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 observed in the historical period can be attributed to several factors, including the increasing adoption of electric vehicles (EVs), stringent emission regulations, government incentives supporting electric mobility, growing consumer awareness of environmental concerns, and the global focus on sustainable transportation. These factors collectively contributed to the historical expansion of the electric vehicle market.

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 anticipated growth in the forecast period can be attributed to ongoing expansion in the electric vehicle market, the increasing energy density of batteries, the growth of charging infrastructure, adherence to government regulations and standards, and continuous research and development in power electronics. Major trends expected in the forecast period include collaborations and partnerships within the automotive industry, the integration of vehicle-to-grid (V2G) technology, technological advancements, the adoption of silicon carbide (SiC) and gallium nitride (GaN), and the implementation of smart inverters and digitalization in the electric vehicle and power electronics sectors.

The traction inverter market is poised for growth due to the increasing popularity of electric vehicles (EVs). Electric vehicles rely on electric motors powered by rechargeable batteries, and traction inverters play a crucial role in these vehicles. Traction inverters convert direct current (DC) from batteries into alternating current (AC), controlling the speed and torque of the electric motor, thereby influencing the vehicle's performance and efficiency. According to the International Energy Agency, the share of electric cars in total car sales rose from 9% in 2021 to 14% in 2022, with sales exceeding 10 million in 2022. The substantial increase in electric vehicle adoption is a key driver propelling the growth of the traction inverter market.

Major companies in the traction inverter market are actively engaged in developing new components with optimized power, such as Silicon Carbide Metal-Oxide-Semiconductor Field-Effect Transistors (SiC MOSFET), to enhance their market profitability. SiC MOSFETs in traction inverters facilitate efficient, high-frequency power conversion for electric vehicle motor drive systems. For example, in December 2021, Robert Bosch GmbH, a Germany-based automotive company, introduced its first generation of SiC MOSFETs for automotive traction inverters. These SiC MOSFETs, with breakdown voltages of 750 V and 1,200 V, are suitable for 400 V or 800 V inverter systems. They offer low switching and conduction losses, ensuring smooth dynamics and high performance under various operating conditions. The SiC MOSFETs are integrated into the CSL (Compact Silicon Carbide Line) power module family for traction inverters.

In November 2021, Saietta Group, a UK-based engineering company, acquired E-Traction B.V. for an undisclosed amount. This acquisition allowed Saietta to leverage E-Traction's in-wheel electric traction control systems and inverters. Saietta Group's commercial and technical expertise, combined with its established power electronics manufacturing facility, propelled the company's progress forward significantly. E-Traction B.V., based in the Netherlands, was recognized for providing innovative solutions in in-wheel electric traction control systems and inverters.

Major companies operating in the traction inverter market report are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Company, Continental AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Lear Corporation, Texas Instruments Incorporated, Parker Hannifin Corporation, STMicroelectronics N.V., BorgWarner Inc., Infineon Technologies AG, Emerson Electric Co., Renesas Electronics Corporation, Dana Incorporated, Semiconductor Components Industries LLC - ON Semiconductor, Rockwell Automation Inc., Fuji Electric Co. Ltd., Voith GmbH & Co. KGaA, Yaskawa Electric Corporation, Curtiss Aeroplane and Motor Company, Delphi Technologies PLC.

North America was the largest region in the traction inverter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the traction inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the traction inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The traction inverter market consists of sales of inverter units, power modules, control software, cooling systems, and sensors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A traction inverter is an essential electronic device employed in electric vehicles (EVs) and hybrid vehicles to manage and control the speed and torque of the electric motor. Its primary function involves the conversion of the DC power sourced from the vehicle's battery into AC power, a requisite for propelling and driving the electric motor. This component holds significant importance as it plays a crucial role in determining the overall performance, efficiency, and control of the vehicle's propulsion system.

The primary propulsion types associated with traction inverters include battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and other electric vehicle categories. A battery electric vehicle (BEV) is a specific type of electric vehicle that relies solely on the chemical energy stored in rechargeable battery packs for its propulsion. Various technologies are employed in traction inverters, including insulated-gate bipolar transistor (IGBT), metal-oxide-semiconductor field-effect transistor (MOSFET), and others. These technologies find applications in a range of vehicles, including passenger cars and commercial vehicles, contributing to the diverse landscape of electric and hybrid propulsion systems.

The traction inverter market research report is one of a series of new reports that provides traction inverter market statistics, including traction inverter industry global market size, regional shares, competitors with a traction inverter market share, detailed traction inverter market segments, market trends, and opportunities, and any further data you may need to thrive in the traction inverter industry. This traction inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.