The global ambulance power inverter market size is anticipated to reach USD 73,229.2 million in 2024. It is estimated to showcase a CAGR of around 5.7% in the forecast period 2024 to 2034, attaining a value of USD 127,477.6 million in 2034.
With booming emergency and medical service sectors, the application and manufacturing of power inverters for ambulances is rising steadily. These are considered key components to constantly keep the operation of electronic and medical equipment running during emergency medical services (EMS).
Their ability to convert direct current (DC) power into alternating current (AC) power from the ambulance’s battery is anticipated to augment demand. As healthcare facilities seek uninterrupted power supply in their ambulances for running life-saving equipment, such as diagnostic units, ventilators, infusion pumps, and defibrillators, their demand is projected to rise.
| Attributes | Description |
|---|---|
| Estimated Global Ambulance Power Inverter Market Size (2024E) | USD 73,229.2 million |
| Projected Global Ambulance Power Inverter Market Value (2034F) | USD 127,477.6 million |
| Value-based CAGR (2024 to 2034) | 5.7% |
Ambulance power inverter sales are also estimated to be propelled by the increasing number of emergencies worldwide that require emergency medical attention. In developed countries, the need for cutting-edge medical care is surging, especially during transportation. It is further anticipated to boost sales. Key manufacturers are focusing on introducing state-of-the-art power inverter features and designs, which are attracting several customers.
Government bodies across the globe are further investing huge sums for the enhancement of EMS infrastructure. They are striving to support the adoption of unique medical devices and equipment in ambulances to prevent fatalities. They are also implementing stringent norms and guidelines associated with ambulance apparatus, which are compelling service providers to deploy reliable power inverters.
In August 2024, for instance, the Government of Maharashtra declared the ‘Dial 108 Ambulance Project.’ The newly launched Maharashtra Emergency Medical Services (MEMS) 108 Project uses specialized medical devices to save lives during the critical golden hour.
The state’s ambulance strength was also doubled as it collaborated with new partners in addition to the existing ones. From a total fleet size of 937 ambulances, the number went up to 1,756. Similar initiatives are anticipated to create new opportunities for ambulance power inverter manufacturers.
With the rising inclination toward hybrid and electric ambulances to increase sustainability, companies are coming up with new inverters that can support both alternative and traditional powertrain systems. At the same time, they are focusing on launching highly efficient and compact power inverters that can handle several emergency medical situations at once.
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The annual growth rates of the business from 2024 to 2034 are illustrated in the table below. Starting with the base year 2023 and going up to the present year 2024, the report examines how the growth trajectory changes from the first half of the year, i.e. January through June (H1) to the second half consisting of July through December (H2). This gives stakeholders a comprehensive picture of the industry’s performance over time and insights into potential future developments.
In the first half (H1) from 2023 to 2033, the market is predicted to show a CAGR of 5.1%, followed by a slightly higher growth rate of 5.8% in the second half (H2) of 2023 to 2033.
| Particulars | Value CAGR |
|---|---|
| H1 | 5.1% (2023 to 2033) |
| H2 | 5.8% (2023 to 2033) |
| H1 | 5.4% (2024 to 2034) |
| H2 | 6% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2024, the CAGR is projected to decline slightly at 5.4% in the first half and it will likely increase to 6% in the second half.
Emergence of Electric Ambulances with Novel Features to Push Demand Globally
Electric ambulances are gaining impetus in the healthcare industry due to surging awareness of eco-friendly and sustainable solutions. Compared to their gasoline and diesel counterparts, these provide a considerable reduction in emissions. With rising global regulations and sustainability goals, these are set to be considered an ideal option to create a clean environment.
Another key factor augmenting demand is their ability to cut down on costs. Even though these ambulances involve high initial investments, the low maintenance and operational costs can offer savings in the long term. Hence, several emergency service providers, especially those based in emerging economies are likely to acquire electric ambulances.
A few companies have also started conducting research and development activities to introduce new electric ambulances with various features, including power inverters to operate critical equipment. In April 2024, for instance, Auckland-based Hato Hone St John (HHSJ) joined hands with ASB to introduce Australia’s first-ever electric ambulance trial. They aim to discover eco-friendly ways to provide quality healthcare to patients and reduce emissions. The ambulance can also help in saving fuel and reducing costs.
Rising Focus on Innovating Neonatal Intensive Care to Create Novel Growth Avenues
The surging prevalence of chronic diseases among newborn babies and bolstering cases of preterm births worldwide are projected to compel emergency medical service providers to invest in the innovation of ambulances. As per the World Health Organization (WHO), in 2020, about 13.4 million babies globally were born preterm. Also, in 2019, around 900,000 deaths took place worldwide due to preterm birth complications, especially among children under the age of 5 years.
The Centers for Disease Control and Prevention (CDC) states that in the United States alone, maternal complications were the leading causes of death of infants between 2021 and 2022. About 30.4 deaths took place per 100,000 live births. In 2022, the provisional number of infant deaths/linked births was 20,538. These numbers are projected to surge in the estimated period, thereby creating a rising demand for ambulances equipped with power inverters.
Surging Medically Unimportant Ambulance Calls to Limit Demand
Unnecessary use of ambulance services has surged in various parts of the globe, especially in emerging economies. It is attributed to the lack of caregivers and public awareness of the proper use of ambulances for pediatrics. Several individuals are calling for ambulances for their children even for common cold and fever.
As per a report published in the National Library of Medicine, several socioeconomic factors are influencing unnecessary ambulance usage in Japan. Local government agencies often provide ambulance services to the public free of charge. Citizens need to simply make a call to 119.
Ambulance staff is immediately dispatched for emergency situations and all patients are taken care of before being transported to hospitals. Researchers detected five socioeconomic factors, namely, lack of knowledge of primary emergency medical centers, nonhesitation, nonpossession of vehicles, and solitary living.
The aforementioned factors significantly influenced the decision to quickly call an ambulance in Japan. Such unnecessary calls might affect healthcare professionals’ decisions to operate critical care equipment, thereby hindering demand for power inverters.
Principal Consultant
The global ambulance power inverter market exhibited a CAGR of around 5.4% in the historical period and stood at USD 69,280.2 million in 2023. It will likely showcase a CAGR of 5.7% in the assessment period. In 2019, it attained a value of around USD 56,136.7 million.
Demand for power inverters for ambulances surged steadily during the historical period amid the COVID-19 pandemic. The BMJ Journal published an article stating that in November 2021, several ambulance services and hospitals declared issuing warnings and critical cases around 12-hour wait times in emergency rooms for around 10,000 patients. It was attributed to increasing staff absences and extreme pressure.
Both South Central Ambulance Service and the Queen Alexandra Hospital issued warnings that their beds and emergency rooms were full of patients requiring critical care. The ambulance service also witnessed several challenges due to the large volume of calls at every hour. Even though there was an increasing demand for ambulances during the historical period, supply chain issues had a negative impact on the market. The admission of only critical patients during the pandemic created hindrances for ambulance service providers due to the lack of beds.
In the forecast period, the market is projected to experience considerable growth backed by the rising prevalence of heart diseases and increasing cases of road traffic accidents. The World Health Organization (WHO) mentions that in 2019, around 17.9 million individuals died from cardiovascular diseases worldwide.
They constituted 32% of all the deaths worldwide. With these numbers rising rapidly, the demand for ambulances with innovative amenities like power inverters is set to increase.
Tier 1 companies are focusing on extending their product portfolios and broadening their presence in several countries worldwide by setting up novel manufacturing facilities. They are collaborating with small-scale players to co-develop new power inverters with high longevity to help smoothly operate critical medical equipment like ventilators, ECG monitors, and defibrillators.
Tier 1 companies are also engaging in mergers and acquisitions to strengthen their position. They are mainly acquiring start-ups located in developing countries due to the availability of low-cost raw materials and labor. They are prioritizing research and development activities to discover new inverters to cater to the varying demands of the healthcare industry. ABB Ltd, Omron Automation Pvt. Ltd, and Tabuchi Electric Co. are a few Tier 1 companies.
Even though Tier 2 players have limited resources, they are considered a significant part of the supply chain. These companies usually have strong business relations with at least a few OEMs in the market. They have relatively fewer workforce resources compared to Tier 1. Samlex America Inc., PowerBright, and SMA Solar Technology are a few Tier 2 companies.
The Tier 3 category is mainly considered an unorganized sector containing those companies that cater to local demands. These players emphasize compliance with local guidelines for the manufacturing and distribution of their products.
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The table below shows the estimated CAGRs of several countries worldwide. This information would enable stakeholders to get a better understanding of the growth trajectory in every country. They can then make significant business decisions to invest in specific countries.
India is estimated to remain at the forefront with a CAGR of 6% through 2034. Followed by India, Spain, Canada, and the United Kingdom are likely to witness average CAGRs of 5.4%, 5.2%, and 5%, respectively, from 2024 to 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 6% |
| Spain | 5.4% |
| Canada | 5.2% |
| United Kingdom | 5% |
| China | 4.2% |
India’s ambulance power inverter market is projected to witness a CAGR of 6% through 2034. The growing trend toward the integration of cutting-edge monitoring systems into ambulance power inverters will likely create novel opportunities in the country.
Novel monitoring systems are capable of providing real-time information on multiple factors, such as inverter temperature, current output, and battery voltage. This information is not only significant for preventing potential failures but also essential for evaluating the inverter’s health.
Modern monitoring equipment is set to be integrated with fleet management software solutions in ambulances. This is projected to help in scheduling preventive maintenance and allow for centralized monitoring.
The United Kingdom is anticipated to surge at a CAGR of 5% in the forecast period. This growth is mainly attributed to the surging need for high reliability and safety in ambulances among both healthcare facilities and patients.
Key companies are projected to invest in the manufacturing and development of power inverters that can help operate critical medical devices for an extended period. They are also focusing on introducing innovative features, such as temperature control as well as surge and overload protection.
The features would help increase the safety of medical equipment against potential electrical issues. The launch of novel inverter designs in the United Kingdom is another factor that is estimated to ensure safety and reliability in remote settings by enhancing heat dissipation.
China’s ambulance power inverter market will likely broaden at 4.2% CAGR through 2034. This growth is primarily attributed to the rising demand for high-power inverters among ambulance operators. The growing use of critical medical equipment, such as blood analyzers, dialysis machines, and ventilators in ambulances is anticipated to create new opportunities.
The aforementioned equipment often requires a reliable and uninterrupted supply of AC power. This can often be disrupted by conventional low-power inverters. Hence, healthcare providers and ambulance manufacturers in China are focusing on the acquisition of high-power inverters to prevent the risk of equipment failure amid critical situations.
The country’s government is also investing huge sums for the betterment of its armed forces by purchasing innovative ambulances with unique amenities. In October 2023, for instance, the Chinese People's Liberation Army (PLA) acquired a 6x6 armored ambulance to improve the country’s military capabilities. The ambulance attained renewed attention as it was already serving the PLA Ground Forces (PLAGF).
The section provides in-depth information about the leading segments in the market. It dissects the power and end-use categories to give a clear picture to potential clients of the trends and drivers in each of these categories. It would enable them to invest in the right segment that is more profitable.
| Segment | 1.5 to 3 kW (Power Rating) |
|---|---|
| Value Share (2024) | 30% |
In terms of power rating, the 1.5 to 3 kW segment is projected to remain at the forefront with a share of 30% in 2024. The demand for these high-frequency power inverters is anticipated to rise at a fast pace with the ongoing development of novel features, including the capability to operate on solar power.
Rising investments in renewable energy on the back of increasing eco-consciousness among millennials are projected to boost sales of solar power inverters with a rating of 1.5 to 3 kW. Healthcare facilities are also focusing on reducing the total cost of operating their ambulances without compromising on care. Hence, they are inclining toward these inverters to provide a smooth supply of power.
| Segment | Emergency Service Providers (End-use) |
|---|---|
| Value Share (2024) | 40% |
By end-use, the emergency service provider category will likely hold a share of 40% in 2024. Increasing cases of road accidents, especially in developing countries due to reckless driving are projected to bolster the need for ambulances among emergency service providers. Poor implementation of traffic norms in countries like India is another key factor augmenting demand.
Primary patient care and rapid response across accident sites are capable of saving the lives of patients before they receive proper care in the hospital. The process of transporting such patients to healthcare facilities needs to be very quick as it can save their lives. Hence, emergency service providers are estimated to deploy more ambulances equipped with power inverters to provide quality care to trauma patients.
The global ambulance power inverter market is highly competitive with the presence of several large-scale and small-scale companies. Most of the renowned players are focusing on launching new power inverters with unique features like prolonged operational life to attract a large client base.
Market expansion efforts, pricing strategies, product launches, and technological innovations are a few elements that are currently influencing competition among leading companies. They are providing customized inverters to meet the specific requirements of several end users.
A few start-up companies are striving to gain a competitive edge locally by designing novel products with robust bodies, unique control systems, and high power capacity. They are mainly focusing on providing specialized and diverse products to gain profit.
Industry Updates
In terms of power rating, the industry is segregated into up to 0.5 kW, 0.5 to 1.5 kW, 1.5 to 3 kW, 3 to 4.5 kW, 4.5 to 6 kW, and above 6 kW.
Sin wave and modified sin wave are the two main power outputs.
Basic Ambulance, Advanced Ambulance, Mortuary Ambulance, Neonatal Ambulance, and Other Ambulance Types are the two main type of ambulances
OEM and aftermarket are the main sales channels.
Information is given for North America, Latin America, Western Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.
It is a reliable electronic power conversion unit that uses a microprocessor controller and MOSFET power semiconductors.
It will likely reach USD 73,229.2 million in 2024.
The global power inverter market is projected to reach USD 137,290.5 million by 2033.
The energy management system (EMS) is responsible for safety, optimization, and controls.
It delivers backup power by converting DC battery power into AC voltages.
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