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CHINA ELECTRIC VEHICLE POWER INVERTER MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

China Electric Vehicle Power Inverter Market by Propulsion Type (Hybrid Electric Vehicle, Plug-in Hybrid Vehicle, Battery Electric Vehicle, Fuel Cell Electric Vehicle) Market by Vehicle Type (Passenger Car, Commercial Vehicle, Other Vehicle Types) Market by Inverter Type (Traction Inverter, Soft Switching Inverter) Market by Distribution Channel (OEM, Aftermarket) Market by Inverter Power (<50 KW, 50-100 KW, 100-200 KW, >200 KW)


MARKET OVERVIEW

The China electric vehicle power inverter market is expected to record a CAGR of 14.63% during the forecast period, 2024-2032, and is set to garner a revenue of $21496.60 million by 2032.

China is leading the charge in the electric vehicle (EV) revolution, witnessing a substantial increase in the adoption of electric mobility. The country’s dedication to EVs is evident through robust governmental initiatives, including ongoing replacement subsidies, highlighting its commitment to nurturing new energy vehicles. Specifically, individual customers in Shanghai who meet specified standards by June 2023 are eligible for a $1,408.81 subsidy for each pure electric vehicle purchase, providing tangible support for the adoption of EVs.

China Electric Vehicle Power Inverter Market

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In this flourishing EV landscape, power inverters play a crucial role in the electric propulsion system by converting and managing electric power within vehicles. Moreover, the Chinese market for electric vehicle power inverters features a dynamic ecosystem with the participation of both domestic and international manufacturers.

For instance, BorgWarner strategically entered China’s EV market by supplying Li Auto with its cutting-edge integrated drive module (iDM220). Integrated into Li Auto’s L8 and L9 range-extended electric vehicle models, this collaboration underscores China’s commitment to integrating advanced technologies for sustainable transportation.

The China electric vehicle power inverter market segmentation includes distribution channel, inverter type, propulsion type, vehicle type, and inverter power. The vehicle type segment includes commercial vehicle, passenger car, and other vehicle types.

A passenger car is defined as an automobile equipped with multiple tracks, a minimum of two axles, an independent driver, and typically four wheels. Its primary function is the transportation of passengers, and the majority are employed for public transit on public roads. Passenger cars play a crucial role in facilitating mobility, exerting a significant impact on daily activities and serving as the primary mode of transportation for most individuals.

In electric vehicles, power inverters play a pivotal role in managing the electric drivetrain of passenger cars. These devices convert direct current (DC) power sourced from the vehicle’s battery or energy reservoir into alternating current (AC) power, which is then utilized to drive the electric motor.

The precise control of the electric motor is facilitated by the power inverter, enabling smooth acceleration, deceleration, and overall vehicle performance. Commonly found in passenger cars, regenerative braking systems employ a power inverter to convert the electrical energy generated during braking into a suitable form for the vehicle’s system. To optimize the efficiency and range of the vehicle, power inverters designed for passenger cars must be compact, lightweight, and efficient.

Furthermore, the power inverter in electric vehicles serves a similar purpose in commercial motor vehicles (CMVs), encompassing various modes of transportation used for profit-driven purposes, albeit with considerations for larger and heavier applications. CMVs, such as pickup trucks, box trucks, semi-trucks, vans, coaches, buses, taxicabs, trailers, and travel trailers, exemplify this category. Due to the necessity for higher power levels to accommodate larger and heavier loads in CMVs, the design of power inverters in commercial electric vehicles is tailored to meet these additional demands.

Some of the key players operating in the China electric vehicle power inverter market are Infineon Technologies, DENSO Corporation, BorgWarner Inc, etc.

DENSO Corporation is an international automotive supplier. The company’s extensive product portfolio includes electrification systems, powertrain systems, thermal systems, mobility electronics, advanced devices, factory automation, and the food value chain. DENSO is also proficient in climate control, head-up display, automotive aftermarket, human-machine interface, electric and hybrid components, safety, robotics, wireless charging, mobility, electrification, and connected cars. With a global footprint, the company conducts business operations in 35 countries and regions, spanning North America, Europe, Africa, and the Asia-Pacific. It is headquartered in Aichi, Japan.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Distribution Channel, Inverter Type, Propulsion Type, Vehicle Type, Inverter Power
Countries AnalyzedChina
Companies AnalyzedDENSO Corporation, BorgWarner Inc, Infineon Technologies, Mitsubishi Electric Corporation, Toyota Industries Corporation, LG Magna e-Powertrain

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON ELECTRIC VEHICLE POWER INVERTER MARKET 
    6. MAJOR MARKET FINDINGS
      1. INCREASING EFFICIENCY OF POWER INVERTERS 
      2. OEM INTEGRATION AND COLLABORATION TO DRIVE INNOVATION AND EFFICIENCY 
      3. COMPANIES FOCUSING ON MANUFACTURING EFFICIENT & COST-EFFECTIVE INVERTERS 
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. RISING ADOPTION OF ELECTRIC VEHICLES
      2. GOVERNMENT INITIATIVES AND REGULATIONS 
      3. TECHNOLOGICAL ADVANCEMENTS IN POWER INVERTER MANUFACTURING 
    2. KEY RESTRAINTS
      1. BALANCING EFFICIENCY AND AFFORDABILITY OF SEMICONDUCTORS IN EV POWER INVERTERS
      2. STRICT IMPLEMENTATION OF FUNCTIONAL SAFETY REQUIREMENTS OF INVERTERS 
  4. KEY ANALYTICS
    1. KEY TECHNOLOGY TRENDS
      1. GROWING INCORPORATION OF SIC AND GAN IN POWER INVERTERS
      2. RISING FOCUS ON IN-HOUSE PRODUCTION
      3. MULTI-MOTOR CONFIGURATIONS
    2. PEST ANALYSIS
      1. POLITICAL
      2. ECONOMICAL
      3. SOCIAL
      4. TECHNOLOGICAL
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. GROWTH PROSPECT MAPPING
      1. GROWTH PROSPECT MAPPING FOR CHINA
    5. VALUE CHAIN ANALYSIS
      1. RAW MATERIALS/COMPONENT SUPPLIERS
      2. INSTALLATION AND INTEGRATION
      3. PARTNERSHIPS AND COLLABORATIONS
    6. KEY BUYING CRITERIA
      1. BATTERY TYPE AND VOLTAGE
      2. POWER OUTPUT
      3. EFFICIENCY
      4. COST
  5. MARKET BY PROPULSION TYPE
    1. HYBRID ELECTRIC VEHICLE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. PLUG-IN HYBRID VEHICLE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. BATTERY ELECTRIC VEHICLE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. FUEL CELL ELECTRIC VEHICLE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY VEHICLE TYPE
    1. PASSENGER CAR
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. COMMERCIAL VEHICLE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. OTHER VEHICLE TYPES
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY INVERTER TYPE
    1. TRACTION INVERTER
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. SOFT SWITCHING INVERTER
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. MARKET BY DISTRIBUTION CHANNEL
    1. OEM
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. AFTERMARKET
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  9. MARKET BY INVERTER POWER
    1. <50 kW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. 50-100 kW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. 100-200 kW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. >200 KW
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  10. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. DENSO CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      2. BORGWARNER INC
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      3. INFINEON TECHNOLOGIES
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      4. MITSUBISHI ELECTRIC CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      5. TOYOTA INDUSTRIES CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
      6. LG MAGNA E-POWERTRAIN
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST

LIST OF TABLES

TABLE 1: CHINA MARKET SNAPSHOT – ELECTRIC VEHICLE POWER INVERTER

TABLE 2: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 4: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY INVERTER TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY INVERTER TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 8: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 10: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY INVERTER POWER, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY INVERTER POWER, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 12: LIST OF MERGERS & ACQUISITIONS

TABLE 13: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 14: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 15: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY TECHNOLOGY TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR CHINA

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2023

FIGURE 7: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY HYBRID ELECTRIC VEHICLE POWER INVERTER, 2024-2032 (IN $ MILLION)

FIGURE 8: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY PLUG-IN HYBRID VEHICLE, 2024-2032 (IN $ MILLION)

FIGURE 9: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY BATTERY ELECTRIC VEHICLE, 2024-2032 (IN $ MILLION)

FIGURE 10: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY FUEL CELL ELECTRIC VEHICLE, 2024-2032 (IN $ MILLION)

FIGURE 11: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2023

FIGURE 12: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY PASSENGER CAR, 2024-2032 (IN $ MILLION)

FIGURE 13: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY COMMERCIAL VEHICLE, 2024-2032 (IN $ MILLION)

FIGURE 14: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY OTHER VEHICLE TYPES, 2024-2032 (IN $ MILLION)

FIGURE 15: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, GROWTH POTENTIAL, BY INVERTER TYPE, IN 2023

FIGURE 16: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY TRACTION INVERTER, 2024-2032 (IN $ MILLION)

FIGURE 17: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY SOFT SWITCHING INVERTER, 2024-2032 (IN $ MILLION)

FIGURE 18: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2023

FIGURE 19: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY OEM, 2024-2032 (IN $ MILLION)

FIGURE 20: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY AFTERMARKET, 2024-2032 (IN $ MILLION)

FIGURE 21: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, GROWTH POTENTIAL, BY INVERTER POWER, IN 2023

FIGURE 22: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY <50 KW, 2024-2032 (IN $ MILLION)

FIGURE 23: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY 50-100 KW, 2024-2032 (IN $ MILLION)

FIGURE 24: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY 100-200 KW, 2024-2032 (IN $ MILLION)

FIGURE 25: CHINA ELECTRIC VEHICLE POWER INVERTER MARKET, BY >200 KW, 2024-2032 (IN $ MILLION)

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