Primary Catalyst Driving Traction Inverter Market Evolution in 2025: Surging Electric Vehicle Popularity Fuels Robust Growth In The Traction Inverter Market Driver

What combination of drivers is leading to accelerated growth in the traction inverter market?
The traction inverter market is anticipated to expand due to the growing demand for electric vehicles. Electric vehicles (EVs), which depend on an electric motor for propulsion and use energy stored in rechargeable batteries, are becoming increasingly popular. The traction inverter plays a crucial role in these electric vehicles as it transforms the direct current (DC) from the batteries into alternating current (AC), subsequently managing the speed and torque of the electric motor. This process significantly impacts the vehicle's performance and efficiency. As delineated by the International Energy Agency, an independent intergovernmental organization headquartered in Paris, the proportion of electric cars in overall car sales witnessed an increase from 9% in 2021 to 14% in 2022 and sales crossed the 10 million mark in 2022. Hence, the traction inverter market is being propelled by the growing popularity of electric vehicles.

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What is the projected compound annual growth rate (CAGR) of the traction inverter market from 2025 to 2034, and what factors influence it?
Significant growth in the size of the traction inverter market has been recorded in the past few years. It is projected that this market will expand from a value of $17.32 billion in 2024 to about $20.54 billion in 2025, reflecting a compound annual growth rate (CAGR) of 18.6%. The impressive growth during the historical period is attributed to factors such as the adoption of electric vehicles (ev), strict emission rules, government incentives, increased consumer awareness, and global emphasis on sustainable transportation.

The market size for traction inverters is predicted to experience a swift rise in the coming years, escalating to a valuation of $37.06 billion by the year 2029, expanding at a CAGR of 15.9%. The anticipated growth during this forecast period is mainly due to the ongoing surge in electric vehicle production, enhancements in battery energy density, the proliferation of charging facilities, government regulations and norms, in addition to R&D in the field of power electronics. Notable trends for the prediction period encompass collaborations and partnerships within the automotive sector, the incorporation of vehicle-to-grid (V2G) technology, technological progress, the utilization of silicon carbide (SiC) and gallium nitride (GaN), as well as the introduction of intelligent inverters and digital transformation.

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How are the latest trends influencing the growth of the traction inverter market?
Leading corporations within the traction inverter market are emphasizing on the creation of innovative technologies. These include the next-generation silicon carbide tech designed for EV traction inverters, that aid in increasing switching frequencies and minimizing conduction losses. Such silicon carbide (SiC) technology for EV traction inverters is about leveraging silicon carbide semiconductor materials to amplify the allure, functionality, and lifespan of traction inverters utilized in electric and hybrid vehicles. For instance, in October 2024, STMicroelectronics NV, a Swiss semiconductor manufacturing entity, released its fourth-generation STPOWER silicon carbide (SiC) MOSFET technology purposely built for EV traction inverters. This new breed features considerably reduced on-resistance, swift switching speeds, and boosted toughness, making it suitable for both 400V and 800V applications. Provided in 750V and 1200V classes, the technology is targeted at advancing power density and efficiency, a move that is favourable not only to the car industry but also to high-power industrial applications like solar inverters and power storage systems.

What are the major segments of the traction inverter market and their role in driving growth?
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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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.

Who are the key firms paving the way for growth in the traction inverter market?
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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What Is Covered In The Traction Inverter Global Market Report?

•Market Size Forecast: Examine the traction inverter market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the traction inverter market for a structured understanding.
•Key Players Overview: Analyze major players in the traction inverter market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the traction inverter market.
•Segment Contributions: Evaluate how different segments drive overall growth in the traction inverter market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the traction inverter market.
•Industry Challenges: Identify potential risks and obstacles affecting the traction inverter market.
•Competitive Landscape: Review strategic developments in the traction inverter market, including expansions, agreements, and new product launches.

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