Surging Electric Vehicle Popularity Fuels Robust Growth In The Traction Inverter Market: The Driving Engine Behind Traction Inverter Market Evolution in 2025

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Traction Inverter Market Size Growth Forecast: What to Expect by 2025?
The market size for traction inverters has seen significant expansion in the past years. It is projected to rise from a worth of $17.32 billion in 2024, to a substantial $20.54 billion in 2025, indicating a compound annual growth rate of 18.6%. Factors contributing to this growth during the historic period include the widespread adoption of electric vehicles, strict emission standards, governmental incentives, increasing customer awareness, and a worldwide emphasis on eco-friendly transportation.

How Will the Traction Inverter Market Size Evolve and Grow by 2029?
In the upcoming years, a substantial expansion is projected in the size of the traction inverter market. With a compound annual growth rate (CAGR) of 15.9%, it's expected to rise to $37.06 billion by 2029. This anticipated growth within the forecasted period can be credited to the ongoing expansion of electric vehicle use, advances in battery energy density, the broadening of charging infrastructure, as well as governmental regulations and standards, and power electronics research and development. Other significant trends during the forecast period include collaborations and partnerships within the automotive industry, integration of vehicle-to-grid (V2G) technology, innovative technological developments, the adoption of silicon carbide (SiC) and gallium nitride (GaN), alongside the emergence of smart inverters and digitalization.

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What Drivers Are Propelling the Growth of Traction Inverter Market Forward?
The traction inverter market is anticipated to expand due to the increasing interest in electric vehicles. An electric vehicle, powered by an electric motor that draws energy from rechargeable batteries, uses a traction inverter to convert battery direct current (DC) into alternating current (AC). This conversion governs the speed and torque of the electric motor, which is crucial for the vehicle's operation and efficiency. For example, in July 2023, the International Energy Agency, an autonomous intergovernmental organization situated in Paris, stated that the proportion of electric car sales among total car sales increased from 9% in 2021 to 14% in 2022, with the number of sales surpassing 10 million in 2022. Consequently, the traction inverter market's growth is being bolstered by the increasing interest in electric vehicles.

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Which Emerging Trends Are Transforming the Traction Inverter Market in 2025?
Prominent companies in the traction inverter market are making strides to innovate new technologies, such as the cutting-edge silicon carbide technology for electric vehicle (EV) traction inverters. This is aimed at amplifying switching frequencies and minimising conduction losses. Silicon carbide (SiC) technology's next iteration for EV traction inverters involves the use of silicon carbide semiconductor materials to augment the efficiency, performance and resilience of the traction inverters used in hybrid and electric vehicles. For illustration, STMicroelectronics NV, a semiconductor manufacturing corporation based in Switzerland, introduced its fourth-generation STPOWER silicon carbide (SiC) MOSFET technology in October 2024, primarily designed for EV traction inverters. This latest generation introduces significantly lower on-resistance, faster switching speeds and increased robustness, which makes it perfect for both 400V and 800V applications. The technology, available in 750V and 1200V classes, targets enhancement of power efficiency and density, serving not just the automotive industry but also high-power industrial applications such as energy storage systems and solar inverters.

What Are the Key Segments in the Traction Inverter Market?
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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Who Are the Key Players Shaping the Traction Inverter Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.

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