The HEV/EV Power Inverter Market is experiencing explosive growth, fueled by the rising popularity of hybrid and electric vehicles. Here's a comprehensive breakdown of its key aspects:
Market Size and Growth:
The global HEV/EV power inverter market was valued at USD 14.27 billion in 2021 and is expected to reach USD 53.43 billion by 2030, growing at a CAGR of 15.8%.
This growth is driven by factors like:
Increasing demand for eco-friendly vehicles to combat climate change.
Government policies and incentives promoting EV adoption.
Advancements in battery and inverter technologies, leading to greater efficiency and range.