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UNITED STATES ELECTRIC VEHICLE POWER INVERTER MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

United States 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 United States electric vehicle power inverter market is set to grow with a CAGR of 14.46% during the forecasted period, 2024 to 2032, capturing a revenue share of $3588.00 million by 2032.

Forward-thinking policies and a dedication to eco-friendly transportation are driving a major revolution in the electric vehicle (EV) market in the United States. For example, the United States government’s groundbreaking approval of over $1.5 billion through the National Electric Vehicle Infrastructure (NEVI) Formula Program signals a profound dedication to EV infrastructure development. This significant investment aims to strategically deploy EV chargers, covering approximately 75,000 miles of highways nationwide, aligning with national standards adopted in 2023 to ensure a widespread, convenient, affordable, reliable, and equitable charging network.

United States Electric Vehicle Power Inverter Market

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Alongside, the United States Department of Energy’s (DoE) Inverter Drive Systems Project for Electric Vehicles shows a commitment to innovation. Collaborations with industry leaders, including General Motors and NexGen Power Systems, underscore the imperative of advancing power electronics design, motor integration, thermal management, and system-level optimization. This holistic approach not only elevates the efficiency and performance of electric vehicles but also accentuates the pivotal role of power inverters in steering the trajectory of sustainable transportation. As the United States propels its EV revolution forward, the seamless integration of advanced power inverters emerges as a key component in constructing a resilient and forward-thinking electric mobility infrastructure.

The United States electric vehicle power inverter market is segmented into propulsion type, vehicle type, inverter type, distribution channel, and inverter power. The propulsion type segment includes hybrid electric vehicle, plug-in hybrid vehicle, battery electric vehicle, and fuel cell electric vehicle. A hybrid electric vehicle that combines two or more different power sources for propulsion is known as a hybrid electric vehicle (HEV). An HEV typically consists of an electric motor, a battery, and an internal combustion engine (often a gasoline engine). 

Combining various power sources is primarily done to cut emissions and increase fuel economy. The inverter is a vital HEV component, regulating electrical power flow between the internal combustion engine, electric motor, and battery. In low-speed or low-power conditions, the HEV operates solely on electricity. The inverter ensures the electric motor receives proper AC, protecting the vehicle by avoiding the need for the internal combustion engine. Also, while breaking the electric motor, it acts as a generator, producing AC power. The inverter converts this power back into DC to recharge the battery, a process known as regenerative braking, enhancing overall efficiency.

A hybrid electric vehicle that combines an internal combustion engine and an electric propulsion system is called a plug-in hybrid electric vehicle (PHEV). Because of its dual power source, plug-in hybrid electric vehicles (PHEVs) can run on both conventional fuel and electricity. The ability of a plug-in hybrid electric vehicle (PHEV) to charge its electric battery from an external power source sets it apart from other vehicles. 

Some of the top companies operating in the United States electric vehicle power inverter market include BorgWarner Inc, Marelli Corporation, Toyota Industries Corporation, etc.

BorgWarner Inc, headquartered in Auburn Hills, Michigan, United States, is a motor vehicle parts manufacturer company that provides products and solutions for combustion, hybrid and electric vehicles. The company manufactures and sells its products worldwide to original equipment manufacturers (OEMs) of lightweight vehicles such as passenger cars, sport utility vehicles, vans, and light trucks. The company’s wide range of product portfolio comprises battery systems, chargers, controllers, drive system engineering services, EV transmission, electric drive motors, electric drive modules, power electronics, engine timing systems, AWD and cross-axel systems, and thermal management.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Propulsion Type, Vehicle Type, Inverter Type, Distribution Channel, and Inverter Power
Countries AnalyzedUnited States
Companies AnalyzedContinental AG, Robert Bosch GmbH, Marelli Corporation, Eaton Corporation Plc, BorgWarner Inc, Valeo Group, Toyota Industries Corporation

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 UNITED STATES
    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. CONTINENTAL AG
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      2. ROBERT BOSCH GMBH
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      3. MARELLI CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      4. EATON CORPORATION PLC
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      5. BORGWARNER INC
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      6. VALEO GROUP
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST
        3. STRENGTHS & CHALLENGES
      7. TOYOTA INDUSTRIES CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS / SERVICES LIST

LIST OF TABLES

TABLE 1: UNITED STATES MARKET SNAPSHOT – ELECTRIC VEHICLE POWER INVERTER

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

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

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

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

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

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

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

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

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

TABLE 11: UNITED STATES 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 UNITED STATES

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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