Traction Inverter Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

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.

Market Overview -
A traction inverter is an electronic device used in electric vehicles (EVs) and hybrid vehicles to control the electric motor's speed and torque. It converts the vehicle's DC power (from the battery) into AC power, which is required to drive the electric motor. This critical component plays a key role in the performance, efficiency, and control of the vehicle's propulsion system.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=13746&type=smp

Surging Electric Vehicle Popularity Fuels Robust Growth In The Traction Inverter Market
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.

Competitive Landscape -
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

Unveiling Next-Generation Power Modules For Traction Inverters In The Automotive Industry
Major companies operating in the traction inverter market are focused on developing new components with optimized power, such as SiC MOSFET, to increase their profitability in the market. SiC MOSFETs in traction inverters enable efficient, high-frequency power conversion for electric vehicle motor drive systems. For instance, in December 2021, Robert Bosch GmbH, a Germany-based automotive company, announced its first generation of SiC MOSFETs for automotive traction inverters to optimize the power modules. These SiC MOSFETs have breakdown voltages of 750 V and 1,200 V, making them ideal for 400 V or 800 V inverter systems. The SiC MOSFETs allow for the lowest switching and conduction losses and a smooth dynamic, providing high performance during normal and special operating conditions. The SiC MOSFETs are part of the CSL (Compact Silicon Carbide Line) power module family for traction inverters.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/traction-inverter-global-market-report

Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.