The global traction inverter market was valued at US$ 15386.60 Million in 2022 and is expected to grow at 17.2% CAGR from 2022 to 2032.
In the automotive traction inverter market, additional factors are expected to influence the growth of this market. These include increased awareness among consumers, OEMs, and numerous suppliers due to stringent government regulations. This will further increase the adoption of automotive traction inverters on the global market.
It is predicted that the CO2 emission requirement for next-generation European cars will be zero by 2050, according to the proposal of the EU Commission. At the same time, several automakers also announced their plans to make their vehicles more electrified in the near future. As an example, Volkswagen predicted that half of its sales will be electric vehicles by 2030.
Toyota, which is the largest automaker in the world, announced further investments last year to achieve annual electric car sales of 3.5 million units by 2030, which was another key milestone in 2021. Such initiatives from the government and market are opening up growth opportunities for the market.
Key Takeaways from Market Study
- Due to the high demand for lithium-ion batteries, the global traction inverter market is mainly driven by the availability of lithium-ion batteries.
- The production of the automotive lithium-ion battery in 2020 reached 160 GWh, with a 33% increase from 2019.
- The significant increase in electric car registrations can be attributed in part to a 41% increase in electric car registrations. This is due to a constant battery capacity of 55 KWh and 14 kWh, respectively, for BEVs and PHEVs. For other modes of transport, an increase of 10% has been recorded.
- China is the world’s battery production leader making up 70% of the total global battery cell production capacity.
- The Traction Inverter Market is expected to surpass US$ 75234.81 Mn by 2032.
- Asia Pacific’s traction inverter market holds the highest revenue potential.
Segmentation Insights
The traction inverter market is segmented by the type of propulsion, the type of voltage, the type of technology, the type of vehicle, and the region. Depending on the propulsion type, the market is subdivided into BEV, HEV, PHEV, and others. In terms of voltage type, the market can be categorized into up to 200 volts, 200 volts to 900 volts, and 900 volts and above. Based on technology type, the market is segmented into IGBT, MOSFET, and others. Depending on vehicle type, the market is segmented into passenger cars, commercial vehicles, and others.
Competitive Landscape
There are several prominent manufacturers in the traction inverter market, including BorgWarner Inc., Delphi Technologies, Siemens AG, Mitsubishi Electric Corporation, ABB, and Toshiba Corporation. These manufacturers are keen on forming joint ventures with small-scale players around the world to build an international customer base and gain a larger market share.
A key focus of market players in the Traction Inverter Market is the development of advanced and efficient products. Furthermore, these players are also setting up manufacturing facilities in developing countries for traction inverters.
These insights are based on a report on Traction Inverter Market.by Fact.MR.
