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Automotive On-board Power Inverters Market Size - By Vehicle, By Propulsion, By Inverter, By Material, By Output Power, Analysis, Share, Growth Forecast, 2024 - 2032
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Automotive On-board Power Inverters Market
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Base Year: 2023
Companies covered: 20
Tables & Figures: 200
Countries covered: 21
Pages: 180
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Automotive On-board Power Inverters Market Size
The global automotive on-board power inverters market was valued at USD 578.8 million in 2023 and is projected to grow at a CAGR of 5.4% between 2024 and 2032. The global adoption of electric vehicles (EVs) is growing, and at the same time, the market for power inverters is expanding as well. This is because the more developed industry requires compact and more effective power conversion systems. In a modern EV, power inverters form the most important subsystem. They turn the direct current (DC) supplied by batteries into alternating current (AC), which is then fed into the electric motor.
The International Energy Agency, for example, estimates that by 2023 the sales of electric vehicles increased to 3.5 million units which is a 35% boom compared to the previous year. Also, in 2023, at least 250,000 new electric vehicles came to the roads every week. In 2023, 18 percent of all vehicles sold across the globe were electric, an improvement from the 14% sales figure in the previous year.
With increased market demands resulting from government subsidies, EV restrictions, and user interest, the EVs are expected to dominate and indeed we are witnessing that change. This trend is likely to have a positive impact on the power inverter market. The pursuit of high-efficiency inverters, which curb the energy consumption of cars and maximize the energy stored in the batteries, improves productivity too.
Power Sourcing Group suggests that the trend of increasing electrical systems within vehicles continues to grow, particularly with in-car infotainment and climate control units, alongside USB ports and ever more power sources. It is likely to be most pronounced with luxury and higher-end vehicles due to increased expectations of the availability of multiple points for charging. ADAS systems, along with connectivity features, also necessitate stable power conversion, so the sophisticated integrated circuits and systems have become more essential for efficient on-board inverters.
Automotive On-board Power Inverters Market Trends
Silicon carbide (SiC)-based power inverters are being embraced on a large scale by industries due to their capabilities. These inverters outrun traditional ones based on silicon in terms of higher switching frequencies, superior thermal conductivity, and increased power density. SiC power devices improve power conversion efficiency, reduce cooling needs, and allow further miniaturization of these devices.
As a result, manufacturers are investing in masse to develop and produce SiC to keep up with demand. This change is vital for electric vehicles, but all vehicles can benefit from such devices. This is a great revolution for electric vehicles because low weight and space-saving are of great importance.
For example, in September 2024, STMicroelectronics introduced the fourth generation in its series of STPOWER silicon carbide (SiC) MOSFET technology. This technology was developed for both industries, and especially for automotive applications such as traction and on-board inverters, which are key parts in the powertrains of electric vehicles (EVs). In line with its vision of continual innovation, these plans include introducing advanced SiC technology up to the year 2027. Beyond that, the company has been active in expanding the product portfolio.
As the power densities and integration levels of inverter designs increase, heat sink design has become a significant problem. The ever-increasing power densities coupled with decreasing device size render conventional means of heat removal ineffective. There is a need for efficient cooling methods while maintaining low weight and small volume. This is made more difficult by the vehicles' differing operating conditions and environments. Advanced thermal modeling with unconventional cooling technologies is necessary, though ultimately more expensive and complicated because of the additional costs and effort that go into motor vehicle simulation.
Automotive On-board Power Inverters Market Analysis
Based on vehicles, the market is segmented into passenger vehicles and commercial vehicles. In 2023, the passenger vehicle segment accounted for over 70% of the automotive on-board power inverters market share and is expected to exceed USD 600 million by 2032.
Based on the inverter, the automotive on-board power inverters market is divided into single-phase inverters and three-phase inverters. By 2032, the three-phase inverters segment is expected to exceed USD 650 million due to several key factors.
In 2023, the U.S. is considered the dominating region in the North American automotive on-board power inverters market and accounted for over 36% market share.
Automotive On-board Power Inverters Market Share
Sensata Technologies, Continental Engineering Services, and Infineon collectively held a substantial market share of over 18% in the automotive on-board power inverters industry in 2023.
Automotive On-board Power Inverters Market Companies
Major players operating in the automotive on-board power inverters industry are:
Industry leaders are using advanced strategies such as compact integration, best-in-class thermal management systems, and high-efficiency semiconductors such as gallium nitride and silicon carbide to improve the performance of onboard power inverters. These technologies will enhance the capacity, multi-device support, and diverse operational conditions of inverters. The additional ability to monitor in real-time and detect faults significantly increases the safety and usability for passengers as well.
Given the transition towards electric or hybrid vehicles, there is a automotive on-board power inverters market opportunity for the development of vehicle-integrated onboard power inverters which convert the direct current power stored in the vehicle batteries to alternating current suitable for household appliances and electronics. Besides, consumers are increasingly demanding comfort and convenience features including chargeable ports, entertainment systems, and refrigeration, which is fueling the increased adoption of high-powered, onboard power inverters within different segments of vehicles.
Automotive On-board Power Inverters Industry News
The automotive on-board power inverters market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn), and volume (units) from 2021 to 2032, for the following segments:
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Market, By Vehicle
Market, By Propulsion
Market, By Inverter
Market, By Material
Market, By Output Power
The above information is provided for the following regions and countries: