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 Inverter.
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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.
Growing popularity of electric vehicles is also creating a significant demand for automotive on-board power inverters. Consumers are seeking ways to operate various electronics, such as laptops to stay connected in long-distance journeys. This in turn is driving manufacturers to equip vehicles with power inverters for travelers to keep their electronic devices charged for longer use. These factors are underpinning gains in the automotive on-board power inverter market.
Significant growth is expected in the automotive on-board power inverter market owing to the expanding rental cab services that use telematics system, GPS, and accelerating production of passenger cars in the forthcoming years.
Manufacturers in the automotive on-board power inverter market are providing compact and efficient packaging of automotive on-board power inverter charger units (ICU) for electric vehicles. These charger units of automotive on-board power inverter can be installed in many ways by providing a range of electric vehicle propulsion making it suitable for all types of vehicle such as on-road trucks, yard tractors, and different buses. As these vehicles with automotive on-board power inverter are more reliable than conventional internal combustion engine or hybrid vehicles, rapid electrification of the automotive industry is likely to propel the growth of the Automotive On-Board Power Inverter Market.
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With the rise in a number of travelers enjoying long-distance travelling for pleasure, demand for various infotainment devices such as smartphone, laptops, small TV and others has increased. This has led manufacturers to install automotive on-board power inverters which can provide power to these infotainment devices. In addition, the inclusion of additional electronic devices drive-by-wire technologies, collision sensors, GPS, and other connected systems have increased power need of vehicles, in turn driving the adoption of automotive on-board power inverter by automotive manufacturers. The evident growth of OEMs in the automotive industry and their entry into the electric vehicle industry is likely to propel the growth of the automotive on-board power inverter market in future.
Inverter is plugged in vehicle’s 12v supply of power. With the help of this device vehicle’s power supply is increased from 12v to 230v Alternating Current, thus allow the consumer to function the electronic and electrical equipment carefully at a distance from the standard mains power. There is an increasing requirement for inverters that can convert the power from Direct Current to Alternating Current. This requirement is mainly from various manufacturers electronic gadgets as these gadgets need more power. The automotive on-board power inverters are typically forced to function on the power of 120-volt Alternating Current. One of the important features of these inverters are they constantly change their polarity and transmit the current one way over the circuit. Afterwards they disappear and send the current the other way. The whole process happens very quickly i.e. at a speed of around 60 periods per second. Cigarette lighter, 12v socket of accessories, fuse panel and direct to battery are most common configuration.
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.
Automotive On-Board Power Inverter Market- Key Vendors
Stanley, Lear, Bestek, Samlex America, Delta Electronics, Calsonic Kansei, and Magnum Dimensions 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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