Home > Automotive > Automotive Parts > Interior Parts > automotive on board power inverters market
Get a free sample of Automotive On-board Power Inverters Market
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Get a free sample of Automotive On-board Power Inverters Market
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Industries are rapidly adopting SiC-based power inverters due to their superior performance. These inverters, compared to traditional silicon ones, offer higher switching frequencies, better thermal conductivity, and greater power density. SiC technology enhances power conversion efficiency, reduces cooling requirements, and allows for more compact designs. Manufacturers are heavily investing in SiC development and production to meet the growing demand. This shift is particularly significant for electric vehicles, where efficiency and space optimization are critical.
For instance, In September 2024, STMicroelectronics launched its fourth-generation STPOWER silicon carbide (SiC) MOSFET technology. Designed to meet the demands of both automotive and industrial sectors, the technology is particularly optimized for traction and on-board inverters, which are crucial components of electric vehicle (EV) powertrains. Demonstrating its ongoing commitment to innovation, the company plans to introduce further advancements in SiC technology through 2027.
As inverter designs grow more powerful and compact, managing heat dissipation becomes a critical challenge. Traditional cooling methods fall short with increasing power densities and smaller form factors. Engineers must balance efficient cooling with limited space and weight. This task is further complicated by the varying conditions vehicles face, requiring consistent performance in diverse environments. Advanced thermal modeling and innovative cooling solutions are essential, though they often lead to higher development costs and complexity.
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.