The Europe Electric Vehicle Power Inverter Market would witness market growth of 9.3% CAGR during the forecast period (2022-2028).
Automakers are steadily switching their operations from conventional engine vehicles to electric and hybrid cars in response to increasingly strict emission rules around the world. In order to encourage the purchase of electric vehicles in their individual countries, governments have also introduced incentives including reduced vehicle taxes, bonus payments, and premiums. Additionally, the expansion of charging station infrastructure across the world, particularly in developed countries, has contributed to the rise in the sales of electric vehicles.
Manufacturers of vehicle inverters are constantly striving to improve the size and efficiency of their devices. Automakers are paying a lot more attention to the trend of coupling an inverter with a motor or converter. The components should be as tiny and light as possible while being able to endure extremely high temperatures. This can be achieved through better packaging or by integrating external components to lower the overall part count.
Europe is one of the largest manufacturers of automobiles all over the world. One of Netherlands's key sectors is the automotive industry of the company. According to the International Trade Government, approximately €106 billion, or $119 billion, in turnover was recorded in 2019, accounting for 6.2% of Netherlands's GDP and 11% of the country's manufacturing turnover. The industry is changing as a result of the transition from thermal engines to electromobility (hybrid and electric), which may present chances for manufacturers of car components, charging infrastructure, and diagnostic tools.
The Germany market dominated the Europe 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 $1,016.7 million by 2028. The UK market is anticipated to grow at a CAGR of 8.4% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 10.4% 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 Germany, UK, France, Russia, Norway, Netherlands, and Rest of Europe.
Free Valuable Insights: The Global Electric Vehicle Power Inverter Market will Hit $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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