The new automotive on-board power inverter market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Automotive On-board Power Inverter Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the need to stay connected during long-distance journeys," says a senior analyst for Industrials at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the automotive on-board power inverter market size to grow by USD 23.61 million during the period 2020-2024.
Automotive On-board Power Inverter Market Segment Highlights for 2020
The automotive on-board power inverter market is expected to post a year-over-year growth rate of -3.54%.
Based on the power range, up to 150W segment saw maximum growth in 2019. The market growth in the up to 150W segment is expected to spur from the demand for automotive on-board power inverters from the customers who use personal electronic appliances while traveling.
The growth of the market segment will be significant during the forecast period.
40% of the growth will originate from the APAC region.
The rising demand for luxury vehicles will facilitate the automotive on-board power inverter market growth in APAC over the forecast period.
China and Japan are the key markets for automotive on-board power inverters in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The automotive on-board power inverter market size is expected to accelerate at a CAGR of over 1% during the forecast period.
The automotive on-board power inverter market is segmented by application (Passenger cars and LCVs), geography (North America, APAC, Europe, South America, and MEA), and power range (up to 150W and more than 150W).
The market is concentrated due to the presence of a few established vendors holding significant market share.
The research report offers information on several market vendors, including Koninklijke Philips NV, Lear Corp., LG Electronics Inc., New Focus Auto Tech Holdings Ltd., Samlex America Inc., Schneider Electric SE, Schumacher Electric Corp., Sensata Technologies Holding Plc, Stanley Black & Decker Inc., and Toyota Industries Corp.
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