NEW YORK, Nov. 23, 2023 /PRNewswire/ — The automotive on-board power inverter market is expected to grow by USD 170.65 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 4.65% during the forecast period. The market is segmented by application (passenger cars and LCVs), type (up to 150w and more than 150w), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The increasing need to retain drivers is a key factor driving market growth. The taxi industry has been severely disrupted by the rapid expansion of e-hailing services. The last person on the customer-facing value chain in this sector is the driver of the vehicle. Therefore, they have an important role to play in the process of building up a fleet operator’s image. Furthermore, automotive on-board inverters are one of the keys to improving comfort and convenience for taxi drivers and can contribute to driver retention.
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- The report recognizes the following as some of the key players in the automotive on-board power inverter market: Ampeak, BESTEK, Cobra Electronics Corporation and Escort Inc., COTEK Electronic Ind. Co. Ltd., DAS Companies Inc., ERAYAK, Hitachi Ltd., Koninklijke Philips N.V., Lear Corp., Marelli Holdings Co. Ltd., ON Semiconductor Corp., Robert Bosch GmbH, Samlex America Inc., Schumacher Electric Corp., Sensata Technologies Inc., Stanley Black and Decker Inc., STMicroelectronics International N.V., Sungrow Power Supply Co. Ltd., Toyota Industries Corp., and VisIC Technologies Inc.
- Automotive On-board Power Inverter Market is fragmented in nature.
- Market to observe 3.92% YOY growth in 2023.
- The growing focus of automotive OEMs on efficient power management is a major trend in the market.
- The energy needs of the vehicle have increased as a result of an increasing amount of electronic content in modern vehicles. Therefore, there is a need for effective energy management systems in vehicles.
- Furthermore, customers are being trained by OEM automobile manufacturers on how they manage their energy requirements for external electronics.
- The improper use of power inverters is a significant challenge restricting market growth.
- The OEMs do not recommend that users switch to the onboard inverter when a vehicle is turned off.
- Moreover, the standard output of 150 W is provided by most integrated inverters. For personal electronic devices, these inverters can be used to the best of their ability.
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- The passenger cars segment will account for a major share of the market’s growth during the forecast period. The automotive onboard power inverter market is driven by the increasing penetration of consumer electronics devices, such as smartphones, tablets, and laptops, which need to be powered in order to make use of them.
The Electric Vehicle Power Inverter Market size is estimated to grow by USD 7,828.33 million at a CAGR of 8.84% between 2022 and 2027.
The Residential Solar Photovoltaic (PV) Systems Market size is estimated to grow by USD 14.17 billion at a CAGR of 5.22% between 2023 and 2027.
Automotive On-board Power Inverter Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.65%
Market growth 2023-2027
USD 170.65 million
YoY growth 2022-2023 (%)
North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution
North America at 59%
US, Canada, China, Japan, and Germany
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Market Segmentation by Geography
Drivers, Challenges, & Trends
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