Growing Popularity Of Electric Vehicles Is Creating Significant Demand For Automotive On-board Power Inverters Market
January 14, 2022
Automotive On-Board Power Inverter Market Forecast, Trend Analysis & Competition Tracking - Global Review 2021 to 2031SEOUL, SOUTH KOREA, January 14, 2022 /EINPresswire.com/ -- Automotive industry is in the middle of a significant transition, owing to the growing trend of car sharing, electric, and self-driving vehicles. This segment is witnessing numerous changes in the form of electrification of automotive components, engine downsizing, instant connectivity, enhanced safety, and implementation of emission regulations. This is leading to increased penetration of electronic content in luxury and modern vehicles, such as drive-by-wire technologies, infotainment systems, and collision avoidance systems increasing power requirement of vehicles. This is further creating a significant need for automotive on-board power inverters.
Growing focus of automotive OEMs towards efficient power management has been identified as one of the key trends that are likely to gain momentum in the automotive on-board power inverter market.
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Automotive On-Board Power Inverter Market- Drivers
Automotive on-board power inverter market is expected to develop at moderate growth during the projected period. The main factors which is fuelling the evolution of market for automotive on-board power inverter is growing acceptance inside an automobile for handheld devices throughout the assessed period. According to U.S’s Traffic Safety Administration, the growing occurrence of handheld devices amongst drivers is driving the evolution of market for on-board power inverters.
In addition to this, the growing industry of cab aggregators across the globe is expected to increase the application of smartphones and navigation system which is also a driving factor for the development of this market. Tremendous growth rate in the market of electric vehicle across the world is also creating a robust growth in the automotive on-board power inverter market. An unprecedented growth in sales of electric vehicle is also expected to create positive impact on automotive on-board power inverter market in the years to come.
Automotive On-Board Power Inverter Market- Regional outlook
Various regions such as Latin America, MEA, Asia Pacific, Europe and North America are covered to understand the automotive on-board power inverter market. It has been observed that North America has maximum revenue share in the market for automotive on-boards power inverter market in 2016.
One the of the key reason for the dominance of North America is presence of most of the automobiles companies such as General Motors and Ford Motor Company. In addition, estimated growth in the number of commercial and passenger vehicles in the North America region is expected to add to the development of automotive on-board inverter market throughout the assessed period.
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Automotive On-Board Power Inverter Market- Key Vendors
are some of the top manufacturers functioning in the automotive on-board power inverter market. Though the market is characterized by the existence of a number of vendors, particularly in the aftermarket segment, the requirement for expertise in the area of vehicle's electrical system as well as the requirement for fixing of the inverters have placed the Original Equipment Manufacturers as the preferred choice among the customers.
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Demand & Supply Trends
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