The global electric vehicle power inverter market was valued at USD 11 billion in 2016 and is expected to surpass USD 16 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global EV power inverter market, under its automotive electronics portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Continental, Bosch, Hitachi Automotive, and Toyota Industries.
According to Siddharth Jaiswal, a lead analyst for automotive electronics research at Technavio, “The increased sales of HEVs in global regions and addition to the current portfolio of vehicle models by OEMs is driving growth in the global EV power inverter market. Development and adoption of green vehicles are considered to be major solutions to reduce GHG levels in the atmosphere to an acceptable level.”
These vehicles run on alternative sources of energy such as electricity, hybrid energy, solar energy, wind energy, or biofuels. North America, APAC, and Europe are the regions to mandate regulations on fuel emission and tax incentives for Electric Vehicles adoption. Countries globally have come up with strict emission norms to lower GHG emissions, reducing the causes of global warming to an extent.
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In-wheel micro inverter system
It is an upcoming trend where motors are installed next to the wheel in parallel. An in-wheel micro inverter minimizes the space needed which gives additional room for battery pack and luggage. The main advantage of the microinverter system is the multiple levels of redundancy. In the conventional motor-inverter system, any failure in inverter can cause motor unworkable. But in the case of micro inverters, the motor works with reduced performance even if one micro inverter unit fails.
Adoption of new materials: SiC and GaN
Increasing demand for improved range and cost reduction of EVs will push the size reduction of power inverters and thereby increasing its overall efficiency. For instance, the US Department of Energy (DoE) sets a target for EV power inverter manufacturers to reduce the overall size of the inverters by replacing bus capacitors and increase efficiency by using alternative cooling systems. These goals can be achieved only by using advanced semiconductor technology. SiC FETs (Field effect transistors) have started in production since then mainly by Infineon and STMicroelectronics, and GeneSic, etc. Another new material is GaN, which used to develop HFETs (heterojunction field effect transistors). They are still at its nascent stage of production.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global EV Power Inverter Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
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