FREMONT, California, Aug. 14, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled 'Global Automotive Inverter Market - Analysis and Forecast, 2019-2029', the global automotive inverter market generated a revenue of $2.28 billion in 2018 and is expected to reach $14.48 billion by 2029. The market is expected to grow at a CAGR of 17% during the forecast period from 2019 to 2029. The progress of the market is aided by the growing adoption of electric vehicles and the extensive initiatives taken by governments toward limiting the sales of conventional energy vehicles.
Browse more than 122 Data Tables and 46 Figures spread through 221 Pages and in-depth TOC on "Global Automotive Inverter Market."
Presently, multiple technological advancements in batteries and inverter technologies are being carried out by manufacturers. These advancements aim at increasing the traveling range of electric vehicles. Once the development of these technologies and materials reaches an optimum level, the price of electric vehicles is expected to reduce, giving rise to their adoption on a massive scale, while increasing the demand for automotive inverters.
In addition, as an automotive inverter is an integral part of an electric vehicle, its demand from the original equipment manufacturers as well as from the aftermarket side is expected to increase in the coming future. Moreover, automotive inverters are expected to have an impactful change in the electric vehicle industry during the forecast period, 2019-2029.
BIS Research Report: https://bisresearch.com/industry-report/automotive-inverter-market.html
According to Arpit Benjwal, Principal Analyst at BIS Research, "The passenger vehicle sub-segment of the battery electric vehicle segment is expected to dominate the global automotive inverter market, during the period 2019-2029. This is primarily due to the initiatives taken by various governments. For instance, Electric Vehicle Initiative, a multi-government program, is targeting to achieve a total of 30% market share for both battery-powered passenger and commercial vehicles by 2030."
With the global temperature on the rise and fossil fuel resources depleting, the consumers need to adopt battery electric vehicles in order to tackle the rising issues of greenhouse gas emission. In addition, the consumers today prefer battery-powered cars for their day-to-day tasks, owing to the arrival of cost-effective and economical BEVs.
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Today, various automotive manufacturers such as Daimler AG, Volkswagen Group, BMW AG, and Geely Auto are heavily investing in the development of various electric vehicles, thus increasing the demand for automotive inverter in the recent past. Besides, factors including manufacturers such as BMW AG and Daimler AG are looking toward constructing compact electric car on the common platform are also expected to boost the market for automotive inverter during the forecast period from 2019 to 2029.
Driven by the rapid evolution of the electric vehicle industry, there has been a swift growth in research and development activities by many important players in this market, leading to an increase in the number of business expansions and product launches over the last three years.
This report is a meticulous compilation of research on more than 50 players in the automotive inverter market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The key market players in the global automotive inverter market include Siemens, Robert Bosch GmbH, Calsonic Kansei Corporation, Continental AG, DENSO CORPORATION, Hyundai Mobis Co., Ltd., LG Electronics and Hitachi Automotive Systems, Ltd among others.
Key Questions Answered in the Report:
- What was the revenue generated by the automotive inverter market by technology in 2018, and what will be the estimates by 2029?
- What are the major driving forces that tend to increase the demand for the global automotive inverter market during the forecast period, 2019-2029?
- What are the major challenges inhibiting the growth of the global automotive inverter market?
- What are the key trends influencing the global automotive inverter market across different regions?
- Which material type such as silicon and silicon carbide of the global automotive inverter market is expected to dominate during the forecast period?
- Which end-market from original equipment manufacturer and aftermarket of the global automotive inverter market is expected to dominate during the forecast period?
- Which propulsion type among battery electric vehicle, plug-in hybrid vehicle, and hybrid electric vehicle of the global automotive inverter market is expected to dominate during the forecast period?
- How much power output is expected to be generated (less than equal to 130 KW or more than 130 KW) for the global automotive inverter market during the forecast period?
- Which key players are expected to dominate the global automotive inverter market during the forecast period?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- What is the competitive strength of the current key leading players in the global automotive inverter market?
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