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Automotive On-board Power Inverters Market Size

Report ID: GMI12078
Published Date: Oct 2024
Report Format: PDF

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Automotive On-board Power Inverters Market Size

The global automotive on-board power inverters market size 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 rapid adoption of electric vehicles (EVs) is driving demand for on-board power inverters. As more people switch to EVs, the need for efficient power conversion systems grows. Power inverters are essential in EVs, converting DC power from batteries to AC power for the electric motor.

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For instance, according to the International Energy Agency, In 2023, electric car sales jumped by 3.5 million units compared to 2022, reflecting a 35% increase. Additionally, each week in 2023, over 250,000 new electric cars hit the roads. Electric vehicles made up about 18% of all cars sold in 2023, up from 14% in the previous year. Government incentives, environmental regulations, and increased consumer awareness are speeding up global EV adoption. Major car manufacturers are expanding their EV lineups, positively impacting the power inverter market. The push for high-efficiency inverters to maximize battery life and vehicle range is also driving technological advancements.

Automotive On-board Power Inverters Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive On-board Power Inverters Market Size in 2023:	USD 578.8 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.4%
2032 Value Projection:	USD 915.5 Million
Historical Data for:	2021 - 2023
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Vehicle, Propulsion, Inverter, Material, Output Power
Growth Drivers:	The rapid growth in electric vehicle adoption Growing in-vehicle electronics systems Continuous improvements in power semiconductor technology Stringent automotive safety regulations
Pitfalls & Challenges:	Supply chain constraints Thermal management complexity

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Modern vehicles are increasingly packed with advanced electronic systems that need a stable power supply. From infotainment systems and climate control to USB charging ports and power outlets, the need for reliable power conversion is rising. This trend is especially strong in luxury and premium vehicles, where people expect multiple charging options. The integration of advanced driver assistance systems (ADAS) and connectivity features also demands stable power conversion, increasing the need for efficient on-board inverters.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive on-board power inverters reached USD 578.8 million in 2023 and is set to grow at a 5.4% CAGR from 2024 to 2032, driven by the rapid adoption of electric vehicles (EVs).

The passenger vehicle segment accounted for over 70% of the market share in 2023 and is expected to exceed USD 600 million by 2032, led by the increasing integration of auxiliary systems in modern vehicles.

The U.S. market accounted for 36% of the revenue share in 2023, propelled by the growing preference for high-power inverters (over 2000W) to power multiple electronics and auxiliary equipment in larger vehicles.

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.