Global Automotive Inverter Industry Growth and Trends Forecast to 2032

Definition

An inverter is a device that converts direct current (such as generated by batteries or storage batteries) into alternating current (such as 220V, 50Hz sine wave) with adjustable frequency. The inverter is the core of new energy vehicles. The quality of the alternating current output by the inverter determines the driving comfort of the new energy vehicle, and the efficiency of the inverter largely determines the overall electric vehicle. The design of an EV inverter depends heavily on the application. Fully electric, hybrid, commercial buses and trucks, and electric race cars all have different design trade-offs. For pure electric vehicles, the DC power stored in the battery is converted into AC power through the inverter and then reaches the driving wheels to achieve driving; for hybrid vehicles, there are two driving modes: parallel hybrid drive and series hybrid drive. Parallel hybrid drive refers to the production capacity of the internal combustion engine and the Battery power is fed to the drive wheels in parallel; while series hybrid drive first converts the internal energy of the fuel into alternating current through the generator through the internal combustion engine, and then converts it into direct current through the rectifier. Together with the direct current generated by the battery, it is transmitted to the engine through the inverter. In the low voltage category, silicon (Si) metal oxide semiconductor field effect transistors (MOSFETs) are the most commonly used inverter type, while insulated gate bipolar transistor (IGBT) inverters are most commonly used in medium and high voltage levels. Although this hierarchy between the low and medium voltage categories will not change during the years covered by this forecast, in the high voltage category SiC inverters will become the most commonly used inverters. At present, IGBT inverters account for nearly 90% of high-voltage inverters, and the remaining 10% are SiC inverters. However, this situation will change significantly by 2034, with SiC inverters expected to account for 55% of the market, while IGBT inverter share is expected to drop to 38%. Additionally, GaN inverters are expected to account for 7% of the high-voltage inverter category. The global Automotive Inverter market was Valued at US$ 4,757.8 million in 2022 and is anticipated to reach US$ 10,252.5 million by 2029, witnessing a CAGR of 12.34% during the forecast period 2023-2029. The influence of COVID-19 and the Russo-Ukraine War were considered while estimating market sizes. In 2022 the global Automotive Inverter production capacity were 15,512 k units and it will be 36,144 k units in 2029, with a CAGR of 13.69 % between 2023 and 2029. North American market for Automotive Inverter is estimated to increase from $ 546.2 million in 2023 to reach $ 976.0 million by 2029, at a CAGR of 10.16 % during the forecast period of 2023 through 2029. Japan market for Automotive Inverter is estimated to increase from $ 2,588.1 million in 2023 to reach $ 4,113.2 million by 2029, at a CAGR of 8.03% during the forecast period of 2023 through 2029. By the end of 2023, there are 115 companies in the world that produce automotive inverters (including joint ventures and foreign holding companies): Japan(23), South Korea(4), China(46), Taiwan(4), Thailand(1), India(3), United States(8), Canada(1), Brazil(2), Germany(9), France(2), Italy(2), Spain(1), UK(3), Netherlands(1), Switzerland(3), Denmark(1), Slovakia(1) The major global manufacturers of Automotive Inverter include Toyota Industries, Denso, Hitachi Astemo, Valeo, Bosch, Mitsubishi Electric, Zhongshan Broad-Ocean, Suzhou Inovance Automotive, and Hyundai Mobis, etc. In 2022, the world's top three vendors accounted for approximately 65.12% of the revenue. In the low voltage category, silicon (Si) metal oxide semiconductor field effect transistors (MOSFETs) are the most commonly used inverter type, while insulated gate bipolar transistor (IGBT) inverters are most commonly used in medium and high voltage levels. While this hierarchy between the low-voltage and medium-voltage categories will not change during the years covered by this forecast, in the high-voltage category SiC inverters will become the most commonly used inverters. In recent years, 400-volt solutions have become widely established as the industry standard. With the same current but doubled voltage, twice the power can now be transmitted. This modification allows the use of thinner cables, saving space, weight and copper. As a result, the inverter is more compact and powerful. With a 400-volt on-board network, a sufficiently powerful charging point has a maximum charging power of 250 kilowatts. At 800 volts, twice as much voltage is theoretically possible. At present, IGBT inverters account for nearly 90% of high-voltage inverters, and the remaining 10% are SiC inverters. However, this situation will change significantly by 2034, with SiC inverters expected to account for 55% of the market, while IGBT inverter share is expected to drop to 38%. Additionally, GaN inverters are expected to account for 7% of the high-voltage inverter category. March 31, 2023 DENSO CORPORATION announces the development of the first inverter using silicon carbide (SiC) semiconductors. The inverter is integrated into the eAxle electric drive module developed by BluE Nexus Corporation and will be used in the new Lexus RZ. On August 30, 2023, Bosch's 800V technology motors and inverters began mass production at European factories. The 800-volt version of the inverter is based on silicon carbide semiconductors. Toyota Industries' share in the Japanese market in 2022 is 55.58%, and its global share is 30.72%. Among them, Toyota Industries' total automotive DC-AC inverter production has exceeded 10 million units in April 2013, and its cumulative production in March 2017 has reached 20 million units. In June 2019, Toyota Industries' cumulative production of automotive DC-AC inverters has exceeded 10 million units. Reached 30 million units. The annual production capacity of Valeo's Changshu factory is expected to be 400,000 units of inverters, and mass production of SiC-based 400/800V inverters will begin in 2024.