CAMBRIDGE, UK -- The market for electric vehicle inverters will reach $18 billion in 2023, according to a new IDTechEx report.

While 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, the addition of a significant complementary 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 specific electric vehicle knowledge and those able to develop added value through highly integrated electric powertrain systems, the research firm says.

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. The wide range in power and performance requirements, from small low voltage inverters used in electric scooters to large high power inverters used in hybrid and electric trucks, buses and military vehicles, creates a huge emerging market space and set of market requirements and thus an opportunity for large number of suppliers of electric vehicle power electronic systems and components to supply demand, and no real possibility of dominance by one provider.

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