Traction Inverter Market Size, Share, Trends 2023

The global traction inverter market size was valued at USD 14,692.2 million in 2022 and is poised to grow at a significant CAGR of 17.8% during the forecast period 2023-29. The primary drivers of the expansion of the global traction inverter market include the increasing demand for electric vehicles across the globe. In addition, increasing awareness of environmental concern among the public is increasing the demand for electric vehicles.

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The traction inverter market is segmented based on propulsion type, vehicle type, voltage, inverter technology, and geography.

Based on the propulsion type, the market is segmented into the following:
• BEV
• PHEV
• HEV

Based on the vehicle type, the market is segmented into the following:
• Passenger Car
• Commercial Vehicles
• Truck
• Train
• Others

Based on the voltage, the market is segmented into the following:
• Below 200V
• 200-900V
• Above 900V

Based on the inverter technology, the market is segmented into the following:
• IGBT
• MOSFET

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the vehicle type, the global Traction Inverter market is segmented into passenger car, commercial truck, train, others. The commercial vehicle segment is expected to account for a larger revenue share in the global traction inverter market. The increasing use of various auxiliary and secondary devices in commercial vehicles is expected to drive the growth of traction inverter in commercial vehicle segment over the forecast period. Technological advancement in traction inverters is being increased owing to driver safety and comfort features which increases the durability of automobile. These factors are expected to further propel the growth of traction inverter in commercial vehicle segment over the forecast years.

Asia Pacific Traction Inverter Market
The Asia Pacific traction inverter market is expected to increase over the forecast period due to the increasing demand for electric vehicles in this region. In addition, supportive government regulations and policies in reducing carbon footprint is expected to drive the demand for electric vehicles over the forecast period. For instance, 'made in China 2025' a China government initiative provides a roadmap of development of high-tech industries including electric vehicle industries. Furthermore, the increasing purchase power of people in developed countries like Japan, China, India, Australia is expected to further propel the growth of traction inverter market in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Traction Inverter market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2022, Curtiss-Wright extends traction inverter portfolio by entering the electrification market.

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Key players profiles in the Traction Inverter Market report are BorgWarner Inc, Continental AG, Delphi Technologies Plc, Hitachi, Ltd, Mitsubishi Electric Corporation, Siemens AG, Toshiba Corporation, Voith GmbH & Co- KGaA, Curtiss-Wright Industrial Group, Dana.

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