PUNE, India, Jan. 29, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports (GMR), titled, "Electric Vehicle Power Inverter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast", the market was valued at USD 17,110 Million in 2019 and is expected to grow at a healthy growth rate of 6.4% by the year 2027. A power inverter helps converts DC power into the AC power used in an electric vehicle motor. The inverter helps change the speed at which the motor rotates by altering the frequency of the AC. Also, It can help in adjust (increase or decrease) the power of the motor by adjusting the amplitude of the signal.
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The global Electric Vehicle Power Inverter market is fragmented based on type, application, and region. On the basis of type, the market has been divided into Mild hybrid, full hybrid, and others. Based on application, the market has been bifurcated into house hold, commercial, and others. Based on region, the global Prosthetic Joint Infections Treatment market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa (MEA).
In the year 2020, the Electric Vehicle Power Inverter market is expected to witness sluggish growth due to COVID 19. The Covid-19 has affected the automotive sector just like any other sector. For car sales insights through Jan-Apr 2020, the International energy agency (IEA) estimated that the market for passenger cars would shrink by 15% in 2020 compared to the past year, while sales for electric passenger and commercial light-duty vehicles will remain broadly compared to 2019. Overall, IEA estimates that the optimistic sale of the electric car will account for about 3-4% of global car sales in 2020. This viewpoint is supported by policies, particularly in China and the European region. China and Europe recently wired and stretched their "New Energy Vehicle mandate" and "CO2 emissions standards", respectively to revive the automotive market.
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Key Takeaways from the Study:
- In 2019, Asia-Pacific accounts for a major share of the market, followed by North America. The market in the Asia Pacific led by China and India is projected to expand at a significant CAGR during the forecast period.
- The Commercial segment is estimated to expand at a higher CAGR than the household segment, as the demand for electric battery equipped public transportation under commercial is high.
- The full hybrid segment is estimated to expand at a higher CAGR during the forecasted period. This is due to increasing development activities, product launch/enhancement for full hybrid by key players.
Read 157 Pages Research Report With TOC on "Global Electric Vehicle Power Inverter Market, By Type (Mild Hybrids, Full Hybrids, Others), By Application (Household, Commercials, and Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) Size, Share And Trends"
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Key Segments Covered
By Type
- Mild Hybrid
- Full Hybrid
- Others
By Application
- House Hold
- Commercial
- Others
Key Market Players Profiled in the Report
- Hitachi Automotive
- Toyota Industries
- Mitsubishi Electric
- Continental
- Bosch
- Denso
- Delphi
- Fuji Electric BYD
- Others
Target Audience:
- Supply-side: power inverter manufacturers, raw material suppliers, automotive manufacturer & integrator, primary respondents, and distributors.
- Demand Side: OEMs, Aftermarket, etc.
- Regulatory Side: Concerned government authorities, automotive regulatory bodies, commercial research & development (R&D) institutions, and other regulatory bodies.
- Associations and Industry Bodies: Society of Manufacturers of Electric Vehicles (SMEV), international Electric Vehicle (EV), Electric Vehicles and the Environment Informal Working Group (EVE IWG), Environment protection agencies, Ministry of environment, Federal Government, International energy Agency (IEA), Automobile testing and research institute, International Organization of Motor Vehicle Manufacturers, and Ireland's national sustainable energy authority (SEAI) among others
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Electric Vehicle Power Inverter Market Expected to Reach USD 29,550 Million by 2027 With A CAGR Of 6.4% | Growth Market Reports - PRNewswire
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