InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global EV Traction Inverter Market – (By Type (Low Voltage (24 to 144V), High Voltage (144 to 800V), By Application (Passenger Car, Commercial Vehicle, Low-Speed Vehicle)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global EV Traction Inverter Market is valued at US$ 15.3 Bn in 2023, and it is expected to reach US$ 89.6 Bn by 2031, with a CAGR of 24.9% during the forecast period of 2024-2031.
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A traction inverter is a critical component in electric and hybrid vehicles, responsible for converting direct current (DC) from the battery into alternating current (AC) to power the electric motor, thereby enabling efficient vehicle operation. The traction inverter plays a key role in optimizing energy utilization, regulating motor speed, and managing power distribution. The market for traction inverters is witnessing significant growth, driven by the expansion of electric vehicle (EV) charging infrastructure and advancements in power electronics. The increasing global deployment of charging stations has addressed a major barrier to EV adoption by enhancing consumer confidence and reducing concerns about range limitations. Consequently, the rising demand for electric vehicles is fueling the need for high-performance traction inverters as charging infrastructure becomes more accessible and efficient. However, the market faces challenges related to the limited driving range of electric vehicles, which is closely tied to the energy efficiency and capacity of traction inverters. Consumers often perceive restricted range as a significant drawback, which can contribute to hesitancy in adopting electric vehicles.
List of Prominent 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
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Market Dynamics
Drivers:
The global traction inverter market is expected to witness substantial growth, driven by the increasing adoption of electric and hybrid electric vehicles among consumers. In the coming years, market expansion will be supported by advancements in electric propulsion systems and innovations in the power electronics sector. Stringent emission regulations and fuel efficiency mandates are expected to further drive market growth. Additionally, favorable government policies promoting electric mobility, along with financial incentives aimed at encouraging the adoption of electric vehicles, are anticipated to stimulate market development.
Challenges:
The growth of the global traction inverter market is likely to face challenges stemming from the limited availability and rising costs of raw materials. Intense competition from vehicles powered by internal combustion engines (ICE) may further constrain market expansion on a global scale. Moreover, the lack of adequate charging infrastructure in developing regions is expected to hinder market penetration and slow down the adoption of electric vehicles, thereby restraining the growth of the traction inverter market.
Regional Trends:
The North American traction inverter market is anticipated to secure a significant market share in terms of revenue and is projected to grow at a strong compound annual growth rate (CAGR) over the forecast period. This growth will be primarily driven by increased electric vehicle sales in the United States and Canada, supported by the presence of key automotive manufacturers and increased investments in developing a robust electric vehicle charging network. Europe is also expected to experience considerable growth, driven by rising demand for electric and hybrid electric vehicles, as traction inverters are essential for converting direct current (DC) into alternating current (AC) to power electric motors. Furthermore, government incentives promoting the adoption of zero-emission vehicles and strict emission regulations are expected to further accelerate market growth across the region.
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Segmentation of EV Traction Inverter Market-
By Type-
• Low Voltage (24 to 144V)
• High Voltage (144 to 800V)
By Application-
• Passenger Car
• Commercial Vehicle
• Low-Speed Vehicle
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
