Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global vehicle inverters market is expected to grow from USD 1.53 Billion in 2017 to USD 7.02 Billion by 2025 at a CAGR of 20.9% during the forecast period 2018-2025. High use of navigation devices, smartphones by cab aggregators, car rental & fleet management service providers, growing sales of electric vehicles across the globe and increased use of various handheld & household devices in vehicles are the factors fuelling the vehicle inverters market.
Vehicle inverters are defined as a type of converters which helps in effective utilization of the energy for powering up the electrical appliances such as TV, laptop, power plugs. These inverters are highly used in RV, buses, trucks. With the technological advancement, passenger vehicles have also being equipped with vehicle inverters which helps the driver and users to power their devices and use the power supply for recreational purposes. Uses of vehicle inverters are not limited to only powering the electronic devices and appliances, they also helps to power the lighting systems, windows and even audio systems. For instance, in September 2018, Hitachi, Ltd. announced the development of an original energy saving power semiconductor structure, TED-MOS, using next-generation Silicon Carbide (SiC) material that contributes to saving energy in Electric Vehicles (EVs).
The managing of KYC compliance and alleviate money laundering and CTF activities is a major factor driving the market. In addition, the acceptance of progressive analytics to provide proactive risk alerts and organizations’ requirement to obey with strict regulatory compliances also influences the demand. However, the lack of risk analysis professionals may obstruct the growth of the market. Nevertheless, rising digitalization in payment transaction process may boost the market in forthcoming years.
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Key players operating in the global vehicle inverters market include Sensata Technologies Inc., Robert Bosch GmbH, Valeo, Calsonic Kansei Corporation, Delphi Technologies, Hitachi Ltd., Continental AG, DENSO CORPORATION, Mitsubishi Electric Corporation, Siemens, Fuji Electric Co. Ltd., TOYOTA INDUSTRIES CORPORATION, Metric Mind Corporation and Xantrex LLC among others. To enhance their market position in the global vehicle inverters market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In February 2018, Delphi Technologies, PLC launched the first combined inverter and DC/DC converter (CIDD) in the Chinese market. For automakers, these components create a more efficient and cost-effective solution delivering higher power density, integrated into a smaller and lighter package.
The Battery Electric Vehicle (BEV) segment is dominating the market with a market share of 47.80% in 2017
The propulsion type segment is classified into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-In Hybrid Electric Vehicle (PHEV). The Battery Electric Vehicle (BEV) segment is dominating the vehicle inverters market in 2017. The rising purchasing power of customers and the increasing demand for eco-friendly vehicles in emerging and developed countries have contributed to the growth of the vehicle inverters market for BEV vehicles.
IGBT segment valued around USD 927.10 Million in 2017
The technology type segment includes IGBT and Mosfet. IGBT segment is dominating the market with the highest share in 2017. There is upsurge in demand for electric vehicles requiring high power efficiency and faster switching capabilities, thus, driving the growth for IGBT-based vehicle inverters market globally.
Silicon carbide segment held the market share of 50.90% in 2017
Semiconductor materials type segment is divided into segments such as Gallium Nitride, Silicon and Silicon Carbide. Silicon Carbide segment is dominating the market in 2017. SiC-based power semiconductor devices are state-of-the-art in high efficiency and high frequency applications. With the advent of the era of electric vehicles, the automotive industry is keen toward opting SiC’s advanced features, in terms of power efficiency at high voltages, high reliability, and flexibility
The > 130kW segment valued around USD 943.95 Million in 2017
The output power segment includes <= 130kW and > 130kW. The > 130kW segment held the highest market share in 2017 as they are best suited for AWD wheel drive vehicles.
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The commercial vehicles segment is dominating the market and valued around USD 992.99 Million
The vehicle type segment includes passenger cars and commercial vehicles. The commercial vehicles segment is dominating the market and valued around USD 992.99 Million in 2017. The increasing use of various auxiliary and secondary devices (such as television sets and coffee makers) during official travel by commercial vehicle drivers has driven the growth of vehicle inverters in the commercial vehicle segment.
Regional Segment Analysis of the Vehicle Inverters Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global vehicle inverters market with USD 609.89 Million in 2017 where as the North America region is rapidly growing in the market. The Asia Pacific region is dominating the market because they are the hub for automobile production. With the increasing purchasing power of consumers, the demand for automobiles in this region has substantially risen. Cost advantages for OEMs, low automobile penetration levels, and increased vehicle production offer attractive market opportunities for automobile manufacturers and automotive component suppliers. North America is the fastest growing region because of the supportive government efforts for the development of electric vehicle infrastructure which will foster the growth of electric vehicles. Also availability of cheap labour cost, stringent emission norms and huge expenditure on the development of electric vehicles is fuelling the growth of the automotive industry.
About the report:
The global vehicle inverters market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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