The EV Traction Inverter Market Size is valued at USD 15.3 billion in 2023 and is predicted to reach USD 89.6 billion by the year 2031 at a 24.9% CAGR during the forecast period for 2024-2031.
An EV traction inverter converts the battery's direct current (DC) into alternating current (AC) to power an electric vehicle's motor, controlling speed and acceleration while optimizing energy efficiency. It plays a vital role in managing motor performance and ensuring smooth operation.
Modern traction inverters are equipped with advanced power electronics and control systems, which guarantee precise control over AC output to facilitate seamless acceleration and deceleration. In addition to safeguarding the vehicle's electrical system, these inverters are also fitted with safety mechanisms, including overcurrent and overvoltage protection. Concurrently, the efficacy and capabilities of traction inverters are significantly improved by advancements in power electronics.
Nevertheless, anxiety regarding the availability of charging infrastructure serves to exacerbate the situation. The dread of being stranded due to insufficient charging stations deters potential EV purchasers, thereby establishing a psychological barrier to widespread adoption. Advancements in battery technology and traction inverter efficacy, as well as the ongoing expansion of charging infrastructure, are necessary to resolve consumer concerns and foster confidence in electric vehicle ownership. These range limitations must be surmounted.
The EV Traction Inverter market is segmented on the basis of Type and application. Based on Type, the market is segmented as Low Voltage (24 to 144V), and High Voltage (144 to 800V). By application, the market is again segmented into Commercial Vehicle, Passenger Car, and Low Speed Vehicle.
The High Voltage (144 to 800V) category is expected to hold a major share of the global EV Traction Inverter market in 2023. The primary reason for this dominance is the growing demand for high-performance electric vehicles (EVs) that necessitate higher voltage systems to achieve higher efficiency and power output. High-voltage inverters are indispensable for providing the requisite power to operate motors in larger electric vehicles (EVs), including commercial vehicles and SUVs, which are gaining popularity in the marketplace. Furthermore, high-voltage systems facilitate the adoption of electric vehicles by consumers by providing them with extended driving ranges and quicker charging periods.
The segment is anticipated to grow at a rapid rate in the global EV Traction Inverter market. The segment's growth over the next eight years may be attributed to an increase in the utility of equipment, including televisions and coffee makers. Apart from this, the segmental growth will be driven by the increasing demand for driver safety features and comfort features that improve vehicle durability during the forecast period.
The North American EV Traction Inverter market is expected to register the major market share in terms of revenue in the near future. The regional market may rise in the next few years due to electric car sales in Canada and the US. In addition, increased funding for electric car charging infrastructure and the presence of important vehicle manufacturers in these nations will grow the regional market. The Asia-Pacific traction inverter industry is expected to develop quickly during the projected period. The Asia-Pacific sector has grown rapidly due to rising demand for autonomous cars in South Korea, China, and Japan. Additionally, supporting government regulations and strong cooperation with automobile manufacturers will boost the area sector. Key product makers may boost regional industrial development.
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 15.3 Bn |
|
Revenue Forecast In 2031 |
USD 24.9 Bn |
|
Growth Rate CAGR |
CAGR of 24.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Bosch, Tesla, ZF, BYD, BorgWarner, Inovance Automotive, Zapi, Curtis, UAES, Nidec, MAHLE, Broad Ocean, Danfoss, Tianjin Santroll, Schaeffler, Shenzhen V&T Technologies, JEE, Dana TM4, MEGMEET, Denso, and Hitachi Astemo. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global EV Traction Inverter Market Snapshot
Chapter 4. Global EV Traction Inverter Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global EV Traction Inverter Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on EV Traction Inverter Industry Trends
Chapter 5. EV Traction Inverter Market Segmentation 1: By Type, Estimates & Trend Analysis
5.1. Market Share by Type, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Type:
5.2.1. Low Voltage (24 to 144V)
5.2.2. High Voltage (144 to 800V)
Chapter 6. EV Traction Inverter Market Segmentation 2: By Application, Estimates & Trend Analysis
6.1. Market Share by Application, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Applications:
6.2.1. Passenger Car
6.2.2. Commercial Vehicle
6.2.3. Low Speed Vehicle
Chapter 7. Segmentation 6: Regional Estimates & Trend Analysis
7.1. Global EV Traction Inverter Market, Regional Snapshot 2023 & 2031
7.2. North America
7.2.1. North America EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.2.1.1. US
7.2.1.2. Canada
7.2.2. North America EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Type, 2024-2031
7.2.3. North America EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.3. Europe
7.3.1. Europe EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.3.1.1. Germany
7.3.1.2. U.K.
7.3.1.3. France
7.3.1.4. Italy
7.3.1.5. Spain
7.3.1.6. Rest of Europe
7.3.2. Europe EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Type, 2024-2031
7.3.3. Europe EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.4. Asia Pacific
7.4.1. Asia Pacific EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.4.1.1. India
7.4.1.2. China
7.4.1.3. Japan
7.4.1.4. Australia
7.4.1.5. South Korea
7.4.1.6. Hong Kong
7.4.1.7. Southeast Asia
7.4.1.8. Rest of Asia Pacific
7.4.2. Asia Pacific EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Type, 2024-2031
7.4.3. Asia Pacific EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts By Application, 2024-2031
7.5. Latin America
7.5.1. Latin America EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.5.1.1. Brazil
7.5.1.2. Mexico
7.5.1.3. Rest of Latin America
7.5.2. Latin America EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Type, 2024-2031
7.5.3. Latin America EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.6. Middle East & Africa
7.6.1. Middle East & Africa EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
7.6.1.1. GCC Countries
7.6.1.2. Israel
7.6.1.3. South Africa
7.6.1.4. Rest of Middle East and Africa
7.6.2. Middle East & Africa EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Type, 2024-2031
7.6.3. Middle East & Africa EV Traction Inverter Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles
8.2.1. Robert Bosch GmbH
8.2.1.1. Business Overview
8.2.1.2. Key Product/Service Offerings
8.2.1.3. Financial Performance
8.2.1.4. Geographical Presence
8.2.1.5. Recent Developments with Business Strategy
8.2.2. Tesla, Inc.
8.2.3. ZF Friedrichshafen AG
8.2.4. BYD Company Limited
8.2.5. BorgWarner Inc.
8.2.6. Inovance Automotive Technology Co., Ltd.
8.2.7. ZAPI S.p.A.
8.2.8. Curtis Instruments, Inc.
8.2.9. United Automotive Electronic Systems Co., Ltd. (UAES)
8.2.10. Nidec Corporation
8.2.11. MAHLE GmbH
8.2.12. Broad-Ocean Motor Co., Ltd.
8.2.13. Danfoss A/S
8.2.14. Tianjin Santroll Electric Automobile Technology Co., Ltd.
8.2.15. Schaeffler AG
8.2.16. Shenzhen V&T Technologies Co., Ltd.
8.2.17. JEE Automation Equipment Co., Ltd.
8.2.18. Dana TM4 Inc.
8.2.19. Megmeet Electrical Co., Ltd.
8.2.20. Denso Corporation
8.2.21. Hitachi Astemo, Ltd
8.2.22. Other Market Players
EV Traction Inverter Market By Type-
EV Traction Inverter Market By Application-
EV Traction Inverter Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
