Press release
Traction Inverter Global Market Report 2024 - By Share, Size, Trends, Growth, Outlook By 2033
Traction Inverter Market
Traction Inverter Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $32.11 billion In 2028 At A CAGR Of 16.7% :
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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Traction Inverter Market Major 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 Driver - 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.
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Prominent Trend - 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.
Traction Inverter 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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the traction inverter market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Traction Inverter Market Report Structure
3. Traction Inverter Market Trends And Strategies
4. Traction Inverter Market - Macro Economic Scenario
5. Traction Inverter Market Size And Growth
…..
27. Traction Inverter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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