Press release
Emerging Traction Inverter Market Trend 2025-2034: Advancements In Silicon Carbide Technology For Electric Vehicle Traction Inverters
Traction Inverter Market Growth
The market size of the traction inverter has experienced significant growth in the past few years. The market is projected to escalate from a value of $17.32 billion in 2024 to an impressive $20.54 billion by 2025, marking a compound annual growth rate (CAGR) of 18.6%. Several factors led to this development during the historical period, such as the upsurge in electric vehicle (EV) adoption, stringent emission policies, government incentives, heightened consumer awareness, and a worldwide emphasis on sustainable transport systems.
The market for traction inverters is slated for substantial expansion in the coming few years, with projections setting it to reach $37.06 billion by 2029, boasting a compound annual growth rate (CAGR) of 15.9%. Contributing factors to this estimated growth during the forecast period include an uptick in the production of electric vehicles, improved battery energy density, increased charging infrastructure, relevant governmental policies and standards, and continual advancements in power electronics research and development. Expected trends within this period encompass amplified collaborations and partnerships within the automotive industry, advancement and incorporation of vehicle-to-grid (v2g) technology, cutting-edge technological advancements, adoption of silicon carbide (sic) and gallium nitride (gan), and the rise of smart inverters and digitalization.
What Are the Key Drivers Behind the Growth of the Traction Inverter Market?
The surge in the preference for electric vehicles is anticipated to boost the expansion of the traction inverter market. Electric vehicles (EVs) are vehicles powered by an electric motor that utilizes energy stored in rechargeable batteries. Traction inverters play a vital role in EVs, changing direct current (DC) from the batteries into alternating current (AC). This process governs the speed and torque of the electric motor, a crucial factor for the vehicle's performance and efficiency. For example, data from the International Energy Agency, a Paris-based autonomous intergovernmental organization, shows that in July 2023, the sales of electric cars proportion in total car sales surged from 9% in 2021 to 14% in 2022, with sale volumes exceeding 10 million in 2022. Consequently, this surge in the preference for electric vehicles is propelling the expansion of the traction inverter market.
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Who Are the Major Industry Players Fueling Traction Inverter Market Expansion?
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
Which Key Developments Are Influencing the Traction Inverter Market?
Key players in the traction inverter market are prioritizing the development of innovative technologies such as advanced silicon carbide technology for EV traction inverters. This technology reduces switching frequencies and minimizes conduction losses. When silicon carbide (SiC) technology is used in the traction inverters of electric and hybrid vehicles, it increases performance, efficiency, and longevity. An illustration of this is the fourth generation STPOWER silicon carbide (SiC) MOSFET technology introduced by the Swiss semiconductor manufacturing company, STMicroelectronics NV, in October 2024. This technology was created specifically for EV traction inverters and features a noticeably reduced on-resistance, quicker switching speeds, and increased robustness, making it perfect for both 400V and 800V applications. It is available in 750V and 1200V classes to enhance power efficiency and density, benefiting not just the automotive industry but also high-power industrial uses, such as solar inverters and energy storage systems.
How Is the Segmentation of the Traction Inverter Market Defined?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Fully Electric Vehicles, E-Bikes And E-Scooters
2) By Hybrid Electric Vehicles (HEV): Full Hybrid Vehicles, Mild Hybrid Vehicles
3) By Plug-In Hybrid Electric Vehicles (PHEV): PHEVs With Extended Range, Standard PHEVs
4) By Other Propulsion: Fuel Cell Electric Vehicles (FCEV), Range-Extended Electric Vehicles (REEV)
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What Is the Leading Region in the Traction Inverter Market?
North America was the largest region in the traction inverter market in 2024. 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.
What Is Covered In The Traction Inverter Global Market Report?
- Market Size Analysis: Analyze the Traction Inverter Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Traction Inverter Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Traction Inverter Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Traction Inverter Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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