How Has the Traction Inverter Market Evolved Historically and What is its Current Size?
The traction inverter market has seen considerable growth due to a variety of factors.
• The market size of the traction inverter has witnessed a swift expansion in the past few years. Its value is projected to escalate from $17.32 billion in 2024 to about $20.54 billion in 2025, boasting a compound annual growth rate (CAGR) of 18.6%.
This growth during the historic era has been propelled by the adoption of electric vehicles (ev), strict emission policies, government incentives, increasing consumer consciousness, and a global emphasis on sustainable transportation.
What Does Future Hold for The Traction Inverter Market By 2029?
The traction inverter market is expected to maintain its strong growth trajectory in upcoming years.
• The market for traction inverters is predicted to experience notable expansion in the upcoming years, escalating to a worth of $37.06 billion by 2029 with a CAGR of 15.9%.
This anticipated growth during the forecast period can be ascribed to the persistent advancement in electric vehicles, improved energy density of batteries, development of charging systems, government regulations, and research in power electronics. Major trends for this period involve collaborations and partnerships within the automotive industry, the incorporation of vehicle-to-grid (v2g) technology, technological advancements, and the adoption of silicon carbide (sic) and gallium nitride (gan) along with the emergence of smart inverters and digitalization.
What Are The Primary Growth Drivers In The Traction Inverter Market?
The traction inverter market is set to expand due to the increasing interest in electric vehicles. Electric vehicles (EVs) use an electric motor powered by rechargeable batteries for motion. To control the speed and torque of the electric motor, which are critical for performance and efficiency, electric vehicles use a traction inverter, which converts the battery's direct current (DC) into alternating current (AC). For example, the International Energy Agency, a self-governing international organization based in Paris, reported in July 2023 that the percentage of electric vehicles in total car sales climbed from 9% in 2021 to 14% in 2022, with sales surpassing 10 million in 2022. Thus, the growing preference for electric vehicles is fuelling the traction inverter market's expansion.
What Is The Segmentation Of The Global Traction Inverter Market?
The traction inverter market covered in this report is segmented –
1) By Propulsion: Battery Electric Vehicle (BEV), Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Other Propulsion
2) By Technology: Insulated-Gate Bipolar Transistor (IGBT), Metal-Oxide Semiconductor Field-Effect Transistor (MOSFET), Other Technologies
3) By Vehicle: Passenger Cars, Commercial Vehicles
Subsegments:
1) By Battery Electric Vehicle (BEV): Fully Electric Vehicles, E-Bikes And E-Scooters
2) By Hybrid Electric Vehicles (HEV): Full Hybrid Vehicles, Mild Hybrid Vehicles
3) By Plug-In Hybrid Electric Vehicles (PHEV): PHEVs With Extended Range, Standard PHEVs
4) By Other Propulsion: Fuel Cell Electric Vehicles (FCEV), Range-Extended Electric Vehicles (REEV)
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How Are New Trends Impacting The Size Of The Traction Inverter Market?
Leading businesses in the traction inverters market are prioritizing the development of novel technologies, such as the advanced silicon carbide tech that is mainly for EV traction inverter, in an attempt to boost switching frequencies and cut down conduction losses. The emergent silicon carbide (SiC) technology for traction inverters in electric vehicles (EV) involves using silicon carbide semiconductor components to fortify the functionality, competency, and longevity of traction inverters in electric and hybrid cars. For example, in October 2024, STMicroelectronics NV, a semiconductor production company based in Switzerland, introduced their fourth-generation STPOWER silicon carbide (SiC) MOSFET technology that is exclusively developed for electric vehicle (EV) traction inverters. This latest generation features markedly lesser on-resistance, quicker switching speeds, and heightened sturdiness, making it perfectly suitable for both 400V and 800V applications. Being available in 750V and 1200V categories, the technology looks to heighten power efficiency and density, providing benefits not only to the auto industry but also to high-powered industrial applications such as solar inverters and energy storage systems.
Who Are the Key Players In The Traction Inverter Market?
Major companies operating in the traction inverter market report are:
• Robert Bosch GmbH
• Hitachi Ltd.
• Siemens AG
• General Electric Company
• Continental AG
• Mitsubishi Electric Corporation
• Schneider Electric SE
• ABB Ltd.
• Toshiba Corporation
• Lear Corporation
• Texas Instruments Incorporated
• Parker Hannifin Corporation
• STMicroelectronics N.V.
• BorgWarner Inc.
• Infineon Technologies AG
• Emerson Electric Co.
• Renesas Electronics Corporation
• Dana Incorporated
• Semiconductor Components Industries LLC - ON Semiconductor
• Rockwell Automation Inc.
• Fuji Electric Co. Ltd.
• Voith GmbH & Co. KGaA
• Yaskawa Electric Corporation
• Curtiss Aeroplane and Motor Company
• Delphi Technologies PLC
What Are The Regional Insights Into The Traction Inverter Market?
North America was the largest region in the traction inverter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the traction inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
