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.
Competitive Landscape
Some Major Key Players In The EV Traction Inverter Market:
- Robert Bosch GmbH
- Tesla, Inc.
- ZF Friedrichshafen AG
- BYD Company Limited
- BorgWarner Inc.
- Inovance Automotive Technology Co., Ltd.
- ZAPI S.p.A.
- Curtis Instruments, Inc.
- United Automotive Electronic Systems Co., Ltd. (UAES)
- Nidec Corporation
- MAHLE GmbH
- Broad-Ocean Motor Co., Ltd.
- Danfoss A/S
- Tianjin Santroll Electric Automobile Technology Co., Ltd.
- Schaeffler AG
- Shenzhen V&T Technologies Co., Ltd.
- JEE Automation Equipment Co., Ltd.
- Dana TM4 Inc.
- Megmeet Electrical Co., Ltd.
- Denso Corporation
- Hitachi Astemo, Ltd
- Other Market Players
Market Segmentation:
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.
Based On Type, The High Voltage (144 To 800V) Segment Is Accounted As A Major Contributor In The EV Traction Inverter Market.
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 Commercial Vehicle Segment Witnessed Rapid Growth.
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.
In The Region, The North American EV Traction Inverter Market Holds A Significant Revenue Share.
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.
EV Traction Inverter Market Report Scope
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. |