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.

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.

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.