June 22, 2024

Traction Inverter Market Size To Reach USD 73.08 Bn By 2032

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.

Traction Inverter Market Size 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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