Press release
Automotive Traction Inverter Market Size Reach $46.3 Billion by 2032
According to a new report from Allied Market Research, titled "Automotive Traction Inverters Market," the market for automotive traction inverters was valued at $10.5 billion in 2022 and is projected to reach $46.3 billion by 2032, with a CAGR of 16.4% from 2023 to 2032.
In 2022, Asia-Pacific led the automotive traction inverter market, driven largely by China's significant adoption of EVs and investments in clean energy. India is also emerging as a key player in EV adoption, while both India and South Korea are focused on improving charging infrastructure to promote electric vehicles.
Download Sample Report (Get Full Insights in PDF - 392 Pages) at: https://www.alliedmarketresearch.com/request-sample/A09719
COVID 19 Impact Analysis
1. The COVID-19 pandemic disrupted the global economic activity, including the automotive market and the electric vehicle industry on a global level.
The pandemic led to considerable drop in automotive sales, insufficiency of raw material, and others.
2. The automotive traction inverters market rebounded after the COVID-19 pandemic due to the resumption of economic activities, increased demand for electric vehicles, technological advancements, and industry collaborations.
Europe is the second-largest region in the automotive traction inverter market, encompassing countries like the UK, Germany, France, Italy, Spain, Russia, and Norway. A notable trend in Europe is the strong emphasis on reducing carbon emissions to meet sustainability standards, which has led to stricter pollution controls and greater incentives for EV use. The EU's carbon emission guidelines target substantial reductions across various vehicle categories, including fleet averages, with goals of a 45% reduction by 2030, 65% by 2035, and 90% by 2040. By 2030, all new municipal buses must be zero-emission vehicles (ZEVs). Additionally, emissions from new cars and vans must decrease by 15% by 2025, aiming for a 100% reduction by 2035. These regulations are pushing automotive companies to speed up EV and hybrid vehicle adoption, driving demand for automotive traction inverters in the region.
Germany's market includes prominent players such as Robert Bosch GmbH, TDK Electronics, Vitesco Technologies, and hofer powertrain. These companies have invested heavily in R&D, resulting in advanced traction inverters for EVs. For example, in August 2022, Germany-based hofer powertrain partnered with VisIC Technologies to develop gallium nitride-based inverters for EVs, aiming to improve performance and reduce costs for 800V battery systems. In December 2021, Robert Bosch GmbH also introduced its first generation of SiC MOSFETs for traction inverters to enhance power modules.
For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/A09719
IGBTs represent a major segment in the automotive traction inverter market. Preferred for high-voltage applications, IGBTs are critical for EVs and hybrids due to their capacity to manage high currents and voltages with reliability. IGBT-based inverters are often equipped with advanced control algorithms to optimize traction, regenerative braking, and overall performance. Rising demand for EVs and hybrids is driving expansion in IGBT-based inverters, with semiconductor companies collaborating to address this demand. For example, in May 2023, Denso Corporation partnered with United Semiconductor Japan Co., Ltd. to produce insulated gate bipolar transistors (IGBTs), achieving mass production at USJC's 300mm fab. IGBTs play a crucial role in converting DC to AC power for EV motors.
With increased battery use in EVs, significant heat dissipation has prompted manufacturers to develop inverters with advanced cooling systems. In December 2021, Hitachi Astemo Ltd. collaborated with Geely Automobile Holdings Limited on the hybrid powertrain platform "Leishen Hi-X," incorporating a direct water-cooled power module with dual-sided cooling for compactness and high output. These advancements in thermal performance are expected to boost market growth over the forecast period.
Based on semiconductor material, the silicon (Si) segment held the highest market share in 2022, accounting for more than two-thirds of the global automotive traction inverters market revenue, and is estimated to maintain its leadership status throughout the forecast period, as cost-effectiveness of silicon-based technology makes it an attractive choice for manufacturers targeting affordable electric vehicles and mass-market segments. However, the gallium nitride (GaN) segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032, as gallium nitride (GaN) is an emerging technology that is rapidly gaining traction as the preferred choice for power conversion and battery charging in hybrid and electric vehicles.
Buy Now & Get Up to 50% off on This Report: https://www.alliedmarketresearch.com/automotive-traction-inverters-market/purchase-options
Based on technology type, the IGBT segment accounted for the largest share in 2022, contributing to more than two-thirds of the global automotive traction inverters market revenue, and is estimated to maintain its leadership status throughout the forecast period, as IGBTs are the preferred choice for high-voltage automotive inverters, driven by the rise in electric and hybrid vehicles and supported by collaborations among semiconductor providers. However, the MOSFET segment is expected to portray the largest CAGR of 17.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to the increasing demand for high-frequency applications, such as fast-charging systems and regenerative braking.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global automotive traction inverters market revenue. This is owing to the presence of major EV markets and supportive political developments and China holds the largest electric vehicle market share globally, representing approximately 60% of global electric car sales. However, Europe is expected to portray the largest CAGR of 17.1% from 2023 to 2032.
Leading Market Players: -
Borgwarner Inc.
Denso Corporation
Eaton Corporation
Hitachi, Ltd.
Mitsubishi Electric Corporation.
Robert Bosch Gmbh
TDK Electronics
Valeo SA
Vitesco Technologies Group Aktiengesellschaft
Curtiss-Wright Corporation
Access the full summary at: https://www.alliedmarketresearch.com/automotive-traction-inverters-market-A09719
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
In 2022, Asia-Pacific led the automotive traction inverter market, driven largely by China's significant adoption of EVs and investments in clean energy. India is also emerging as a key player in EV adoption, while both India and South Korea are focused on improving charging infrastructure to promote electric vehicles.
Download Sample Report (Get Full Insights in PDF - 392 Pages) at: https://www.alliedmarketresearch.com/request-sample/A09719
COVID 19 Impact Analysis
1. The COVID-19 pandemic disrupted the global economic activity, including the automotive market and the electric vehicle industry on a global level.
The pandemic led to considerable drop in automotive sales, insufficiency of raw material, and others.
2. The automotive traction inverters market rebounded after the COVID-19 pandemic due to the resumption of economic activities, increased demand for electric vehicles, technological advancements, and industry collaborations.
Europe is the second-largest region in the automotive traction inverter market, encompassing countries like the UK, Germany, France, Italy, Spain, Russia, and Norway. A notable trend in Europe is the strong emphasis on reducing carbon emissions to meet sustainability standards, which has led to stricter pollution controls and greater incentives for EV use. The EU's carbon emission guidelines target substantial reductions across various vehicle categories, including fleet averages, with goals of a 45% reduction by 2030, 65% by 2035, and 90% by 2040. By 2030, all new municipal buses must be zero-emission vehicles (ZEVs). Additionally, emissions from new cars and vans must decrease by 15% by 2025, aiming for a 100% reduction by 2035. These regulations are pushing automotive companies to speed up EV and hybrid vehicle adoption, driving demand for automotive traction inverters in the region.
Germany's market includes prominent players such as Robert Bosch GmbH, TDK Electronics, Vitesco Technologies, and hofer powertrain. These companies have invested heavily in R&D, resulting in advanced traction inverters for EVs. For example, in August 2022, Germany-based hofer powertrain partnered with VisIC Technologies to develop gallium nitride-based inverters for EVs, aiming to improve performance and reduce costs for 800V battery systems. In December 2021, Robert Bosch GmbH also introduced its first generation of SiC MOSFETs for traction inverters to enhance power modules.
For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/A09719
IGBTs represent a major segment in the automotive traction inverter market. Preferred for high-voltage applications, IGBTs are critical for EVs and hybrids due to their capacity to manage high currents and voltages with reliability. IGBT-based inverters are often equipped with advanced control algorithms to optimize traction, regenerative braking, and overall performance. Rising demand for EVs and hybrids is driving expansion in IGBT-based inverters, with semiconductor companies collaborating to address this demand. For example, in May 2023, Denso Corporation partnered with United Semiconductor Japan Co., Ltd. to produce insulated gate bipolar transistors (IGBTs), achieving mass production at USJC's 300mm fab. IGBTs play a crucial role in converting DC to AC power for EV motors.
With increased battery use in EVs, significant heat dissipation has prompted manufacturers to develop inverters with advanced cooling systems. In December 2021, Hitachi Astemo Ltd. collaborated with Geely Automobile Holdings Limited on the hybrid powertrain platform "Leishen Hi-X," incorporating a direct water-cooled power module with dual-sided cooling for compactness and high output. These advancements in thermal performance are expected to boost market growth over the forecast period.
Based on semiconductor material, the silicon (Si) segment held the highest market share in 2022, accounting for more than two-thirds of the global automotive traction inverters market revenue, and is estimated to maintain its leadership status throughout the forecast period, as cost-effectiveness of silicon-based technology makes it an attractive choice for manufacturers targeting affordable electric vehicles and mass-market segments. However, the gallium nitride (GaN) segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032, as gallium nitride (GaN) is an emerging technology that is rapidly gaining traction as the preferred choice for power conversion and battery charging in hybrid and electric vehicles.
Buy Now & Get Up to 50% off on This Report: https://www.alliedmarketresearch.com/automotive-traction-inverters-market/purchase-options
Based on technology type, the IGBT segment accounted for the largest share in 2022, contributing to more than two-thirds of the global automotive traction inverters market revenue, and is estimated to maintain its leadership status throughout the forecast period, as IGBTs are the preferred choice for high-voltage automotive inverters, driven by the rise in electric and hybrid vehicles and supported by collaborations among semiconductor providers. However, the MOSFET segment is expected to portray the largest CAGR of 17.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to the increasing demand for high-frequency applications, such as fast-charging systems and regenerative braking.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global automotive traction inverters market revenue. This is owing to the presence of major EV markets and supportive political developments and China holds the largest electric vehicle market share globally, representing approximately 60% of global electric car sales. However, Europe is expected to portray the largest CAGR of 17.1% from 2023 to 2032.
Leading Market Players: -
Borgwarner Inc.
Denso Corporation
Eaton Corporation
Hitachi, Ltd.
Mitsubishi Electric Corporation.
Robert Bosch Gmbh
TDK Electronics
Valeo SA
Vitesco Technologies Group Aktiengesellschaft
Curtiss-Wright Corporation
Access the full summary at: https://www.alliedmarketresearch.com/automotive-traction-inverters-market-A09719
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
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