Ongoing Industry Analysis Report Tracks the Forecasted Expansion of Traction Inverter Market for 2017-2027 Period

Traction Inverter Market: Introduction

The function of a traction inverter is to efficiently convert the supplied energy and supply it to the driving motors. The traction inverter is used for vehicle propulsion in the global market. The prime end-use application of a traction inverter is in railway locomotives and electric vehicles. Traction inverters use advanced power electronics and extremely dynamic motor control technology. They provide sufficient energy for ideal traction effort ire respective of the operating conditions.

The traction inverter market has grown rapidly over a period of time making the transfer of energy and movement from the vehicle very comfortable and easy without any loss of power. Regular cleaning and servicing of the traction inverter is imperative for every locomotive to ensure safe operation as well as proper functioning. Customers in the global market are particularly focused on efficient, better, safe and smooth transmission of power of their electric vehicles, which is estimated to accelerate the growth of the global traction inverter market. Escalating fuel prices have resulted in the growth of pure electric and hybrid electric vehicles, which is projected to fuel the demand for traction inverters in the global market. The global traction inverter market is estimated to gain importance in the near future due to several end-use applications in the automotive and transportation sectors. These factors are expected to drive the global traction inverter market with a prominent CAGR over the forecast period.

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Traction Inverter Market: Dynamics

The traction inverter market is expected to grow over the estimated period due to the increase in demand for automation coupled with the transmission without loss of power. Rise in demand for electric and hybrid vehicles has resulted in the growing requirement for electric traction inverters in the global market. Security and safety are assessed to be one of the most protuberant drivers of the global traction inverter market. Owing to evolution in a number of heavy duty public transportation applications, the traction inverter global market is expected to grow significantly over the forecast period. Introduction of heat resistant, lightweight and high-end materials is expected to drive the traction inverter market over the forecast period. Changing focus of manufacturers towards technical and advanced version of electric mobility is furthermore estimated to boost the traction inverter market. Durability and reliability affect the productivity and efficiency and this may act as a restraint for the global traction inverter market. Governments of various countries are supporting the use of hybrid and electric vehicles, by offering attractive incentives and subsidies to the owners. For instance, in China, the government offered subsidies ranging from US$ 6,750 to US$ 14,000, depending on the size of the battery pack, to every purchase of a hybrid or electric vehicle. Cities such as Beijing and Shanghai offer free registration plates for electric hybrid vehicles. Several countries have allotted grants for the development of hybrid and electric vehicles. For example, in the U.S., the government has allotted around US$ 2.4 Bn exclusively for the development of hybrid and electric vehicles and high density batteries. The U.S. government has also introduced incentives to the owners of hybrid electric vehicles in the form of tax credits, amounting to a maximum of US$ 7,500, based on the type of battery used. Thus, analyzing the above factors the global market for the traction inverters is estimated to grow with an incremental rate over the forecast period.

Traction Inverter Market: Segmentation

By Product Type, the traction inverter market can be segmented as:

AC Traction Inverter
DC Traction Inverter

By Application, the traction inverter market can be segmented as:

Public Transportation
Electric Mobility
Industrial machinery and equipment
Others

By End Use, the traction inverter market can be segmented as:

Electric Vehicle
Pure Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Escalators
Elevators
Railway Locomotives
Others

Traction Inverter Market: Regional Outlook

Asia Pacific is estimated to account for a prominent share of the traction inverter market due to the increase in production and demand for automobiles in countries such as China, Japan, ASEAN Countries and India. The Europe and North America traction inverter markets are projected to grow due to the safety norms and strict automotive pollution control regulations in these regions. The growing population coupled with the increasing disposable income in Latin America and the MEA are estimated to be the prominent drivers for the traction inverter market in the near future. Never-ending demand for productive, reliable, cost-effective, and efficient electric propulsion system is estimated to propel the growth of the traction inverter market.

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Traction Inverter Market: Key Players

Examples of some of the key participants in the global traction inverter market are:

Voith GmbH
Curtiss-Wright
Infineon Technologies AG
ALSTOM
ABB
Mitsubishi Electric Corporation
Siemens AG
Prodrive Technologies
MEDCOM
Strukton Rail
TM4
Sevcon (BorgWarner Inc.)

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This release was published on openPR.