Traction Inverter Market Growth Opportunities and Forecast till 2030
The Global Traction Inverter Market Size valued for USD 3.1 Billion in 2021 and is anticipated to reach USD 13.7 Billion by 2030 with a CAGR of 6.7% from 2022 to 2030.
Electric vehicles (EVs) use traction inverters as electrical Applications to regulate the power transfer from the battery pack to the electric motor. The main job of the inverter is to change the stored direct current (DC) electricity in the battery into usable alternating current (AC) electricity for the motor. The inverter also regulates the motor's output of power, torque, and speed, enabling the car to maintain a steady driving experience. Additionally, certain traction inverters have the ability to charge batteries and engage in regenerative braking. Overall, an electric vehicle's performance and ability to operate efficiently are greatly influenced by the traction inverter.
Traction Inverter Market
Traction Inverter Market Size in 2021
US$ 3.1 Billion
Traction Inverter Market Forecast By 2030
US$ 13.7 Billion
Traction Inverter Market CAGR During 2022 – 2030
Traction Inverter Market Analysis Period
2018 - 2030
Traction Inverter Market Base Year
Traction Inverter Market Forecast Data
2022 - 2030
By Type, By Application, and By Region
Traction Inverter Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Siemens AG, ABB Ltd., Toshiba Corporation, Fuji Electric Co. Ltd., Danfoss A/S, Yaskawa Electric Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, and General Electric Company.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Traction Inverter Market Dynamics
Due to their importance in the powertrain of electric vehicles, traction inverters are in high demand as the number of EVs on the road rises. The need for traction inverters is increasing as governments all over the world provide incentives to promote the use of electric vehicles. The market for traction inverters is expanding as a result of the development of cutting-edge technologies such high-performance power electronics, lightweight materials, and enhanced battery management systems. The rise of the electric vehicle market, which in turn is driving up demand for traction inverters, is being driven by the rising demand for renewable energy sources and the need to minimize carbon emissions. Demand for traction inverters is being fueled by the expansion of charging infrastructure, particularly in metropolitan areas, which is making it simpler for consumers to acquire and operate electric vehicles.
A significant barrier to the market's expansion is the high cost of EVs, which is partially attributed to the price of the traction inverter and other Applications. Consumers are very concerned about how little driving range electric cars have compared to conventional cars, which is also a market restraint for traction inverters. It is challenging for manufacturers to create traction inverters that are compatible with a variety of electric car models since the electric vehicle market lacks standards.
Traction Inverter Market Insights
Type, application, and regional sectors make up the traction inverter market. 500-1000 KW, Above 1000 KW, 100-500 KW, and Below 100 KW are separated under the type category. Based on application, the market is split into metro, light rail vehicles, EMU & locomotives, DMU (Diesel Multiple Units), and others. North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are further categories under which the region sector is divided.
Global Traction Inverter Market Geographical Competition
The United States and Canada control the majority of the North American market. The need for traction inverters is fueled by the region's well-established EV market and a strong presence of top automotive and technology firms. With many electric vehicles on the road in nations like Norway, Germany, and the Netherlands, Europe is a big market for EVs. Demand for traction inverters is being fueled by the region's strong emphasis on sustainability and lowering carbon emissions. The market for EVs and traction inverters is expanding in the Asia-Pacific region, particularly in China and Japan. The region has a sizable automotive industry, and demand for traction inverters is rising as a result of the charging infrastructure's quick expansion. The remainder of the world is a developing market for EVs and traction inverters, including Latin America, the Middle East, and Africa. In the upcoming years, it is anticipated that the EV market would experience considerable growth due to the region's growing desire for environmentally friendly transportation solutions.
Global Traction Inverter Industry Segment Analysis
Market By Type
· Above 1000 KW
· 500-1000 KW
· 100-500 KW
· Below 100 KW
Market By Application
· Light Rail Vehicles
· EMU & Locomotives
· DMU (Diesel Multiple Units)
Traction Inverter Market Leading Companies
The players profiled in the report are Siemens AG, ABB Ltd., Toshiba Corporation, Fuji Electric Co. Ltd., Danfoss A/S, Yaskawa Electric Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, and General Electric Company. Several key players in the traction inverter industry have made recent developments.
Continental AG, for example, has announced the development of a high-performance traction inverter for electric vehicles that will increase power density and energy efficiency.
In addition, Texas Instruments has launched a new line of traction inverters for electric vehicles that feature advanced power management technology for increased efficiency and performance.
Furthermore, Mitsubishi Electric Corporation has also developed a compact and lightweight traction inverter for electric vehicles, which will improve energy efficiency and lower overall vehicle costs.
Traction Inverter Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa