Inverter Market to Nearly Double by 2023 Thanks to EV Sales Growth
According to a forward-looking prediction by Research and Markets, demand for inverters and electric power conversion will take off in the automotive sector:
“The market for electric vehicle inverters, both hybrid and pure electric, will grow from around $10 billion to an estimated $18 billion from 2013 to 2023…The demand for inverters and electric power conversions is already well established in the automation and industrial control industries which are also growing at considerable pace, therefore the addition of a significant complimentary emerging market will create new sectors for existing inverter and power electronic component suppliers as well as create opportunities for new players, particularly those with specialist electric vehicle knowledge and those able to develop added value through highly integrated electric powertrain systems.”
As Research and Markets forecasts:
“For sheer volumes, inverters in light electric vehicles such as electric bicycles dominate now and will remain so by 2023, with these being largely in Asia, meeting everyday personal transportation needs in large industrial cities. However, by 2023 inverters and converters in passenger vehicles will dominant by market value as high volume production is established and cost of ownership and range anxiety are reduced.”
It’s by following these component sectors that we can predict growth of the EV industry as a whole. So, sometimes it’s wise to look within the complete vehicle to see what the future may hold.
Source: Research and Markets