The traction inverter market size was valued at USD 17.93 billion in 2023 and is expected to reach USD 73.08 billion by 2032, growing at a CAGR of 16.90% from 2023 to 2032.
Key Takeaways
- North America contributed more than 44% of revenue share in 2022.
- Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
- By propulsion, the BEV segment has held the largest market share of 44% in 2022.
- By propulsion, the PHEV segment is anticipated to grow at a remarkable CAGR of 17.2% between 2023 and 2032.
- By voltage, the 200 to 900V segment generated over 38% of revenue share in 2022.
- By voltage, the 900V and above segment is expected to expand at the fastest CAGR over the projected period.
- By technology, the MOSFET segment generated over 46% of revenue share in 2022.
- By technology, the IGBT segment is expected to expand at the fastest CAGR over the projected period.
- By vehicle, the commercial Vehicles segment generated over 42% of revenue share in 2022.
- By vehicle, the passenger cars segment is expected to expand at the fastest CAGR over the projected period.
The Traction Inverter Market is witnessing robust growth driven by the increasing demand for electric vehicles (EVs) across the globe. As the automotive industry undergoes a transformative shift towards sustainable and eco-friendly solutions, traction inverters play a pivotal role in the propulsion system of electric vehicles. These crucial components convert DC power from the battery into AC power for the electric motor, ensuring efficient and smooth operation of the vehicle.
One of the primary growth factors contributing to the expansion of the traction inverter market is the rising awareness and adoption of electric mobility. Governments worldwide are implementing stringent emission norms and offering incentives to promote electric vehicle adoption, creating a favorable environment for the traction inverter market. As consumers become more environmentally conscious, the demand for electric vehicles continues to surge, subsequently boosting the need for high-performance traction inverters.
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Furthermore, technological advancements in the field of power electronics and electric vehicle components are driving innovation within the traction inverter market. Manufacturers are focusing on developing compact, lightweight, and energy-efficient traction inverters to enhance the overall performance of electric vehicles. Integration of advanced features such as regenerative braking systems and smart control algorithms further contributes to the market’s growth by improving energy efficiency and extending the range of electric vehicles.
The increasing investments in research and development activities by key players in the automotive and electronics industries are propelling the traction inverter market forward. Collaborations and partnerships between automotive manufacturers and traction inverter suppliers are becoming prevalent, leading to the development of cutting-edge solutions and fostering market growth. As the electric vehicle landscape continues to evolve, the traction inverter market is poised for sustained expansion, driven by ongoing advancements, environmental considerations, and supportive governmental policies.
Traction Inverter Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 16.90% |
| Market Size in 2023 | USD 17.93 Billion |
| Market Size by 2032 | USD 73.08 Billion |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Propulsion, By Voltage, By Technology, and By Vehicle |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
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Propulsion
The propulsion segment of the Traction Inverter Market categorizes systems based on the type of power source used. Common classifications include electric, hybrid, and plug-in hybrid propulsion systems. Electric propulsion relies solely on electric power, while hybrid systems combine internal combustion engines with electric power, and plug-in hybrids allow external charging for extended electric-only operation.
Voltage
The voltage segment of the market refers to the operating voltage of the traction inverter. It typically includes low-voltage (below 400V) and high-voltage (above 400V) systems. High-voltage traction inverters are often associated with electric vehicles (EVs) and hybrid electric vehicles (HEVs), providing the necessary power for efficient and high-performance electric propulsion.
Technology
In terms of technology, the Traction Inverter Market is segmented based on the specific technologies employed in the design and functionality of the traction inverters. This includes traditional inverter technologies, such as pulse-width modulation (PWM) inverters, as well as more advanced technologies like silicon carbide (SiC) and gallium nitride (GaN) based inverters. These advanced technologies aim to enhance efficiency, reduce weight, and improve overall performance of the traction inverter systems.
Vehicle
The vehicle segment categorizes the Traction Inverter Market based on the type of vehicles in which these inverters are utilized. Common categories include passenger cars, commercial vehicles, and industrial vehicles. Each vehicle type has specific requirements for traction inverters, with passenger cars often emphasizing energy efficiency and performance, while commercial and industrial vehicles may prioritize durability and heavy-duty capabilities.
Reasons to Purchase this Report:
- Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
- In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
- Market size in USD million and volume in million units provided for each segment and sub-segment.
- Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
- Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.
Traction Inverter Market Players
- Siemens AG
- Infineon Technologies AG
- Continental AG
- Robert Bosch GmbH
- Delphi Technologies
- Hitachi Automotive Systems
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Fuji Electric Co., Ltd.
- ABB Ltd
- Dana Incorporated
- Lear Corporation
- Texas Instruments Incorporated
- STMicroelectronics
- ON Semiconductor
Segments Covered in the Report
By Propulsion
- BEV
- HEV
- PHEV
- Others
By Voltage
- Up to 200V
- 200 to 900V
- 900V and above
By Technology
- IGBT
- MOSFET
- Others
By Vehicle
- Passenger Cars
- Commercial Vehicles
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Traction Inverter Market
5.1. COVID-19 Landscape: Traction Inverter Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Traction Inverter Market, By Propulsion
8.1. Traction Inverter Market Revenue and Volume Forecast, by Propulsion, 2023-2032
8.1.1. BEV
8.1.1.1. Market Revenue and Volume Forecast (2020-2032)
8.1.2. HEV
8.1.2.1. Market Revenue and Volume Forecast (2020-2032)
8.1.3. PHEV
8.1.3.1. Market Revenue and Volume Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 9. Global Traction Inverter Market, By Voltage
9.1. Traction Inverter Market Revenue and Volume Forecast, by Voltage, 2023-2032
9.1.1. Up to 200V
9.1.1.1. Market Revenue and Volume Forecast (2020-2032)
9.1.2. 200 to 900V
9.1.2.1. Market Revenue and Volume Forecast (2020-2032)
9.1.3. 900V and above
9.1.3.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 10. Global Traction Inverter Market, By Technology
10.1. Traction Inverter Market Revenue and Volume Forecast, by Technology, 2023-2032
10.1.1. IGBT
10.1.1.1. Market Revenue and Volume Forecast (2020-2032)
10.1.2. MOSFET
10.1.2.1. Market Revenue and Volume Forecast (2020-2032)
10.1.3. Others
10.1.3.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 11. Global Traction Inverter Market, By Vehicle
11.1. Traction Inverter Market Revenue and Volume Forecast, by Vehicle, 2023-2032
11.1.1. Passenger Cars
11.1.1.1. Market Revenue and Volume Forecast (2020-2032)
11.1.2. Commercial Vehicles
11.1.2.1. Market Revenue and Volume Forecast (2020-2032)
11.1.3. Others
11.1.3.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 12. Global Traction Inverter Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.1.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.1.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.1.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.1.5.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.1.5.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.1.5.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.1.6.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.1.6.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.1.6.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.2. Europe
12.2.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.2.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.2.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.2.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.2.5.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.2.5.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.2.5.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.2.6.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.2.6.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.2.6.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.2.7. France
12.2.7.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.2.7.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.2.7.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.2.7.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.2.8.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.2.8.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.2.8.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.3. APAC
12.3.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.3.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.3.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.3.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.3.5. India
12.3.5.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.3.5.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.3.5.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.3.5.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.3.6. China
12.3.6.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.3.6.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.3.6.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.3.6.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.3.7.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.3.7.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.3.7.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.3.8.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.3.8.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.3.8.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.4. MEA
12.4.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.4.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.4.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.4.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.4.5.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.4.5.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.4.5.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.4.6.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.4.6.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.4.6.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.4.7.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.4.7.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.4.7.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.4.8.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.4.8.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.4.8.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.5. Latin America
12.5.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.5.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.5.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.5.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.5.5.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.5.5.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.5.5.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Volume Forecast, by Propulsion (2020-2032)
12.5.6.2. Market Revenue and Volume Forecast, by Voltage (2020-2032)
12.5.6.3. Market Revenue and Volume Forecast, by Technology (2020-2032)
12.5.6.4. Market Revenue and Volume Forecast, by Vehicle (2020-2032)
Chapter 13. Company Profiles
13.1. Siemens AG
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Infineon Technologies AG
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Continental AG
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Robert Bosch GmbH
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Delphi Technologies
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Hitachi Automotive Systems
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Mitsubishi Electric Corporation
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Toshiba Corporation
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Fuji Electric Co., Ltd.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. ABB Ltd
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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