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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 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.
 

Automotive On-board Power Inverters Market

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

Automotive On-board Power Inverter Market, By Vehicle, 2021-2032 (USD Million)

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.
 

  • Passenger vehicles that are produced today are fitted with numerous additional systems such as air conditioning and mobile chargers, and all need a stable power supply. Vehicles are also designed with onboard power inverters that change the vehicle's DC battery energy into AC power to operate these systems.
     
  • The use of in-car electronics such as laptops and portable devices is driving the demand for multifunctional inverters. This trend is most pronounced in passenger vehicles where comfort and convenience are prioritized, which leads to constant requirements for dependable inverter technologies.
     
  • Moreover, the advancement in vehicle technology has resulted in state-of-the-art electronic systems that are power-demanding. These systems include powerful infotainment units, navigation, and other useful comfort elements with their corresponding USB charging ports. With the industry gravitating towards connected and autonomous cars, efficiency in power conversion solutions is paramount.
     
Automotive On-board Power Inverter Market Share, Inverter, 2023

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.
 

  • Recent technological advancements in the manufacturing of three-phase inverters have significantly increased automation, which in turn has lowered production costs. Companies utilize robotics and automated testing, which increase product quality while simultaneously reducing fault rates.
     
  • In addition, modular design combined with standardized components enhances economies of scale. For instance, in June 2023, Wolfspeed launched its 200 kW XM3 three-phase inverters designed for automotive usage. The XM3 power module platform has been optimized for SiC MOSFETS and is designed with low inductance, which lowers system losses, increases efficiency, and simplifies system design. These improvements make it easier for the automotive industry to harness three-phase inverters.
     
U.S. Automotive On-board Power Inverter Market, 2021 – 2032, (USD Million)

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.
 

  • A majority of American customers are shifting towards high-power inverters above 2000 watts. These inverters easily power larger electronic devices in pickup trucks and SUVs. This shift in preference is prompted by the rise of a post-pandemic world whereby the “vehicle-as-a-workspace” concept is popular.
     
  • In addition, a growing number of outdoor recreation and camping activities leads to a greater need for power to operate different kinds of equipment and appliances.
     
  • European manufacturers are focusing on designing compact, lightweight, and more efficient inverters because of stringent EU automobile weight and emissions regulations. This becomes even more crucial in the electric vehicle sector where the density and efficiency of the power supply are important to increase range and enhance the vehicle’s overall performance.
     
  • The technologically advanced automotive industries of Japan and South Korea are increasingly adopting high-frequency inverter technology. This is motivated by the need for increased efficiency, more compact structures, and better heat management. This technology enhances power conversion and reduces electromagnetic interference.
     

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.
 

  • Sensata has consolidated its market position within the electrification space by acquiring companies that develop EV components, battery management systems, and energy storage. Sensata’s targeted acquisitions enable them to expand their portfolio of power electronics, including inverters.
     
  • Continental Engineering Services tailors its engineering services to the exact needs of each car OEM. They have developed specialized inverter systems for both the EV and hybrid markets that enable them to serve traditional vehicle manufacturers as well as EV startup companies.
     
  • Their core focus on modular design for power electronics, including inverters, ensures rapid changeover and growth in multiple vehicle platforms. This strategy is also in line with the increasing focus on electrification, giving Continental a competitive edge when seeking new business from OEMs.
     
  • Infineon’s strategic focus relates to development and investment undertaken in SiC and GaN for their superior efficiency and performance within the inverter market. These types of wide bandgap semiconductors are critical for EV applications due to the high level of efficiency needed and heat problems associated with them.
     

Automotive On-board Power Inverters Market Companies

Major players operating in the automotive on-board power inverters industry are:

  • Analog Devices
  • Baccus Global
  • Bestek
  • Cobra
  • Continental Engineering Services
  • Infineon Technologies
  • Marelli Holdings
  • Samlex
  • Sensata Technologies
  • STMicroelectronics
     

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

  • In April 2024, At Vicor’s recent product launch during the World Congress Experience 2024 (WCX) in Detroit, the company revealed its novel approaches to power conversion at 800V and 48V. Vicor explained how they have developed high-density, scalable power modules for automotive onboard power inverters and microcontrollers using proprietary topologies. Five of their papers were focused on this subject.
     
  • In April 2024, 3PEAK’s announced that they will offer their product range to DigiKey thanks to their new distribution agreement. These products expand DigiKey’s already broad offering, which includes amplifiers, isolation interfaces, data converters, LDOs, as well as voltage references, supervisors, drivers, DC-DC converters, Embedded MCUs, and battery management systems. The partnership will also further strengthen their industry position, as the new products serve multiple communication and industrial needs such as security monitoring, medical and health instrumentation, new energy, and automotive applications.
     

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:

Market, By Vehicle

  • Passenger vehicles
    • Hatchback
    • Sedan
    • SUV
  • Commercial vehicles
    • Light Commercial Vehicles (LCV)
    • Heavy Commercial Vehicles (HCV)

Market, By Propulsion

  • ICE
  • Electric vehicles
    • Battery Electric Vehicles (BEV)
    • Plug-in Hybrid Electric Vehicles (PHEV)
    • Hybrid Electric Vehicles (HEV)

Market, By Inverter

  • Single-phase inverters
  • Three-phase inverters

Market, By Material

  • Silicon Carbide
  • Gallium Nitride
  • Others

Market, By Output Power

  • Below 1 kW
  • 1 kW - 5 kW
  • Above 5 kW

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Preeti Wadhwani, Aishvarya Ambekar
Frequently Asked Question(FAQ) :
Who are the major players in the automotive on-board power inverters industry?
The key players in the industry include Analog Devices, Baccus Global, Bestek, Cobra, Continental Engineering Services, Infineon Technologies, Marelli Holdings, Samlex, Sensata Technologies, and STMicroelectronics.
How much is the U.S. automotive on-board power inverters market worth?
How significant is the passenger vehicle segment in the automotive on-board power inverters industry?
How big is the automotive on-board power inverters market?
Automotive On-board Power Inverters Market Scope
  • Automotive On-board Power Inverters Market Size
  • Automotive On-board Power Inverters Market Trends
  • Automotive On-board Power Inverters Market Analysis
  • Automotive On-board Power Inverters Market Share
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    Base Year: 2023

    Companies covered: 20

    Tables & Figures: 200

    Countries covered: 21

    Pages: 180

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