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The automotive on-board power inverter market size is estimated to grow at a CAGR of 4.65% between 2022 and 2027. The market size is forecast to increase by USD 170.65 million. The growth of the market depends on several factors such as the growing popularity of SUVs and pickup trucks, the increasing need to retain drivers, and the need to stay connected during long-distance journeys. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (passenger cars and LCVs), type (up to 150w and more than 150w), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Automotive On-board Power Inverter Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The rapidly expanding e-hailing business has totally disrupted the taxi industry. In this sector, the vehicle driver is the last person in the customer-facing value chain. Therefore, they play an essential role in the process of building the fleet operator's /image. Therefore, driver retention strategies are very important for fleet operators, which directly affects the quality of their services.
Furthermore, automotive on-board inverters are one of the keys to improving comfort and convenience for taxi drivers and can contribute to driver retention. On-board inverters allow drivers to power their personal electronic devices, such as smartphones, laptops, and tablets throughout the day. Therefore, the need to satisfy drivers through strong driver retention strategies is expected to have a positive impact on the market during the forecast period.
The increase in electronic content in modern vehicles has raised the vehicle's energy demand. This leads to the need for efficient energy management systems in vehicles. Inverters in cars draw energy from the vehicle's battery to power external electronic devices. The same battery also powers the in-vehicle electronic systems.
In addition, OEM automakers are trying to educate customers on how to manage their power demands on external electronics. Additionally, the advent of electric vehicles will make energy management even more important. Therefore, OEM automakers are concentrating on developing more efficient energy management solutions. This will bring great benefits to the growth of the market during the forecast period.
OEMs do not recommend users use the onboard inverter when the vehicle is turned off. Powering electronic devices when the vehicle engine is off often causes the vehicle's battery to drain quickly. Failure to follow this procedure can negatively impact the vehicle's battery and lead to other system failures in the vehicle.
Additionally, most integrated inverters have a maximum output of 150W. These inverters can be ideally used for personal electronic devices. However, when traveling long distances, users attempt to use these inverters to heavy power-consuming devices and end up meeting the problem of running out of battery. This has a negative impact on the growth of the market during the forecast period.
The passenger cars segment will account for a major share of the market's growth during the forecast period.? The increasing penetration of personal electronic devices, such as smartphones, tablets, and laptops, is driving the automotive on-board power inverters market as they are necessary for providing power to these devices. Furthermore, the average time paid on vehicles has risen significantly over the past five years. This illustrates the requirement for auxiliary support systems to power the mobile electronic devices of vehicle owners, thereby increasing the demand for automotive on-board power inverters.
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The passenger cars segment was valued at USD 473.86 million in 2017 and continued to grow until 2021. The market is influenced by the increasing focus of suppliers on launching new variants of car inverters. Additionally, automotive on-board power inverters will increase as OEMs offer power inverters as standard on many of their new vehicles. This could be due to the growing dependence and usage of mobile electronic devices, which will influence buyers' purchasing decisions. Therefore, these factors will have a positive impact on the growth of the market during the forecast period.
Based on type, the market has been segmented into up to 150w and more than 150w. The up to 150w?segment will account for the largest share of this segment.?Market growth in this segment is anticipated to drive demand for automotive on-board power inverters from customers who use personal electronics while traveling. The automotive on-board power inverters market up to 150W is expected to witness steady growth due to the relatively large use of personal electronic devices, such as gaming consoles, DVD players, laptops, and more importantly for downloads. mobile phone; These devices require less energy. The passenger car segment is the main user of vehicle inverters in this range. In the passenger car segment, the SUV segment is likely to be the main contributor to the market for this type of inverter. Indeed, the number of SUVs equipped with on-board inverters is the highest in the passenger car segment. Thus, such factors will drive the growth of the market segment during the forecast period.
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North America is estimated to contribute 59% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In the US, people prefer owning a vehicle rather than using public transportation to get around. This increases the adoption of personal vehicles, driving the automotive on-board power inverter market in the region.
Moreover, consumer choice for large vehicles such as SUVs and pickup trucks in the US and Canada is driving market growth in the region. Additionally, growing credit availability, the emergence of new models, and better leasing options have boosted the adoption of these vehicles in the region. Additionally, consumer trends towards vehicles with high ground clearance, off-road capabilities, and towing capabilities are some of the other factors driving demand for automotive on-board power inverters. Thu, such factors will drive the growth of the market.
The outbreak of COVID-19 in 2020 had a negative impact on the automotive on-board power inverters market in the North America region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Furthermore, due to the promising policies implemented by various federal governments in North American countries, the market demand for EVs is anticipated to see steady increase. This will propel the market demand for higher powered on-board power inverters. Consequently, the automotive on-board power inverter market in North America will grow steadily during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
BESTEK, Cobra Electronics Corporation and Escort Inc., COTEK Electronic Ind. Co. Ltd., DAS Companies Inc., ERAYAK, Hitachi Ltd., Koninklijke Philips N.V., Lear Corp., Marelli Holdings Co. Ltd., ON Semiconductor Corp., Robert Bosch GmbH, Samlex America Inc., Schumacher Electric Corp., Sensata Technologies Inc., Stanley Black and Decker Inc., STMicroelectronics International N.V., Sungrow Power Supply Co. Ltd., Toyota Industries Corp., and VisIC Technologies Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The automotive on-board power inverter market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Automotive On-board Power Inverter Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.65% |
Market growth 2023-2027 |
USD 170.65 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.92 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 59% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ampeak, BESTEK, Cobra Electronics Corporation and Escort Inc., COTEK Electronic Ind. Co. Ltd., DAS Companies Inc., ERAYAK, Hitachi Ltd., Koninklijke Philips N.V., Lear Corp., Marelli Holdings Co. Ltd., ON Semiconductor Corp., Robert Bosch GmbH, Samlex America Inc., Schumacher Electric Corp., Sensata Technologies Inc., Stanley Black and Decker Inc., STMicroelectronics International N.V., Sungrow Power Supply Co. Ltd., Toyota Industries Corp., and VisIC Technologies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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