According toMarkNtel Advisors’ research report, the Global Automotive Inverter Market is likely to grow at around 9% CAGR during the forecast period, i.e., 2021-26. It owes to the burgeoning adoption of hybrid & Electric Vehicles (EVs) due to the rising government’s inclination towards adopting alternative energy vehicles in the wake of growing environmental issues.
Automotive Inverters are the vital components in an automotive vehicle used primarily to convert DC power from the battery to AC power. With massive investment toward setting up production units for EVs in developing countries like India, the demand for automotive inverters from both OEMs and aftermarket are propelling at a rapid pace.
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Besides, surging technological advancements in inverters, coupled with various initiatives taken by governments to fuel the sales of EVs, are also likely to fuel the overall market growth in the forecast period, further states the research report “Global Automotive Inverter Market Analysis, 2021.”
Covid-19 Outbreak Severely Impacted the Global Automotive Inverter Market
- The Covid-19 pandemic negatively impacted almost all industries worldwide, and the automotive industry and its allied sectors faced the maximum hit.
- The declining demand for electric vehicles due to a temporary halt in the production activities, border closures, significant disruptions in the supply chain, and the paradigm shift of manufacturers toward producing BS-VI vehicles have severely impacted the market growth.
- However, with the gradual upliftment of lockdown and easing norms, the market is reviving, and positive growth in the Global Automotive Inverter Market is likely to be observed in the forecast period due to the rapidly surging demand for EVs owing to growing fuel prices & environmental concerns.
Europe Held the Majority Share of Global Automotive Inverter Market
Region-wise, the Global Automotive Inverter Market bifurcates into:
- North America
- South America
- Middle East & Africa
Of them all, Europe acquired the majority market share in the Global Automotive Inverter Market in the previous year. It owes to the increasing introduction of new & innovative hybrid cars by leading manufacturers, surging government regulations toward reducing carbon emissions, and the robust presence of giant market players in the region.
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On the other front, Asia-Pacific is likely to grow at the highest CAGR in the forecast period, primarily due to the flourishing automotive industry in major countries like India & China entwined with various subsidies introduced by the governments toward boosting the sales of hybrid & electric vehicles.
Key Market Competitors:
The key players with a considerable share of the Global Automotive Inverter Market are Bosch, Continental, Denso, Mitsubishi Electric, Hyundai Mobis, Valeo Group, Lear, Toyota Industries, Magneti Marelli, Hitachi Automotive Systems, TVS Group, China Auto Electronics Group, Tata AutoComp Systems, Zhejiang Founder Motor, ABB, Arens Controls, etc.
Critical Questions Answered in the Study:
- What are the current and future trends of the Automotive Inverter industry?
- How has the market been evolving in terms of end-user demand and application areas?
- How has the competition been shaping across the countries, followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Automotive Inverter industry?
- What are the customer orientation, purchase behavior, and expectations from the Automotive Inverter firms across various regions?
- By Product Type (Square Wave, Quasi-Sine Wave, Sine Wave)
- By Application (Electric Vehicle, Hybrid Vehicle, Fuel Cell Vehicle)
- By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
- By Country (US, Canada, Mexico, Brazil, The UK, France, Italy, Spain, Germany, China, India, Japan, GCC, South Africa)
- By Company (Bosch, Continental, Denso, Mitsubishi Electric, Hyundai Mobis, Valeo Group, Lear, Toyota Industries, Magneti Marelli, Hitachi Automotive Systems, TVS Group, China Auto Electronics Group, Tata AutoComp Systems, Zhejiang Founder Motor, ABB, Arens Controls, etc.)