Traction Inverter Market: By Propulsion Type, By Vehicle Type, By Inverter Technology, By Voltage, and Geography
Traction Inverter Market: By Propulsion Type, By Vehicle Type, By Inverter Technology, By Voltage, and Geography
Traction Inverter Market was valued at US$ 14,692.2 million in 2023 and is poised to grow at a 17.8% CAGR from 2024 to 2030. 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.
Study Period
2024-2030Base Year
2023CAGR
17.8%Largest Market
North AmericaFastest Growing Market
Asia Pacific
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.
The traction inverter market is segmented based on regions into North America, Asia-pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific traction inverter market is likely to hold a significant revenue share, and in the forecasted years, it is predicted to increase rapidly due to increasing adoption of electric vehicles in countries like India, China, Japan. North America region is expected to have a significant growth over the forecast period due to the presence of prominent leading automobile manufacturers and technological advancements in the field of motor drive technology in this region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 14,692.2 million |
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Market CAGR |
17.8% |
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By Propulsion Type |
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By Vehicle Type |
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By Voltage |
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By Inverter Technology |
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By Region |
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Traction Inverter Market was valued at US$ 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.
| 1.Executive Summary |
| 2.Global Traction Inverter Market Introduction |
| 2.1.Global Traction Inverter Market - Taxonomy |
| 2.2.Global Traction Inverter Market - Definitions |
| 2.2.1.Propulsion Type |
| 2.2.2.Vehicle Type |
| 2.2.3.Voltage |
| 2.2.4. Inverter Technology |
| 2.2.5.Geography |
| 3.Global Traction Inverter Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Traction Inverter Market Analysis, 2019 - 2023 and Forecast 2024-2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Traction Inverter Market By Propulsion Type, 2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 5.1. BEV |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. PHEV |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. HEV |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Traction Inverter Market By Vehicle Type, 2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 6.1. Passenger Car |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Commercial Vehicles |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Truck |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Train |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Others |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.Global Traction Inverter Market By Voltage, 2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 7.1. Below 200V |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. 200-900V |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Above 900V |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 8.Global Traction Inverter Market By Inverter Technology, 2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 8.1. IGBT |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. MOSFET |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 9.Global Traction Inverter Market By Geography, 2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. The Asia Pacific |
| 9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Latin America |
| 9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. MEA |
| 9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Traction Inverter Market ,2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 10.1. Propulsion Type Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.BEV |
| 10.1.2.PHEV |
| 10.1.3.HEV |
| 10.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Passenger Car |
| 10.2.2.Commercial Vehicles |
| 10.2.3.Truck |
| 10.2.4.Train |
| 10.2.5.Others |
| 10.3. Voltage Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Below 200V |
| 10.3.2.200-900V |
| 10.3.3.Above 900V |
| 10.4. Inverter Technology Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.IGBT |
| 10.4.2.MOSFET |
| 10.5. Country Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Traction Inverter Market ,2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 11.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.BEV |
| 11.1.2.PHEV |
| 11.1.3.HEV |
| 11.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Passenger Car |
| 11.2.2.Commercial Vehicles |
| 11.2.3.Truck |
| 11.2.4.Train |
| 11.2.5.Others |
| 11.3. Voltage Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Below 200V |
| 11.3.2.200-900V |
| 11.3.3.Above 900V |
| 11.4. Inverter Technology Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.IGBT |
| 11.4.2.MOSFET |
| 11.5. Country Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 12.The Asia Pacific Traction Inverter Market ,2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 12.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.BEV |
| 12.1.2.PHEV |
| 12.1.3.HEV |
| 12.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Passenger Car |
| 12.2.2.Commercial Vehicles |
| 12.2.3.Truck |
| 12.2.4.Train |
| 12.2.5.Others |
| 12.3. Voltage Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Below 200V |
| 12.3.2.200-900V |
| 12.3.3.Above 900V |
| 12.4. Inverter Technology Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.IGBT |
| 12.4.2.MOSFET |
| 12.5. Country Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Latin America Traction Inverter Market ,2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 13.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.BEV |
| 13.1.2.PHEV |
| 13.1.3.HEV |
| 13.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Passenger Car |
| 13.2.2.Commercial Vehicles |
| 13.2.3.Truck |
| 13.2.4.Train |
| 13.2.5.Others |
| 13.3. Voltage Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Below 200V |
| 13.3.2.200-900V |
| 13.3.3.Above 900V |
| 13.4. Inverter Technology Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.IGBT |
| 13.4.2.MOSFET |
| 13.5. Country Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.MEA Traction Inverter Market ,2019 - 2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 14.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.BEV |
| 14.1.2.PHEV |
| 14.1.3.HEV |
| 14.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.Passenger Car |
| 14.2.2.Commercial Vehicles |
| 14.2.3.Truck |
| 14.2.4.Train |
| 14.2.5.Others |
| 14.3. Voltage Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Below 200V |
| 14.3.2.200-900V |
| 14.3.3.Above 900V |
| 14.4. Inverter Technology Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.IGBT |
| 14.4.2.MOSFET |
| 14.5. Country Analysis 2019 - 2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.BorgWarner Inc |
| 15.2.2.Continental AG |
| 15.2.3.Delphi Technologies Plc |
| 15.2.4.Hitachi, Ltd |
| 15.2.5.Mitsubishi Electric Corporation |
| 15.2.6.Siemens AG |
| 15.2.7.American Traction Systems |
| 15.2.8.Toshiba Corporation |
| 15.2.9.Voith GmbH & Co- KGaA |
| 15.2.10.Curtiss-Wright Industrial Group |
| 15.2.11.Dana |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
Key Market Players
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