Traction Inverter Market Size and Forecast 2024-2033|Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Company, Continental AG

The Traction Inverter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Traction Inverter Global Market Report 2024, The traction inverter market size has grown rapidly in recent years. It will grow from $14.58 billion in 2023 to $17.32 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to electric vehicle (ev) adoption, stringent emission regulations, government incentives, rising consumer awareness, global focus on sustainable transportation.

The traction inverter market size is expected to see rapid growth in the next few years. It will grow to $32.11 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to continued electric vehicle growth, increasing energy density of batteries, expansion of charging infrastructure, government regulations and standards, r&d in power electronics. Major trends in the forecast period include automotive industry collaborations and partnerships, integration of vehicle-to-grid (v2g) technology, technological advancements, silicon carbide (sic) and gallium nitride (gan) adoption, smart inverters and digitalization.

The rising popularity of electric vehicles is expected to propel the growth of the traction inverter market. An electric vehicle (EV) is a vehicle that relies on an electric motor for propulsion, using energy stored in rechargeable batteries. The traction inverter is used in electric vehicles to convert direct current (DC) from batteries into alternating current (AC), thus controlling the speed and torque of the electric motor, which is essential for the vehicle’s performance and efficiency. For instance, in July 2023, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, the share of electric cars in total car sales increased from 9% in 2021 to 14% in 2022, with sales exceeding 10 million in 2022. Therefore, the rising popularity of electric vehicles is driving the growth of the traction inverter market.

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The traction inverter market covered in this report is segmented –

1) By Propulsion: Battery Electric Vehicle (BEV), Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Other Propulsion

2) By Technology: Insulated-Gate Bipolar Transistor (IGBT), Metal-Oxide Semiconductor Field-Effect Transistor (MOSFET), Other Technologies

3) By Vehicle: Passenger Cars, Commercial Vehicles

Major companies operating in the traction inverter market are focused on developing new components with optimized power, such as SiC MOSFET, to increase their profitability in the market. SiC MOSFETs in traction inverters enable efficient, high-frequency power conversion for electric vehicle motor drive systems. For instance, in December 2021, Robert Bosch GmbH, a Germany-based automotive company, announced its first generation of SiC MOSFETs for automotive traction inverters to optimize the power modules. These SiC MOSFETs have breakdown voltages of 750 V and 1,200 V, making them ideal for 400 V or 800 V inverter systems. The SiC MOSFETs allow for the lowest switching and conduction losses and a smooth dynamic, providing high performance during normal and special operating conditions. The SiC MOSFETs are part of the CSL (Compact Silicon Carbide Line) power module family for traction inverters.

The traction inverter market report table of contents includes:

1. Executive Summary

2. Traction Inverter Market Characteristics

3. Traction Inverter Market Trends And Strategies

4. Traction Inverter Market – Macro Economic Scenario

5. Global Traction Inverter Market Size and Growth

26. South America Traction Inverter Market

27. Brazil Traction Inverter Market

28. Middle East Traction Inverter Market

29. Africa Traction Inverter Market

30. Traction Inverter Market Competitive Landscape And Company Profiles

Top Major Players: