Traction Inverter Market: By Propulsion Type (BEV, PHEV, HEV), By Vehicle Type (Passenger Car, Commercial Vehicles, Truck, Train, Others), By Inverter Technology (IGBT, MOSFET), By Voltage (Below 200V, 200-900V, Above 900V), and Geography

Traction Inverter Market was valued at USD 14,692.2 million in 2022 and is expected to grow at a 17.8% CAGR from 2023 to 2029. Traction inverter is used to manage the flow of energy from a high voltage battery to motor, which helps in turning the wheels and propelling the vehicle. The traction inverters are widely used in lithium-ion batteries. The increasing demand for electric vehicles is expected to drive the growth of traction inverter market over the forecast period. In addition, advancement in motor drive technologies such as interior permanent magnet motor, permanent magnet synchronous motors, and brushless DC motor is expected to propel the growth of traction inverter market at a significant rate. Furthermore, governments across the globe are introducing several initiatives and regulations to reduce the carbon steel footprints and promote clean energy resulting in growing demand for electric vehicles, thus expected to boost the growth of traction inverter market over the forecast years. However, high installation and maintenance cost, and limited technical expertise are expected to hinder the growth of traction inverter market over the forecast years. Moreover, growing demand for electric trucks and busses in developed countries along with the technological advancement in semiconductor materials is expected to provide opportunities to market players and manufacturers in the growth of traction inverter market over the forecast period. Furthermore, the market key players are increasingly adopting strategies such as the launch of newer products, acquisitions, merging, and long-term alliances to improve market revenue share. For instance, in 2022, Morgan State University announced their partnership with Siemen to execute HVAC, security, and other energy efficient systems. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global traction inverter market in the forecasted years.

Traction Inverter Market Key Developments:
In June 2022, ST Microelectronics announced their collaboration with Semikron to yield a new SiC powered semiconductor which can be used in electric vehicles for traction drives.