With the world at large turning to electric vehicles to solve rising fuel prices and to lessen their CO2 footprint, electric vehicle inverters for electric and hybrid vehicle is in for increased demand. Such will be the demand that forecasts expect this market to increase to $18 billion by 2023.
Demand for inverters and electric power converters are on the rise even as we speak. This will benefit industrialists, investors and market researchers and will also serve as a guide to those studying this technology and those who support industrial and government initiatives.
Inverters and electric converters are largely seen being fitted to electric bikes which have made their mark in the Asian markets. These are soon to be added to passenger vehicles which will dominate the market due to their competitive costing. There will also be low voltage inverters used in electric scooters while the higher powered ones will make their way into trucks, buses and military vehicles which will peak by 2023.