Impact of Automotive Inverter on the Adoption of Electric Transportation
The automobile industry has gone through a tremendous technical transition, paving the way for electric mobility.
Various countries are implementing measures, such as support infrastructure for alternative propulsion vehicles and offering consumer incentives to bridge the ownership expense gap between alternative energy vehicles and mainstream vehicles, to reduce carbon emissions and increase the adoption of alternative energy vehicles.
Demand for automotive inverters, a crucial component of alternative energy vehicles, has grown considerably in recent years due to the rapid acceptance of battery electric vehicles, plug-in hybrid electric vehicles, and hybrid vehicles.
An electric vehicle's inverter is among the most important components. For electric motors and other purposes in an electric vehicle, a power inverter is a power electronic component or circuitry that converts direct current (DC) to alternating current (AC).
In addition, the automotive inverter is critical for absorbing energy from regenerative deceleration and returning it to the battery. Converters, huge electromechanical machines that transform AC to DC, are the complete reverse of inverters.
Inverter manufacturers have developed inverter capabilities to manage energy from both sources (inverter and converter), given the increased concern among automakers to optimize energy use in automobiles (i.e., battery and motor).
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Market Dynamics
Due to various advancements and technological breakthroughs in the automotive sector, the global automotive inverter market is swiftly expanding, paving the way for alternative energy vehicles like battery electric vehicles (BEVs), hybrid EVs (HEVs), and plug-in hybrid EVs (PHEVs).
In 2020, the global automotive inverter market was anticipated to be worth $8.3 billion, with a CAGR of 17.09% expected to reach $50.1 billion by 2031.
Even though consumers prefer traditional automobiles, the lower one-time acquisition price of BEVs and PHEVs compared to conventional vehicles is anticipated to increase their adoption.
The automobile inverter industry is still in its early stages of growth. Newer semiconductor materials, such as gallium nitride, are undergoing increased research and development and are likely to see a rise in use.
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?Impact on the Global Adoption of Electric Transportation
Due to the increased sales of battery electric vehicles, electric mobility is growing at a rapid rate. A total of 6.6 million plug-in cars were sold in 2021, rising from 3 million cars sold in 2020 and more than twice the 2.2 million cars sold in 2019.
Restricting the sales of conventional internal combustion (ICE) cars has become one of the top worries for governments globally intending to reduce their carbon footprint by 2030, who are helping to hasten the adoption of alternative energy vehicles.
Policies include creating automobile and charging standards, supporting the development of charging infrastructure, and rolling out publicly available chargers both inside and outside the municipal network, all of which have an influence on global electric transportation adoption.
The cost of an electric car is presently higher than that of a vehicle with an internal combustion engine. In many nations, measures such as giving subsidies for electric car purchases and allocating incentives for the construction of personal and communal charging infrastructure have encouraged sales of alternative energy vehicles.
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Steps Taken to Increase the Range of Alternative Energy Vehicles
Automobile, battery and inverter manufacturers are all working to improve battery and inverter technologies to expand the range of alternative energy vehicles.
The rates of alternative energy automobiles are anticipated to fall when these technologies and components attain their desirable stage of progress, enabling widespread usage. Since the car inverter is such an important component of alternative energy vehicles, demand from both OEMs and aftermarket providers is expected to increase quickly, producing substantial changes in the sector.
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Conclusion
One of the biggest possibilities in the global automotive inverter market is to increase R&D efforts in gallium nitride and silicon carbide.
Electric car sales are increasing at an exponential rate throughout the world, propelling the sector even higher. The market's continuous critical advances are projected to overcome significant market difficulties, such as a shortage of charging stations and stringent design requirements, throughout the projection period 2021-2031.
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