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.
Fastest Growing Market
The traction inverter market is expected to grow over the forecasted period due to the growing environmental consciousness among the public increasing the demand for electric vehicles. Electric vehicles heavily depend on electric power, thus increasing the demand for traction inverters. Traction inverter is an important component in electric vehicle powertrains converting the DC power to AC power. In addition, growing investments in research and developments to improve performance and efficiency of electric power trains including traction inverter is expected to propel the growth of traction inverter market at a significant rate over the forecast year.
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
Increasing demand for electric vehicles is expected to drive the growth of traction inverter market over the forecast period.
The leading players in the global Traction Inverter market are BorgWarner Inc, Continental AG, Delphi Technologies Plc, Hitachi, Ltd, Mitsubishi Electric Corporation, Siemens AG, Toshiba Corporation, Voith GmbH & Co- KGaA, Curtiss-Wright Industrial Group, Dana.
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023– 2029.