Electric Vehicle Inverter Market Size & Share, by Inverter Type (SiC, IGBT); Power Range, Vehicle Propulsion, Vehicle Type - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

Growth Drivers

• Increasing adoption of electric vehicle wireless charging systems: Wireless charging systems require high-frequency inverters that convert DC power to AC power, which is transmitted wirelessly to the vehicle. The crucial role that AC/DC and DC-DC converters play in managing and converting electrical energy between transmitter and reception systems justifies their thoughtful construction and operation. The supplied voltage is changed from low to high frequency using a high-frequency inverter. A high frequency contributes to the transmitter's increased flux variation, which raises the coupling factor. The capacity to transfer power is enhanced by a high coupling factor.
  
  EV manufacturers are incorporating wireless charging systems into their cars as the infrastructure for wireless charging grows, which increases demand for sophisticated inverters that provide quicker charging times and a better user experience. According to the International Energy Agency (IEA), there were 2.7 million public charging stations by the end of 2022, with over 900,000 installed in the same year globally. This represents a 55% increase over 2021 stock and is equivalent to the 50% pre-pandemic growth rate between 2015 and 2019.
• Emergence of bidirectional charging: The role of power electronics in EV battery charging has grown even more complex and sophisticated with the introduction of bidirectional charging technology, also known as Vehicle-to-Grid (V2G). These systems also have power electronics built to charge the car and return power from the battery to the grid or home during blackouts or periods of high demand. In wireless charging systems for electric vehicles, power electronics adjust the power to match the flow from the vehicle's battery to the primary coil, secondary coil, and grid. Combining processes, rectification, and inversion, ensures strong energy transfers without sacrificing safety protocols and requirements. The growing demand for bidirectional charging technology has increased the adoption of advanced inverters to control advanced algorithms to direct bidirectional power flow, ensure grid stability, and enhance energy transfer.
• Advances in inverter technology: Power inverters are continuously improving in terms of power efficiency, thermal resistance, and dependability. They are also utilized in hybrid and fuel cell automobiles, and battery-electric vehicles, where they serve as a balance and backup for the continued operation of the vehicle's electrical systems. Modern inverters are lightweight and compact in weight and size, especially compared to the whole vehicle mass. The advantages of lowering inverter weight are diminished for commercial vehicles with significantly larger curb weights.
  
  Major players are launching new products in the market which is driving the electric vehicle inverter market growth. For instance, in September 2021, Hitachi Astemo, Ltd. and Hitachi, Ltd. jointly announced the development of a small, lightweight direct-drive system for the growingly popular EV market, that integrates the brake, inverter, and motor into a single unit. Furthermore, SiC and GaN semiconductors are expected to replace traditional silicon-based transistors in traction inverters, providing greater efficiency, faster switching rates, and higher power density.

Challenges

• Limited battery lifespan: The costliest part of an EV is the battery, and as the battery ages over time, concerns around maintenance expenses and battery replacement schedules arise. Although battery technology is developing quickly, modern electric cars frequently have a range of only 250–300 miles before needing to be stopped for recharging. Many drivers worry about being stranded on lengthy road journeys without readily available charging facilities due to this range of anxiety. The widespread use of electric vehicles will depend on resolving issues with battery life and greatly increasing vehicle range through advancements in charging technology and battery size.
• High cost of materials: Due to their excellent electrical characteristics and minimal power losses, silicon carbide (SiC) and graphene oxide (GaN) are crucial semiconductors for increasing the efficiency of power inverters in electric vehicles. Power inverters require larger initial investments since these semiconductors are more expensive and difficult to manufacture than conventional silicon-based semiconductors. Therefore, the high cost of these materials will impede the growth of the electric vehicle inverter market.