๐ช๐ฎ๐ข๐ฉ๐ฆ๐๐ง๐ญ (๐๐๐๐) ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/electric-vehicle-supply-equipment-market-A07130
๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ก๐๐ซ๐ ๐๐ซ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/electric-vehicle-charger-EVC-market
๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ญ๐ญ๐๐ซ๐ฒ ๐๐ฐ๐๐ฉ๐ฉ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/electric-vehicle-battery-swapping-market-A10601
๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐๐ ๐๐๐ซ๐ค๐๐ญ :
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๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐จ๐ฅ๐ข๐ ๐๐ญ๐๐ญ๐ ๐๐๐ญ๐ญ๐๐ซ๐ฒ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/electric-vehicle-solid-state-battery-market-A31607
David Correa
Allied Market Research
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