Press release
EV Traction Inverter Market expected to Witness Huge Revenue Growth to 2031
According to the latest research by InsightAce Analytic, the Global EV Traction Inverter Market is valued at US$ 15.3 Bn in 2023, and it is expected to reach US$ 89.6 Bn by 2031, with a CAGR of 24.9% during the forecast period of 2024-2031.
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A traction inverter is an essential and crucial component of electric and hybrid vehicles because it converts the battery's direct current (DC) into the alternating current (AC) essential to power the electric motor. Driving demands this adjustment. The traction inverter is vital for optimizing energy use, regulating motor speed, and managing power flow. The traction inverter market is experiencing a surge in demand due to the expansion of electric vehicle (EV) charging infrastructure and the advancements in power electronics. The global deployment of charging stations has successfully mitigated a significant impediment to the adoption of electric vehicles (EVs), thereby enhancing consumer confidence and alleviating concerns regarding range anxiety. The demand for electric vehicles is on the rise, which in turn increases the demand for high-performance traction inverters as charging infrastructure becomes more accessible and efficient. Nevertheless, the traction inverter market is significantly impeded by the range limitations of electric vehicles (EVs). The energy capacity and efficacy of the traction inverter are inextricably linked to the driving range of an electric vehicle. Limited range is frequently perceived by consumers as a substantial disadvantage, which contributes to their reluctance to adopt electric vehicles.
List of Prominent Players in the EV Traction Inverter Market:
• Robert Bosch GmbH
• Tesla, Inc.
• ZF Friedrichshafen AG
• BYD Company Limited
• BorgWarner Inc.
• Inovance Automotive Technology Co., Ltd.
• ZAPI S.p.A.
• Curtis Instruments, Inc.
• United Automotive Electronic Systems Co., Ltd. (UAES)
• Nidec Corporation
• MAHLE GmbH
• Broad-Ocean Motor Co., Ltd.
• Danfoss A/S
• Tianjin Santroll Electric Automobile Technology Co., Ltd.
• Schaeffler AG
• Shenzhen V&T Technologies Co., Ltd.
• JEE Automation Equipment Co., Ltd.
• Dana TM4 Inc.
• Megmeet Electrical Co., Ltd.
• Denso Corporation
• Hitachi Astemo, Ltd
Market Dynamics:
Drivers-
It is anticipated that the global traction inverter market will experience a boost in growth owing to the growing prevalence of electric and combination electric vehicles among consumers. In the years ahead, the global market will be sustained by advancements in electric propulsion systems and breakthroughs in the power electronics sector. The global market will be driven by stringent emission protocols and rigorous fuel-conserving laws. The development of the global market will be stimulated by favourable government initiatives that encourage the use of the product and favourable incentives provided by these governments for the promotion of electric mobility.
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Challenges:
In the future, the growth of the worldwide traction inverter industry is expected to face challenges brought on by a decrease in availability to raw materials as well as an increase in the prices of its products. A significant amount of competition from automobiles powered by internal combustion engines has the potential to further impede the growth of the sector on a worldwide scale. The absence of charging infrastructure in developing nations will have a devastating impact on the development of the global industry in the years to come.
Regional Trends:
The North American EV Traction Inverter market is expected to generate significant market share in revenue metrics and is projected to grow at a high CAGR in the near future; the rise may significantly influence the regional market expansion in the coming years in the sale of electric vehicles in countries like the United States and Canada. Additionally, the regional market will expand in the y ears ahead due to the presence of major vehicle manufacturers in these countries and an increase in the allocation of funds for the development of robust electric vehicle charging infrastructure. Furthermore, the expansion is propelling Europe. Initially, the growing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is a significant factor, as traction inverters are critical components that convert DC to AC power to operate the electric motor. Government incentives that encourage the adoption of zero-emission vehicles and stringent emission regulations are also substantial factors.
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Segmentation of EV Traction Inverter Market-
By Type-
• Low Voltage (24 to 144V)
• High Voltage (144 to 800V)
By Application-
• Passenger Car
• Commercial Vehicle
• Low-Speed Vehicle
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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