In the automotive industry, the design and implementation of power converters and especially inverters, are at a turning point. Silicon (Si) IGBTs are at present the most widely used power semiconductors in most commercial vehicles. However, this trend is beginning to change with the appearance of wide‐bandgap (WBG) devices, particularly silicon carbide (SiC) and gallium nitride (GaN). It is therefore advisable to review their main features and advantages, to update the degree of their market penetration, and to identify the most commonly used alternatives in automotive inverters. In this paper, the aim is therefore to summarize the most relevant characteristics of power inverters, reviewing and providing a global overview of the most outstanding aspects (packages, semiconductor internal structure, stack‐ups, thermal considerations, etc.) of Si, SiC, and GaN power semiconductor technologies, and the degree of their use in electric vehicle powertrains. In addition, the paper also points out the trends that semiconductor technology and next‐generation inverters will be likely to follow, especially when future prospects point to the use of “800 V" battery systems and increased switching frequencies. The internal structure and the characteristics of the power modules are disaggregated, highlighting their thermal and electrical characteristics. In addition, aspects relating to reliability are considered, at both the discrete device and power module level, as well as more general issues that involve the entire propulsion system, such as common‐mode voltage.