Vehicle inverters are a special type of converter that aid in the effective use of energy to turn on electrical devices such as electrical outlets, televisions, laptops, and others. They are vastly used in buses, RV and trucks. With advancements in technology, passenger vehicles have also been equipped with the vehicle inverters that help the driver & users to power their devices and utilize the power for recreational purposes. In addition, stringent government emissions standards have forced manufacturers to shift vehicle production towards electric vehicles. The government is also offering manufacturers incentives such as tax benefits in this regard, thus, this is helping to growth of the market.
Managing Know-your-Customers (KYC) compliance and mitigating money laundering and CTF activity is an important factor driving the vehicle inverters market. In addition, the acceptance of continuous analysis to provide proactive risk warnings and the obligation of organizations to obey strict regulatory compliance is also affecting demand. The high usage of navigation devices, car rental and fleet management service providers, the increase in sales of electric vehicles worldwide, Smartphone by cab aggregators, and the increasing use of a wide variety of portable and home devices in vehicles are some of the main factors driving the vehicle inverters market.
Referring to the study, “Global Vehicle Inverters Market, 2021-2027” the key companies operating in the global vehicle inverters market include Hitachi Industrial Equipment Systems Co., Ltd., Aptiv PLC, DENSO Corporation, Mitsubishi Electric Corporation, Toyota Industries Corporation, Continental AG, Infineon Technologies AG, Robert Bosch GmbH and among others. Key manufacturers are testing new semiconductor materials including silicon carbide and gallium nitride for production of the vehicle inverters. Increase in use of devices & applications in the passenger vehicles and rise in demand for luxury experience is certainly affecting the market demand. With the introduction of connected cars and internet of things (IoT), manufacturers in the vehicle-inverters market would assistance from lucrative opportunities in the future.
Increase in sales of electric vehicles, followed by stringent emission standards, increase in government regulations related to carbon emission, rise in the use of various handheld and household devices and growth in technological advancements in the field of power electronic are some major factors which are responsible for growth of the vehicle inverters market. Apart from this, complexities of integration of inverters for powering of appliances and generation of high current at initial stage may impact the market. Moreover, increase in government support for the production of electric vehicle is a leading opportunity for market. Furthermore, combining inverter with motor is a key trend for global market.
Based on regional analysis, the Asia-Pacific is a leading region in “Global Vehicle Inverters Market Outlook” owing to rise in demand of electric vehicles and growth in automobile production across the region. The Europe and North-America regions are estimated to exhibit substantial growth rate due to increase in purchasing power of customers and increase in concerns for the environment over the forecast period. It is predicted that future of the global vehicle inverters market will be bright as a result of rise in advancement in the technology in passenger cars during the forecast period.
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Global Vehicle Inverters Market Growth Rate
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