Traction Inverter Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis

The Traction Inverter Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Traction Inverter Market Size and Its Estimated Growth Rate?
The market size of the traction inverter has seen a swift expansion in recent years. The projections indicate a rise from $17.32 billion in 2024 to $20.54 billion in 2025, reflecting a compound annual growth rate (CAGR) of 18.6%. The historical growth of this market is interconnected with factors such as the uptake of electric vehicles (ev), strict emission rules, government incentives, increased consumer awareness, and a worldwide emphasis on sustainable transportation.

The market for traction inverters is predicted to experience significant expansion in the coming years, with projections suggesting it will reach a value of $37.06 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.9%. The growth anticipated during the forecast period is primarily due to the ongoing expansion of the electric vehicle industry, enhanced energy capacity of batteries, the proliferation of charging infrastructure, governmental regulations and benchmarks, and power electronic research and development. Key trends in this period will involve increased collaboration and partnerships within the automotive industry, the incorporation of vehicle-to-grid (V2G) technology, technological progress, and the adoption of silicon carbide (SiC) and gallium nitride (GaN), along with advancing smart inverter and digitalisation capabilities.

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How Are Emerging Segments Shaping the Traction Inverter Market Landscape?
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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Which Growth Factors Are Influencing Traction Inverter Market Expansion?
The escalating interest in electric vehicles is predicted to fuel the expansion of the traction inverter market. An electric vehicle is marked by its dependence on an electric motor for propulsion, powered by the energy harnessed in rechargeable batteries. Traction inverters play a crucial role in these vehicles by converting the direct current (DC) from the batteries into alternating current (AC), thereby managing the speed and torque of the electric motor- a vital aspect of the vehicle's performance and efficiency. For instance, data from July 2023 provided by the International Energy Agency - an autonomous institution operating out of Paris, showed a growth in the share of electric cars in total car sales, rising from 9% in 2021 to 14% in 2022, with sales in 2022 crossing 10 million. Hence, the surge in interest in electric vehicles is spearheading the growth of the traction inverter market.

Who Are the Dominant Players Across Different Traction Inverter Market Segments?
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

What Are the Latest Developing Trends in the Traction Inverter Market?
Key players in the traction inverter market are dedicating their efforts towards the development of new technologies including cutting-edge silicon carbide tech for electric vehicle (EV) traction inverter in a bid to encourage higher switching frequencies and reduce conduction losses. Next-gen silicon carbide (SiC) concept for EV traction inverters involves the use of silicon carbide as a semiconductor material, which helps to boost the proficiency, performance, and longevity of traction inverters used in hybrid and electric cars. As an example, a semiconductor producer based in Switzerland, STMicroelectronics NV, launched its fourth-gen STPOWER silicon carbide (SiC) MOSFET technology exclusively designed for EV traction inverters in October 2024. This recent development features extremely reduced on-resistance, rapid switching speeds, as well as increased robustness, making it perfectly suited for both 400V and 800V applications. Coming in 750V and 1200V categories, this technology is designed to enhance power efficiency and density. that is beneficial not only for the automobile industry but also to high-power industrial applications such as energy storage systems and solar inverters.

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Which Geographic Regions Are Expected to Dominate the Traction Inverter Market in the Coming Years?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Traction Inverter Market?
2. What is the CAGR expected in the Traction Inverter Market?
3. What Are the Key Innovations Transforming the Traction Inverter Industry?
4. Which Region Is Leading the Traction Inverter Market?

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