Global Traction Inverter Market Size, Share, and Forecast Analysis 2025-2029

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What Are the Traction Inverter Market Size Forecast for 2025?
In the past few years, the market size of the traction inverter has expanded swiftly. Its estimated growth is from $17.32 billion in 2024 to $20.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 17.2%. This noteworthy growth in the historical period is a result of factors such as the adoption of electric vehicles (ev), strict emission norms, government subsidies, increased consumer cognizance, and the global emphasis on sustainable modes of transportation.

What Is the Market Size Outlook for Traction Inverter Until 2029?
In the coming years, a significant acceleration in the size of the traction inverter market is anticipated. With a compound annual growth rate (CAGR) of 15.4%, it is predicted to reach a valuation of $35.99 billion in 2029. Factors contributing to this growth throughout the projected period include the consistent expansion of the electric vehicle industry, increased energy density of batteries, developments in charging infrastructure, and specific government regulations and standards, as well as research and development in power electronics. Industry predictions for the forecasted period highlight key trends such as collaborations and partnerships in the automotive sector, incorporation of vehicle-to-grid (v2g) technology, industrial progression, adoption of silicon carbide (sic) and gallium nitride (gan), as well as the emergence of smart inverters and digitisation.

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What Are the Major Factors Driving Demand in the Traction Inverter Market?
The traction inverter market is predicted to expand due to the growing appeal of electric vehicles. Electric vehicles (EVs), equipped with an electric motor for propulsion draws energy from rechargeable batteries. A traction inverter is an integral component in EVs, converting direct current (DC) from batteries into alternating current (AC) to control the speed and torque of the electric motor, a crucial aspect of the vehicle's performance and efficiency. For example, the International Energy Agency, a Paris-based autonomous intergovernmental organization, noted in July 2023 that the proportion of electric cars in total car sales shot up from 9% in 2021 to 14% in 2022, with sales crossing the 10 million mark in 2022. Consequently, the increasing appeal of electric vehicles is fueling the growth of the traction inverter market.

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How Are End-Use Segments Shaping the Traction Inverter Market Outlook?
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)

What Are the Strategic Trends Transforming the Traction Inverter Market Landscape?
Leading businesses in the traction inverter market are concentrating their efforts on pioneering new technologies, such as the advanced silicon carbide technology for EV traction inverters, to increase switching frequencies and minimize conduction losses. The silicon carbide (SiC) technology for EV traction inverters, known as the next generation, uses silicon carbide semiconductor materials to improve the performance, efficiency, and longevity of traction inverters in electric and hybrid vehicles. As an example, STMicroelectronics NV, a semiconductor manufacturing corporation based in Switzerland, introduced its fourth-generation STPOWER silicon carbide (SiC) MOSFET technology in October 2024, primarily for EV traction inverters. This latest iteration offers substantially lower on-resistance, increased switching speeds, and improved durability, making it suitable for both 400V and 800V applications. Available in both 750V and 1200V categories, this technology seeks to boost power efficiency and density, benefiting not only the automotive industry but also high-power industrial applications such as solar inverters and energy storage systems.

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Who Are the Prominent Companies in the Traction Inverter Market by ?
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 Region Is Expected to See the Highest CAGR 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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