Summary

Asia Pacific Electric Vehicle Power Inverter Market is valued approximately at USD 2.73 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 28.40% over the forecast period 2024-2032. An electric vehicles (EV) power inverter is an essential part of electric vehicle that transforms the vehicle's battery's stored direct current (DC) into alternating current (AC), which powers the electric motor. This conversion is essential because most electric motors operate on AC, while batteries store energy in DC form. Through modifications to the frequency and amplitude of the AC current, the inverter also controls the torque and speed of the motor. Furthermore, it has the ability to change AC to DC when applying regenerative braking, which replenishes the battery and improves the efficiency and range of the car. Thus, these factors further drive demand for power inverters in the Asia Pacific Electric Vehicle Power Inverter market.

Government policies and incentives are crucial drivers of demand for the Asia Pacific electric vehicle (EV) power inverter market. Various countries, such as China, Japan, South Korea, India and New Zealand are implementing robust regulatory frameworks to promote EV adoption. These measures include substantial subsidies, tax rebates, and incentives aimed at reducing the purchase cost of EVs, making them more attractive to consumers. Additionally, policies such as fuel economy standards and zero-emission vehicle (ZEV) mandates are compelling automakers to increase their EV production. For instance, in June 2021, New Zealand proposed a clean car discount, which would have given new car customers a rebate of $8,625 for electric cars (EVs) costing less than $80,000. Governments are also investing heavily in EV infrastructure, including the development of extensive charging networks, which alleviates range concern and encourages EV usage. These policies are a part of broader environmental strategy to reduce carbon emissions and combat climate change, thereby significantly boosting the market for EV power inverters, which are essential components for the efficient functioning of electric vehicles. However, complexity of EV powertrain systems and a high initial cost of advanced inverter technologies can stifle market growth between 2022 and 2032.

The key countries considered for the Asia Pacific Electric Vehicle Power Inverter market study includes China, India, Japan, South Korea, Australia and Rest of Asia Pacific. In 2023, China was the largest regional market in terms of revenue. China is the largest market for electric vehicles globally, with rapidly increasing consumer adoption. The growing popularity of EVs directly translates to higher demand for power inverters, a crucial component for EV operation. Furthermore, the Chinese government offers substantial subsidies and tax incentives for the purchase of electric vehicles. These financial benefits significantly reduce the upfront cost of EVs, making them more attractive to consumers. The New Energy Vehicle (NEV) mandate requires automakers to produce a certain percentage of electric vehicles. This policy ensures a steady supply of EVs in the market, driving demand for power inverters. The market in India is expected to develop at the fastest rate over the forecast period.

Major market player included in this report are:
Sungchang Autotech Co., Ltd.
Meidensha Corporation
Mitsubishi Electric Corporation
Marelli Corporation
DENSO Corporation
Hitachi Astemo Ltd
Nissan Motor Co., Ltd.
Toyota Industries Corporation
Company 9
Company 10

The detailed segments and sub-segment of the market are explained below:

By Propulsion Type
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicle
Battery Electric Vehicle
Fuel Cell Electric Vehicle
By Vehicle Type
Passenger Cars
Commercial Vehicles
By Region:
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032

Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and country level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

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Table of Contents

Chapter 1. Asia Pacific Electric Vehicle Power Inverter Market Definition and Research Assumptions
1.1. Research Objective
1.2. Market Definition
1.3. Research Assumptions
1.3.1. Inclusion & Exclusion
1.3.2. Limitations
1.3.3. Supply Side Analysis
1.3.3.1. Availability
1.3.3.2. Infrastructure
1.3.3.3. Regulatory Environment
1.3.3.4. Market Competition
1.3.3.5. Economic Viability (Consumer’s Perspective)
1.3.4. Demand Side Analysis
1.3.4.1. Regulatory frameworks
1.3.4.2. Technological Advancements
1.3.4.3. Environmental Considerations
1.3.4.4. Consumer Awareness & Acceptance
1.4. Estimation Methodology
1.5. Years Considered for the Study
1.6. Currency Conversion Rates

Chapter 2. Executive Summary
2.1. Asia Pacific Electric Vehicle Power Inverter Market Size & Forecast (2022- 2032)
2.2. Regional Summary
2.3. Segmental Summary
2.3.1. By Propulsion Type
2.3.2. By Vehicle Type
2.4. Key Trends
2.5. Recession Impact
2.6. Analyst Recommendation & Conclusion
Chapter 3. Asia Pacific Electric Vehicle Power Inverter Market Dynamics
3.1. Market Drivers
3.2. Market Challenges
3.3. Market Opportunities
Chapter 4. Asia Pacific Electric Vehicle Power Inverter Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model
4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
4.2.1. Political
4.2.2. Economic
4.2.3. Social
4.2.4. Technological
4.2.5. Environmental
4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Asia Pacific Electric Vehicle Power Inverter Market Size & Forecasts by Propulsion Type 2022-2032
5.1. Hybrid Electric Vehicles
5.2. Plug-in Hybrid Electric Vehicle
5.3. Battery Electric Vehicle
5.4. Fuel Cell Electric Vehicle
Chapter 6. Asia Pacific Electric Vehicle Power Inverter Market Size & Forecasts by Vehicle Type 2022-2032
6.1. Passenger Cars
6.2. Commercial Vehicles
Chapter 7. Asia Pacific Electric Vehicle Power Inverter Market Size & Forecasts by Country 2022-2032
7.1. China Electric Vehicle Power Inverter Market
7.1.1. Propulsion Type breakdown size & forecasts, 2022-2032
7.1.2. Vehicle Type breakdown size & forecasts, 2022-2032
7.2. India Electric Vehicle Power Inverter Market
7.3. Japan Electric Vehicle Power Inverter Market
7.4. Australia Electric Vehicle Power Inverter Market
7.5. South Korea Electric Vehicle Power Inverter Market
7.6. Rest of Asia Pacific Electric Vehicle Power Inverter Market
Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Sungchang Autotech Co., Ltd.
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Market Strategies
8.3.2. Meidensha Corporation
8.3.3. Mitsubishi Electric Corporation
8.3.4. Marelli Corporation
8.3.5. DENSO Corporation
8.3.6. Hitachi Astemo Ltd
8.3.7. Nissan Motor Co., Ltd.
8.3.8. Toyota Industries Corporation
8.3.9. Company 9
8.3.10. Company 10
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes