The North American electric vehicle power inverter market is expected to register a CAGR of around 7%, during the forecast period, 2020 - 2025.
- Power inverter is one of the key components in electric vehicles, which ideally converts battery DC power into AC power for electric motor. Considering the growing concern among the automakers to optimize energy consumption in vehicles, the inverter manufacturers have improved inverter capabilities to handle energy, vice versa, from both the sources (i.e. battery and motor).
- With growing stringent emission standards across the world, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric vehicles. In addition to this, governments have initiated incentives, such as cut down in vehicle tax, bonus payments, and premium, for buyers of electric vehicles, in respective countries, to support the electric vehicles sales growth.
- Vehicle inverter manufacturers are consistently working to improve their products, in terms of efficiency and size. The trend of combining inverter with motor or converter has been significantly gaining attention among the automakers. For instance, in March 2020,VisIC Technologies Ltd., has developed a design of 800V power-bus motor inverter using GaN technology that can be utilizedin a EV Motor Drive. University of Texas at Austin and VisIC Technologies has jointly worked on the 100kW inverter reference design.
Key Market Trends
Battery Electric Vehicles Witnessing High Growth
Currently, Electric vehicles have captured nearly 2% share in the total United States cars fleet. With active participations of industry players and government organization towards EV industry development, the growth of electric vehicle adoption is expected to improve in the future. New electric vehicle models are being launched in the market.
The 2021 Polestar 2, an electric fastback, which can generate 408 horsepower, and has a 78 kWh battery and it can deliver an estimated range of 292 miles. Polestar is jointly owned by Volvo Car Group and Zhejiang Geely Holding of China.
In addition to the above trends, an increase in the number of charging stations in North America, is likely to drive the market during the forecast period, For instance, in 2019, Ford launches North America’s largest electric vehicle public charging network, Ford Connected Charge Station will includes more than 12,000 charging stations which will have nearly 35,000 plugs.
Similarly, EV Connect, a cloud-based software company for electric vehicle charging stations which is currently joined hands with DTE Energy to fund EV charging infrastructure in Michigan. Under this partnership the target is to add around 1,000 charge ports in the state of Michigan.
United States Expected to Lead the Market
In terms of country, the United States is projected to hold the largest share as well as grow with the highest CAGR during the forecast period. Some of the major factors driving the growth in the region are growing environmental concerns, which, in turn, have resulted in the enactment of stringent emission and fuel economy norms, and continuous government support in the form of subsidies. For instance, in January 2020, New Jersey passed a law in for having 330,000 electric cars on its roads by the end of 2025, in addition to that New Jersey wants 85% of cars sold in the state to be electric by 2040.
Along with that, the United States is one of the technologically advanced markets where there is always bottleneck competition between the market participants. The local automotive industry participants are collaborating with new startups to incorporate the latest advancements in the vehicles. For instance,
In 2018, NXP Semiconductors has launched a new automotive power control reference platform for electric vehicle traction motor inverter. For this project NXP and VEPCO Technologies, Inc. have entered into a partnership for high-voltage power control reference platform and inverter prototype.
The North America electric vehicle power inverter market is dominated by major players like Continental AG, Robert Bosch, Denso Corp., Toyota Industries Corporation, Hitachi Automotive Systems Ltd, and Mitsubishi Electric Corporation, etc. The companies are making partnerships for developing more advanced power inverter for a better range. For instance,
- In 2019, Eaton launched its compact power-dense automotive inverters for increasing the range of electric vehicles (EV), these inverters have the compact, lightweight design, the high-power density of 35kW/L and 98% operating efficiency that provides maximize range by taking minimal space in the vehicle.
- In April 2020, Karma Automotive has announced that it is in the final stage of development of two new Silicon Carbide (SiC) Inverters for enhancing electric mobility charging. Karma’s is developing this inverter, in partnership with the Power Electronic System Laboratory at the University of Arkansas (PESLA)
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support