EV Inverters Market is Forecasted to Reach US$40.4 Billion in 2031, Says Stratview Research
Detroit, July 16, 2025 (GLOBE NEWSWIRE) -- The global EV inverters market size was valued at US$17.0 billion in 2024 and is projected to reach US$40.4 billion by 2031, witnessing a market growth CAGR of 12.4% from 2024 to 2031, according to an analysis by Stratview Research.
Stratview Research, a global market research firm, has launched a report on the global EV inverters market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3972/ev-inverters-market.html#form
Market Statistics
| Market Size in 2024 | US$17.0 billion |
| Market Size in 2031 | US$40.4 billion |
| Growth (CAGR) | 12.4% during 2024-2031 |
| Cumulative Sales Opportunity 2025 to 2032 | US$218.6 billion |
| Leading Vehicle Type | LV |
| Leading EV Type | HEVs |
| Leading Technology Type | IGBT |
| Leading Number of Inverter Type | 2 Inverters |
| Leading Integration Type | Motor + Inverter |
| Leading Region | Asia-Pacific |
| Forecast Period | 2024-2031 |
| Trend Period | 2018-2022 |
| Base Year | 2023 |
| Number of Segments Covered | 6 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 20 |
Segment Insights & Market Share Analysis of the EV Inverters Market:
The global EV Inverters market is segmented based on vehicle type, EV type, technology type, number of inverter types, integration type, and region.
Based on vehicle type—
- The market is segmented into LV (light vehicles) and M&HCV (medium- and heavy-duty commercial vehicles).
- LV is expected to remain the dominant vehicle of the EV eMotors market during the forecasted period.
- LVs include passenger cars and LCVs (light commercial vehicles). The increasing motorization rate and higher production of passenger cars and LCVs are the key factors behind the market's dominance.
- Stringent government policies and regulations, rising EV adoption, technological advancements in e-motors, fleet electrification, and growing R&D investment in passenger car and LCV e-motors are some other factors driving the LV’s demand in the market.
Based on EV type—
- The market is segmented into BEV and HEV. Currently, HEVs dominate the EV inverters market, but BEVs are set to take the lead in the coming years. HEVs offer a more affordable option than BEVs, providing longer driving ranges without range anxiety, making them a practical choice for current driving needs.
- BEVs will dominate the future market, driven by expanding charging infrastructure and advancements in battery technology, enabling faster charging and longer driving ranges.
- Government incentives, combined with lower maintenance costs, will gradually reduce BEV prices, making them more attractive to consumers.
To know the most attractive segments, click here for a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3972/ev-inverters-market.html#form
Which region shows the most promising growth forecast and opportunity?
The analysis suggests that Asia-Pacific is expected to remain the largest market. This growth outlook is mainly attributed to the following:
- Higher EV production, especially in China, strong government support (incentives and policies) increasing adoption, advancement in battery and power electronics technology, and expanding charging infrastructure support EV adoption among consumers, which are key factors driving the region’s market.
- China remains the EV market leader, driven by its high manufacturing capacity, strong local demand, government incentives, advancements in power electronics, efficient supply chain, extensive charging infrastructure, and major EV manufacturers.
EV Inverters Market Drivers:
Some of the key drivers listed in the report are given below.
- The escalating number of EV sales, together with increased EV manufacturing, promotes the need for inverters that convert electric battery power into efficient electric motor movement.
- Recent power electronics development has shifted production towards silicon carbide (SiC) and gallium nitride (GaN) inverters, which provide greater efficiency and decreased energy loss, coupled with enhanced vehicle operational performance.
- Future advancements in battery technology drive the need for EV inverters capable of handling higher power loads, supported by enhanced thermal management systems for improved performance and safety.
- Strict emission regulations, government subsidies, and driver demand for longer ranges drive automakers to choose efficient, lightweight, and compact inverters for EVs.
Competitive Landscape: Top Companies in the EV Inverters Market:
The market is moderately fragmented, with over 50 players across the region. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:
- Denso Corporation
- BYD Auto Co., Ltd.
- Tesla, Inc.
- Nidec Corporation
- Dana Incorporated
- Valeo SA
What Deliverables Will You Get in This Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the EV Inverters Market |
| How lucrative is the future? | Market forecast and trend data, and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
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About us—
Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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