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North America EV Power Inverter Market Synopsis:

North America EV Power Inverter Market Size Was Valued at USD 1.15 Billion in 2023 and is Projected to Reach USD 7.39 Billion by 2032, Growing at a CAGR of 22.97% From 2024-2032.

An EV power inverter is a crucial component in electric vehicles, converting the direct current (DC) from the vehicle's battery into alternating current (AC) to power the electric motor. Using pulse width modulation (PWM), the inverter rapidly switches transistors on and off to produce an AC output that matches the motor's power requirements. Additionally, it ensures vehicle safety by protecting against overheating, overloading, and overvoltage.

The North American EV power inverter market is witnessing rapid growth due to the rising adoption of electric vehicles and increasing government incentives promoting clean energy solutions. The expansion of charging infrastructure, coupled with advancements in battery technology, is further driving the demand for efficient and reliable inverters. Leading automotive manufacturers in the region are also collaborating with inverter technology providers to enhance vehicle performance and efficiency.

Technological advancements, such as silicon carbide (SiC) and gallium nitride (GaN) semiconductors, are revolutionizing the EV power inverter landscape. These innovations enable compact designs, higher efficiency, and improved thermal management, meeting the growing demand for lightweight and energy-efficient components. The integration of smart inverters with diagnostic capabilities is also emerging as a significant trend in the market.

North America's market is dominated by key players focusing on research and development to gain a competitive edge. The United States leads the region, driven by strong EV adoption and a robust automotive industry. Meanwhile, Canada and Mexico are also witnessing substantial growth due to increasing investments in EV production and the push for green technologies. The market's trajectory is set to remain positive, supported by favorable policies and a growing emphasis on sustainable transportation solutions.

EV Power Inverter

EV Power Inverter Market Trend Analysis

Shift towards silicon carbide (SiC) and gallium nitride (GaN) semiconductors

  • Changing the existing systems to SiC and GaN semiconductors in the EV power inverter market is a sophisticated plan focused on enhancing technological progress towards electric vehicles. Compared to the more universally-used silicon semiconductors, both SiC and GaN have enhanced electrical characteristics.
  • These control devices can work at higher voltages, frequencies and temperature than the traditional switches and they mean that there will be improved power control, low power loss and better heat dissipation in the power inverters. Since this is the case, most EVs fitted with inverters containing SiC or GaN will have long range and high performance, hence driving the market’s demand.
  • Similarly, the materials such as SiC and GaN semiconductors make it possible for more compact, lighter inverter designs because of higher efficiency and better heat dissipation properties. This reduction in size and weight forms part of the whole package and add up the efficiency of the vehicle and openness in accommodating new units within the overall electric vehicle architecture.
  • The higher performance and efficiency SiC and GaN semiconductors offer the industry an answer to the growth strategies in the EV space by allowing the manufacturer to provide consumers with vehicles with more range, faster charging, and lower operational costs. Therefore, the use of these innovative semiconductors as vital in the creation of further higher-end EV power inverters styles.

Growing demand for premium EVs

  • The increasing demand for premium electric vehicles (EVs), which is a prime opportunity for the EV power inverter market. The next step, premium EVs, especially those that can boast higher performance, more features, and potentially greater range, are equipped with even more sophisticated and arguably more efficient power electronics.
  • Tesla, Porsche, and Lucid Motors, among other high-end car manufacturers, are striving to make better performant EVs, and to do that, new-fangled electricity-to-velocity inversion solutions are also becoming necessary for managing increased power requirements and overall car utility. When these vehicles aim to provide the best driving experience with faster acceleration, high top speed and efficient energy management systems, the efforts made by high-performance power inverters becomes most essential.
  • Moreover, the inverters in high-end EVs are usually required to carry out operations with higher power levels and work efficiently under conditions that can be more taxing than basic EVs. This led to a need to create inverters with better semiconductor material like silicon carbide (SiC) and Gallium Nitride (GaN) which gave the needed performance.
  • As the high-end electric vehicles or indeed emerging high-end cars must feature luxury, performance, and advanced technology, this segment influences or rather challenges the inverter market, to come up with the best performing, small, lightweight and more reliable power conversion devices. Therefore, growth in sales of premium EVs pulls more demand towards the EV power inverters market besides propelling innovation in technology of this sub-sector.

EV Power Inverter Market Segment Analysis:

EV Power Inverter Market is Segmented based on Propulsion Type, Vehicle Type and Country.

By Propulsion Type, Battery Electric Vehicle (BEV) is expected to dominate the market during the forecast period

  • The BEV Power segment can attribute to being the largest segment within the EV power inverter market currently. IHS also classified BEVs to electric vehicles that only operate on electricity and employed large battery packs and electric motors, resulting to high-use of inverters to convert DC electricity from battery to AC electricity required to power the motor.
  • One of the main trends that have influenced the popularity of BEVs emerged from the rising consumer consciousness and awareness of the environmental impacts of generating emissions and the consequent legislation’s strict control over the emission levels. First, battery improvement and fast charging implementation of the BEVs can surfaced their practicality and demand in the market, which strengthens EV manufacturers’ leadership.
  • Furthermore, there is robust commitment to research and production of BEVs evident with key players as well as new entrants into the automobile industry. Tesla motors limited, nissan and Volkswagen companies are among those that have put in efforts to come up with fascinating models and innovative technologies that will suit the needs of the market with increasing battery range, high performance and affordable prices.
  • Government stimulus plans and subsidies and supports such vehicles that use BEVs propulsion types more than other types due to their environmental friendliness. Therefore, not only does the BEV segment contribute to a large part of the overall EV market but also it works as a catalyst for the demand of sophisticated power inverters given the increased power handling capabilities and consequently higher efficiency and performance of the BEV autos. This is typical to continue as technologies advance and more clients as well as producers turn to fully electrical drives.

By Vehicle Type, Passenger Cars of life segment held the largest share in 2023

  • The  passenger car space accounts for the most significant portion of the EV power inverter. This is widely ascribed to enhanced electric passenger cars due to universal environmental awareness, new stringent emission norms, and development in battery systems.
  • The following are the key findings on the current state of affairs of electric passenger cars: The production of electric passenger cars is attracting majority of the major car manufacturers to enter in to the market since they launch many models with different range of prices, ranges of drives and performances. In consequence, high efficiency power inverters are used to meet the requirements of these electric passenger cars and convert the DC electricity available in batteries to AC electricity to drive the motors effectively for the propulsion systems.
  • This is especially the case as even buses and trucks, which are also recorded to be in the process of moving to electric propulsion, are not currently consuming as much power inverter for electric vehicles as the passenger car segment. Due to the fact that most commercial vehicles tend to have larger power demands than normal vehicles they may also need a special power inverter optimized for the vehicle type in question. But there is a growing trend in the use of electric commercial vehicles because in most areas, costs associated with the use of the vehicles are cheaper than those of traditional commercial vehicles, governments incentivize their use for greener and cleaner solutions and with the growing population and demand for transport in the urban center.
  • The commercial vehicle market is also progressing at an increasing rate in terms of electric power, though not as rapidly as the passenger car market; consequently, the market for EV power inverters for commercial vehicles will also grow over time.

EV Power Inverter Market Regional Insights:

United States is Expected to Dominate the Market Over the Forecast Period

  • The USA leads the North America EV Power Inverter Market thanks to high electric vehicle (EV) adoption rates, fueled by a mix of government incentives, consumer interest, and a solid charging infrastructure. Federal tax incentives and localized programs have facilitated easier access to EV ownership, prompting automakers and tech firms to invest in innovative power inverter technologies that are essential for EV efficiency and performance.
  • The USA is home to prominent EV manufacturers like Tesla, Rivian, and Lucid Motors, which have greatly impacted the development of the EV supply chain, including advancements in power inverter technology. These firms emphasize innovation, striving for very efficient, small, and lightweight inverters that enhance vehicle performance and extend range. These developments establish the USA as a center for technological dominance in the EV market.
  • Moreover, the robust R&D environment in the USA and partnerships among automakers, semiconductor firms, and educational institutions have driven the advancement of innovative inverter technologies. Major companies such as Texas Instruments, ON Semiconductor, and Infineon Technologies have utilized the nation’s sophisticated semiconductor manufacturing capabilities to satisfy the increasing need for power inverters in electric vehicles.
  • Finally, the USA gains from its growing EV charging infrastructure, promoting increased EV adoption rates and generating steady demand for effective powertrain parts. The emphasis on incorporating renewable energy into EV infrastructure additionally bolsters the advancement of inverter technologies, reinforcing the nation’s leadership in the North America EV Power Inverter Market.

Active Key Players in the North America EV Power Inverter Market:

  • ABB Ltd. (Switzerland)
  • BYD Company Limited (China)
  • Continental AG (Germany)
  • Cree, Inc. (United States)
  • Delta Electronics, Inc. (Taiwan)
  • Fuji Electric Co., Ltd. (Japan)
  • Hitachi Automotive Systems, Ltd. (Japan)
  • Hyundai Mobis Co., Ltd. (South Korea)
  • Infineon Technologies AG (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • NXP Semiconductors N.V. (Netherlands)
  • ON Semiconductor Corporation (United States)
  • Panasonic Corporation (Japan)
  • Renesas Electronics Corporation (Japan)
  • Robert Bosch GmbH (Germany)
  • Siemens AG (Germany)
  • STMicroelectronics NV (Switzerland)
  • Texas Instruments Incorporated (United States)
  • Toshiba Corporation (Japan)
  • Vishay Intertechnology, Inc. (United States) and Other Active Players

North America EV Power Inverter Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 1.15 Bn.

Forecast Period 2024-32 CAGR:

22.97 %

Market Size in 2032:

USD 7.39 Bn.

Segments Covered:

By Propulsion Type

  • Hybrid Electric Vehicles
  • Plug-in Hybrid Electric Vehicle
  • Battery Electric Vehicle
  • Fuel Cell Electric Vehicle

By Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle

By Region

  • North America (U.S., Canada, Mexico)

Key Market Drivers:

  • Increasing Demand for Bi-Directional Inverters

Key Market Restraints:

  • High Cost of Inverters

Key Opportunities:

  • Development of New EV Applications

Companies Covered in the report:

  • ABB Ltd. (Switzerland), BYD Company Limited (China), Continental AG (Germany), Cree, Inc. (United States), Delta Electronics, Inc. (Taiwan), and Other Active Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Industry Dynamics and Opportunity Analysis
  3.1.1 Growth Drivers
  3.1.2 Limiting Factors
  3.1.3 Growth Opportunities
  3.1.4 Challenges and Risks
 3.2 Market Trend Analysis
 3.3 Strategic Pestle Overview
 3.4 Porter's Five Forces Framework
 3.5 Industry Value Chain Mapping
 3.6 Regulatory Framework
 3.7 Pricing Trend Analysis
 3.8 Patent Analysis
 3.9 Technology Evolution
 3.10 Investment Pockets
 3.11 Import-Export Analysis

Chapter 4: North America EV Power Inverter Market by Propulsion Type
 4.1 North America EV Power Inverter Market Snapshot and Growth Engine
 4.2 Market Overview
 4.3 Hybrid Electric Vehicles
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Hybrid Electric Vehicles: Geographic Segmentation Analysis
 4.4 Plug-in Hybrid Electric Vehicle
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Plug-in Hybrid Electric Vehicle: Geographic Segmentation Analysis
 4.5 Battery Electric Vehicle
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Battery Electric Vehicle: Geographic Segmentation Analysis
 4.6 Fuel Cell Electric Vehicle
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Fuel Cell Electric Vehicle: Geographic Segmentation Analysis

Chapter 5: North America EV Power Inverter Market by Vehicle Type
 5.1 North America EV Power Inverter Market Snapshot and Growth Engine
 5.2 Market Overview
 5.3 Passenger Cars
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Passenger Cars: Geographic Segmentation Analysis
 5.4 Commercial Vehicles
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Commercial Vehicles: Geographic Segmentation Analysis

Chapter 6: Company Profiles and Competitive Analysis
 6.1 Competitive Landscape
  6.1.1 Competitive Benchmarking
  6.1.2 North America EV Power Inverter Market Share by Manufacturer (2023)
  6.1.3 Industry BCG Matrix
  6.1.4 Heat Map Analysis
  6.1.5 Mergers and Acquisitions  
 6.2 ABB LTD. (SWITZERLAND)
  6.2.1 Company Overview
  6.2.2 Key Executives
  6.2.3 Company Snapshot
  6.2.4 Operating Business Segments
  6.2.5 Product Portfolio
  6.2.6 Business Performance
  6.2.7 Recent News & Development
  6.2.8 SWOT Analysis
 6.3 BYD COMPANY LIMITED (CHINA)
 6.4 CONTINENTAL AG (GERMANY)
 6.5 CREE
 6.6 INC. (UNITED STATES)
 6.7 DELTA ELECTRONICS
 6.8 INC. (TAIWAN)
 6.9 FUJI ELECTRIC CO.
 6.10 LTD. (JAPAN)
 6.11 HITACHI AUTOMOTIVE SYSTEMS
 6.12 LTD. (JAPAN)
 6.13 HYUNDAI MOBIS CO.
 6.14 LTD. (SOUTH KOREA)
 6.15 INFINEON TECHNOLOGIES AG (GERMANY)
 6.16 MITSUBISHI ELECTRIC CORPORATION (JAPAN)
 6.17 NXP SEMICONDUCTORS N.V. (NETHERLANDS)
 6.18 ON SEMICONDUCTOR CORPORATION (UNITED STATES)
 6.19 PANASONIC CORPORATION (JAPAN)
 6.20 RENESAS ELECTRONICS CORPORATION (JAPAN)
 6.21 ROBERT BOSCH GMBH (GERMANY)
 6.22 SIEMENS AG (GERMANY)
 6.23 STMICROELECTRONICS NV (SWITZERLAND)
 6.24 TEXAS INSTRUMENTS INCORPORATED (UNITED STATES)
 6.25 TOSHIBA CORPORATION (JAPAN)
 6.26 VISHAY INTERTECHNOLOGY
 6.27 INC. (UNITED STATES)
 6.28 OTHER ACTIVE PLAYERS

Chapter 7:North America EV Power Inverter Market Analysis, Insights and Forecast, 2016-2028
 7.1 Market Overview
 7.2 Key Market Trends, Growth Factors and Opportunities
 7.3 Key Players
 7.4 Historic and Forecasted Market Size By Propulsion Type
  7.4.1 Hybrid Electric Vehicles
  7.4.2 Plug-in Hybrid Electric Vehicle
  7.4.3 Battery Electric Vehicle
  7.4.4 Fuel Cell Electric Vehicle
 7.5 Historic and Forecasted Market Size By Vehicle Type
  7.5.1 Passenger Cars
  7.5.2 Commercial Vehicles
 7.6 Historic and Forecast Market Size by Country
  7.6.1 U.S.
  7.6.2 Canada
  7.6.3 Mexico

Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Conclusion

Chapter 9 Our Thematic Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research
 

North America EV Power Inverter Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 1.15 Bn.

Forecast Period 2024-32 CAGR:

22.97 %

Market Size in 2032:

USD 7.39 Bn.

Segments Covered:

By Propulsion Type

  • Hybrid Electric Vehicles
  • Plug-in Hybrid Electric Vehicle
  • Battery Electric Vehicle
  • Fuel Cell Electric Vehicle

By Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle

By Region

  • North America (U.S., Canada, Mexico)

Key Market Drivers:

  • Increasing Demand for Bi-Directional Inverters

Key Market Restraints:

  • High Cost of Inverters

Key Opportunities:

  • Development of New EV Applications

Companies Covered in the report:

  • ABB Ltd. (Switzerland), BYD Company Limited (China), Continental AG (Germany), Cree, Inc. (United States), Delta Electronics, Inc. (Taiwan), and Other Active Players
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Frequently Asked Questions :

What would be the forecast period in the North America EV Power Inverter Market research report?

The forecast period in the North America EV Power Inverter Market research report is 2024-2032.

Who are the key players in the North America EV Power Inverter Market?

ABB Ltd. (Switzerland),BYD Company Limited (China),Continental AG (Germany),Cree, Inc. (United States),Delta Electronics, Inc. (Taiwan),Fuji Electric Co., Ltd. (Japan),Hitachi Automotive Systems, Ltd. (Japan),Hyundai Mobis Co., Ltd. (South Korea),Infineon Technologies AG (Germany),Mitsubishi Electric Corporation (Japan),NXP Semiconductors N.V. (Netherlands),ON Semiconductor Corporation (United States),Panasonic Corporation (Japan),Renesas Electronics Corporation (Japan),Robert Bosch GmbH (Germany),Siemens AG (Germany),STMicroelectronics NV (Switzerland),Texas Instruments Incorporated (United States),Toshiba Corporation (Japan),Vishay Intertechnology, Inc. (United States) and Other Active Players

What are the segments of North America EV Power Inverter Market?

The EV Power Inverter Market is segmented into Propulsion Type, Vehicle Type, and Region. By Type, the market is categorized into Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle, Fuel Cell Electric Vehicle. By Vehicle Type, the market is categorized into Passenger Cars, Commercial Vehicles. By region, it is analyzed across North America (U.S.; Canada; Mexico).

What is the North America EV Power Inverter Market?

An EV power inverter is a crucial component in electric vehicles, converting the direct current (DC) from the vehicle's battery into alternating current (AC) to power the electric motor. Using pulse width modulation (PWM), the inverter rapidly switches transistors on and off to produce an AC output that matches the motor's power requirements. Additionally, it ensures vehicle safety by protecting against overheating, overloading, and overvoltage.

How big is the North America EV Power Inverter Market?

North America EV Power Inverter Market Size Was Valued at USD 1.15 Billion in 2023 and is Projected to Reach USD 7.39 Billion by 2032, Growing at a CAGR of 22.97% From 2024-2032.