The traction inverter market is expected to grow from US$ 13,128.48 million in 2021 to US$ 39,140.79 million till 2028; it is estimated to grow at a CAGR of 17.2% from 2022 to 2028.
The high demand for lithium-ion batteries mainly drives the global traction inverter market. The production of the automotive lithium-ion battery was 160 GWh in 2020 with an increase of 33% from 2019. This rise is attributed to a 41% increase in electric car registrations and a constant average battery capacity of 55 KWh and 14 kWh for BEVs and PHEVs, respectively. An increase of 10% has been registered for other modes of transport. China dominates battery production by forming 70% of the total global battery cell production capacity. Around 71% of Li-ion battery sales are still made of nickel manganese cobalt, with Mickey cobalt aluminum making most of the remainder. Although the market share of lithium-ion phosphate batteries has increased, it is still less than 4%. The weighted average cost of automotive batteries declined by 13% in 2020 from 2019, reaching USD 137/KWh at a pack level as per BNEFs yearly survey of battery prices. As most plug-in hybrids and all-electric vehicles use lithium-ion batteries, higher demand for the same is attributed to driving the growth of the Traction Inverter Market.
The Traction Inverter Market is segmented into Propulsion type, voltage type, technology, vehicle type, and geography. Based on propulsion type, the market is segmented into BEV, HEV, PHEV, and others. Based on voltage type, the market is categorized into up to 200V, 200 to 900V, and 900V and above. Based on technology type, the market is segmented into IGBT, MOSFET, and others. Based on Vehicle type, the market is segmented into passenger cars, commercial vehicles, and others. Based on geography, the Traction Inverter Market is broadly segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Further, Asia-Pacific accounted for a significant share of the overall Traction Inverter Market.
The key players operating in the global Traction Inverter Market include BorgWarner Inc., Marelli, Mitsubishi Electric Corporation, Denso Corporation, and Continental AG, and several other market players analyzed to understand the global Traction Inverter Market.
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Traction Inverter Market: Strategic Insights
Traction Inverter Market
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CAGR (2021 - 2028)
17.2%
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Market Size 2021
US$ 13.13 Billion
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Market Size 2028
US$ 39.14 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Propulsion
- BEV
- HEV
- PHEV
- Others
Voltage
- Up to 200V
- 200 to 900V
- 900v and above
Technology
- IGBT
- MOSFET
- Others
Vehicle
- Passenger Cars
- Commercial Vehicles
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Traction Inverter Market: Strategic Insights
-
CAGR (2021 - 2028)17.2% -
Market Size 2021
US$ 13.13 Billion -
Market Size 2028
US$ 39.14 Billion
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
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- XXXXXXX
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Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Propulsion - BEV
- HEV
- PHEV
- Others
Voltage - Up to 200V
- 200 to 900V
- 900v and above
Technology - IGBT
- MOSFET
- Others
Vehicle - Passenger Cars
- Commercial Vehicles
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Impact of COVID-19 Pandemic on Traction Inverter Market
Global automotive sales profoundly influence the overall growth of several associated vehicle sub-systems and components, including automotive traction inverters. As the pandemic broke out globally, it impacted the sales of numerous industrial verticals. The global business revenues of auto components and automotive technologies observed a stark decline during the April to June period across regions in 2020. Factors such as nationwide lockdowns plummeted demand for passenger vehicles and significantly imposed restrictions on import & export of goods, which also slowed the production capabilities of several automotive OEMs, thereby impacting the global market growth. However, the market registered a steady and favorable recovery following the subsequent months, as the passenger vehicle sales grew, especially in the initial months of 2021. Hence, during the pandemic, the global market witnessed a moderate to a high contraction in demand across various countries.
Lucrative Regions for global Traction Inverter Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Traction Inverter Market
Government and market players initiatives to booster market growth
Government initiatives play a key driving force for electric vehicle sales and, indirectly the Traction Inverter Markets. The global electrification trends support the future of transportation and led the market to gain momentum. With numerous technology innovations, traction inverter technologies also evolved with the sales of electric vehicles. Many governments and automakers set goals to gradually end the sale of internal combustion engine vehicles during 2020 and 2021. Electric vehicles have emerged as the preferred road transportation technology for many governments and the auto industry. In November 2021, the US government set a 50% electrification target for new cars by 2030, supported by installing 500,000 charging points. By 2050, the CO2 emission requirement for new European cars will be zero, according to the EU Commission’s proposal. Several automakers also revealed their electrification goals at the same time. For instance, Volkswagen predicted that by 2030, half of its sales would be electric. The announcement of further investments by Toyota, the largest automaker in the world, to achieve annual electric car sales of 3.5 million by 2030 was another key milestone in 2021. Such initiatives from the government and market are shooting growth opportunities for the Traction Inverter Market.
Propulsion Type Insights
Based on propulsion type, the Traction Inverter Market is segmented into BEV, HEV, PHEV, and others. BEV or Battery Electric vehicles segment held the largest share in the global Traction Inverter Market. They are zero-emission vehicles with rechargeable batteries. The adoption of battery electric vehicles is rapidly increasing amid the rise in the number of eco-friendly vehicles in developed and emerging countries. The BEV segment is projected to grow more amid environmental concerns.
Technology Type Insights
Based on technology type, the Traction Inverter Market is categorized into IGBT, MOSFET, and others. MOSFET held the largest share in the global Traction Inverter Market. The most promising semiconductor technology for traction inverter applications is thought to be silicon carbide MOSFET. In the automotive industry, most electric powertrain applications run on DC-link voltages up to 450V. There are enough Si-IGBT semiconductors and modules on the market for this voltage range, which is based on 750V technology. SiC TMOSFET semiconductors present a very distinct visual difference. SiC TMOSFETs and modules with a voltage rating of 750V are scarce.
Players operating in the Traction Inverter Market are mainly focused on the development of advanced and efficient products.
- For instance, in June 2022, STMicroelectronics (ST) and Semikron collaborated to yield a new SiC powered semiconductor product that can be used in electric vehicle traction drives. Such SIC collabs aim to fuel advancements in automotive traction inverter technologies.
- In July 2022, the Curtiss-Wright company expanded its industrial division to enter the electrification market with the extension of its traction inverter product portfolio. The products under the latest range offer the most efficient and innovative designs for usage in hybrid and pure-electric vehicles for on-highway and off-highway commercial vehicles.
Traction Inverter Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 13.13 Billion |
| Market Size by 2028 | US$ 39.14 Billion |
| Global CAGR (2021 - 2028) | 17.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Propulsion
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| Regions and Countries Covered |
North America
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| Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Propulsion, Voltage, Technology, Vehicle, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The 3-phase voltage source inverter topology dominates the traction inverter market for BEVs and HEVs due to its high efficiency, low cost, and straightforward control requirements. Recent developments in WBG devices, especially SiC and GaN devices, offer considerable increases in power density and efficiency for traction inverter drives. STMicroelectronics, European company produces SiC based chips for Tesla, claims that the SiC can increase the vehicle’s mileage and save space and weight.
The top five key players operating in the global Automotive Traction Inverter Market are BorgWarner Inc., Marelli, Mitsubishi Electric Corporation, Denso and Continental AG.
Asia Pacific (APAC) dominated the Automotive Traction Inverter in 2021.
The APAC region is also expected to develop at the quickest rate throughout the projection period.
Government initiatives play as a key driving force for the electric car markets. Concurrently, the enormous success of electric vehicles was hampered by limited supplies of component parts and rising prices for bulk materials, elevating supply-side issues to the top agenda for both government and business. Many governments, as well as a number of automakers, set goals to gradually end the sale of internal combustion engine vehicles during the period of 2020 and 2021. For many governments and the auto industry, electric vehicles have emerged as the preferred road transportation technology. Several automakers also revealed their electrification goals at the same time. This creates opportunities for Automotive Traction Inverters
Traction Inverters are heavily used in Electric and Hybrid Electric Vehicles, owing to the safe and reliable driving experience it offers. Capturing energy from the regenerative braking and feeding it back to the battery, Traction Inverters drives the vehicle propulsion system. Automotive manufacturers and suppliers are increasing the production and supply of Traction Inverters with rise in demand for higher level of integration and increased power density across electric vehicles. The global shift to electric vehicles is attributed with the rising fuel prices, HEVs typically utilize lesser fuel via employing electric-drive technologies which boosts the vehicle’s efficiency through regenerative braking. With a surge in demand for electric vehicles the demand for Traction Inverters is also getting pace which propels the growth of market.
The List of Companies - Traction Inverter
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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