Press release
Traction Inverter Market Size, Share, Trends And Forecast 2033
Traction Inverter Market
The Business Research Company presents an extensive market research report on the Traction Inverter Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The traction inverter market size has grown rapidly in recent years. It will grow from $14.58 billion in 2023 to $17.32 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to electric vehicle (ev) adoption, stringent emission regulations, government incentives, rising consumer awareness, global focus on sustainable transportation.
The traction inverter market size is expected to see rapid growth in the next few years. It will grow to $32.11 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to continued electric vehicle growth, increasing energy density of batteries, expansion of charging infrastructure, government regulations and standards, r&d in power electronics. Major trends in the forecast period include automotive industry collaborations and partnerships, integration of vehicle-to-grid (v2g) technology, technological advancements, silicon carbide (sic) and gallium nitride (gan) adoption, smart inverters and digitalization.
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Key Market Players:
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
Market Drivers:
The rising popularity of electric vehicles is expected to propel the growth of the traction inverter market. An electric vehicle (EV) is a vehicle that relies on an electric motor for propulsion, using energy stored in rechargeable batteries. The traction inverter is used in electric vehicles to convert direct current (DC) from batteries into alternating current (AC), thus controlling the speed and torque of the electric motor, which is essential for the vehicle's performance and efficiency. For instance, in July 2023, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, the share of electric cars in total car sales increased from 9% in 2021 to 14% in 2022, with sales exceeding 10 million in 2022. Therefore, the rising popularity of electric vehicles is driving the growth of the traction inverter market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/traction-inverter-global-market-report
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
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