Press release
Automotive Traction Inverters Market Growth Focusing on Trends & Innovations During the Period Until 2027
Automotive Traction Inverters Market
Automotive tractor inverters are crucial component in modern electric powertrains. The traction inverter is responsible to convert DC energy from vehicle’s on-board high voltage battery into three phase AC energy to drive the traction motor in drivetrain. Moreover, the traction inverter has a direct impact on road performance, driving range and reliability of the vehicle also as a consequence of their weight and size. Besides, the inverters aid in voltage boosting, switch protection and regenerative braking. Further, the automotive tractor inverters ensure dependability and safety of driver and passenger due to its fail-safe operation.
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COVID-19 scenario analysis:
COVID-19 outbreak has severely impacted business operations worldwide and has clogged all economic growth across the globe, including in the auto industry.
China, one of the largest manufacturers of electric vehicle is slowing recovering from the pandemic and the production of electric vehicle has started gradually.
Even if China is recovering, the automobile industry globally is still facing a huge downturn.
Recently, the North American International Auto show held each year in Detroit was canceled to tackle the COVID-19 spread.
However, the governments around the world are decreasing the rate of interest on purchase of electric vehicles. Additionally, governments are announcing various schemes during this pandemic to promote the adoption of electric vehicle. This, in turn, would fuel the market of tractor inverters.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
The growing demand for electric vehicle is primarily driving the market of automotive traction inverters. Additionally, the rising restriction on carbon-emitting vehicles is changing the focus of OEMs toward manufacturing of electric vehicles. Besides, efficient traction inverters boost the vehicle range. Moreover, development of public charging stations is fueling the market growth. However, slow penetration of electric vehicles is hampering the automotive traction inverters market. Furthermore, technological advancements in automotive traction inverters are anticipated to proliferate the market demand.
The automotive traction inverters market trends are as follows:
Partnerships to drive the market
Due to increasing demand from consumers, the market for electric vehicles is proliferating. Moreover, the firms are partnering to deliver high quality requirements in the industry. Besides, the partnerships present affordable product range. In 2016, Valeo signed an agreement with Siemens to form a joint venture in high voltage powertrains. Likewise, in 2018, the joint venture factory was opened in China for development of electrified vehicles. Additionally, the plant has 2 production lines for inverters and 1 for electric motors.
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Innovation to bolster market growth
The investment on development of electric vehicles has increased in recent years. With supporting government schemes, the sales of electric vehicles are augmenting. Besides, considering higher demand forecasted for electric vehicles in next decade, the OEMs are heavily investing in R&D activities. In 2020, Karma automotive announced that they are in last stage of development for two new Silicon Carbide (SiC) inverters to enhance electric mobility charging. This 400V system can be customized to fit various vehicle platforms and 800V power levels to leverage higher voltage for fast charging.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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