The Asia Pacific Electric Vehicle Power Inverter Market would witness market growth of 10.9% CAGR during the forecast period (2022-2028).
In order to lead the power electronics technology in the market, a number of researchers are focusing on the entire spectrum of electronic engineering and development, encompassing inverters, power electronics, and DC/DC converters. An electric vehicle power inverter is also known as an electrical transformer and converts 12-volt direct current to 120-volt alternating current. This makes it possible for the customer to use small electrical equipment that is typically plugged into a wall outlet.
When the engine is operating, the battery and alternator power the 12-volt DC electrical system in a car. Users can access the system through the inverter and use a little quantity of power to run 120-volt AC gadgets. Modified sine wave and pure sine wave power inverters are the two different forms. A majority of small devices can be powered by modified sine wave inverters, which are more cost-effective and more prevalent.
The transportation industry in India is very strong, however, the demand for fuels is significantly higher than its supply. According to the Indian Bureau of energy efficiency, in India, the transport industry uses 18% of the country's total energy. This equates to around 94 million tons of energy equivalent. By 2030, India would need an estimated 200 MTOE of energy supply yearly to meet the demand of this industry if it continued its current patterns of energy use.
The China market dominated the Asia Pacific Electric Vehicle Power Inverter Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,973.1 million by 2028. The Japan market is estimated to grow a CAGR of 10.3% during (2022 - 2028). Additionally, The Taiwan market is expected to witness a CAGR of 11.8% during (2022 - 2028).
Based on Inverter Type, the market is segmented into Traction Inverter and Soft Switching Inverter. Based on Propulsion, the market is segmented into Battery Electric Vehicle, Plug in Hybrid Vehicle, and Hybrid Vehicle. Based on Level of Integration, the market is segmented into Integrated Inverter System, Separate Inverter System, and Mechatronic Integration System. Based on Vehicle Type, the market is segmented into Passenger Vehicle and Commercial Vehicle. Based on Distribution Channel, the market is segmented into OEM and Aftermarket. Based on countries, the market is segmented into China, Japan, Taiwan, India, South Korea, Singapore, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Electric Vehicle Power Inverter Market is Projected to reach USD 15.5 Billion by 2028, at a CAGR of 10.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Continental AG, Robert Bosch GmbH, Denso Corporation, Valeo SA, Mitsubishi Electric Corporation, Aptiv PLC, Toyota Industries Corporation, Nissan Motor Corporation and Marelli.
By Inverter Type
By Propulsion
By Level of Integration
By Vehicle Type
By Distribution Channel
By Country
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