What is Global Power Inverter Market?
The Global Power Inverter Market is a vast and dynamic sector that deals with the production, distribution, and usage of power inverters worldwide. Power inverters are electronic devices that convert direct current (DC) to alternating current (AC). They are used in a variety of applications, from powering household appliances to facilitating energy conversion in solar power systems. The market's value was estimated at US$ 207 million in 2022, and it is projected to grow to US$ 288.5 million by 2029. This growth is expected to occur at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2029. The market is dominated by the top five manufacturers, who collectively hold over 70% of the market share. In terms of product types, 12V power inverters are the most popular, accounting for about 80% of the market.
12V, 24V, 48V, 48V and above in the Global Power Inverter Market:
The Global Power Inverter Market is segmented based on voltage into 12V, 24V, 48V, and 48V and above. The 12V segment is the largest, accounting for about 80% of the market. These inverters are commonly used in cars, boats, and RVs, where they convert the 12V DC power from the vehicle's battery into 120V AC power to run appliances and charge devices. The 24V inverters are typically used in larger vehicles like buses and trucks, while the 48V and above inverters are used in industrial applications where higher power output is required. Each of these segments has its unique market dynamics, influenced by factors such as technological advancements, consumer preferences, and regulatory policies.
Car Appliances, Outdoor Application, Others in the Global Power Inverter Market:
The Global Power Inverter Market finds its applications in various areas such as car appliances, outdoor applications, and others. In car appliances, power inverters are used to convert the car's DC power into AC power to run appliances like refrigerators, microwaves, and air conditioners. In outdoor applications, power inverters are used in solar power systems to convert the DC power generated by the solar panels into AC power that can be used in homes and businesses. Other applications of power inverters include powering tools and equipment in construction sites, providing backup power during power outages, and facilitating energy conversion in renewable energy systems. Each of these applications contributes to the overall growth and development of the Global Power Inverter Market.
Global Power Inverter Market Outlook:
To put the Global Power Inverter Market outlook into perspective, the market was valued at US$ 207 million in 2022 and is expected to reach US$ 288.5 million by 2029. This represents a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2023 to 2029. The market is largely controlled by the top five manufacturers, who collectively hold over 70% of the market share. The 12V power inverters are the most popular product in this market, accounting for about 80% of the market share. This dominance of the 12V power inverters can be attributed to their widespread use in cars, boats, and RVs, where they are used to convert the vehicle's DC power into AC power for running appliances and charging devices.
| Report Metric | Details |
| Report Name | Power Inverter Market |
| Accounted market size in 2022 | US$ 207 in million |
| Forecasted market size in 2029 | US$ 288.5 million |
| CAGR | 4.8% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Bestek, NFA, Cobra, Kisae Technology, Rally, Energizer, Duracell, Meind, Stanley, Exeltech, Cotek, Samlex, Power Bright, Go Power, Wagan Tech, Magnum Energy, WEHO, Erayak |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
