DUBLIN--(BUSINESS WIRE)--The "Traction Inverter Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Propulsion, Voltage, Technology, Vehicle" report has been added to ResearchAndMarkets.com's offering.
The Traction Inverter Market is expected to grow from US$ 13,128.48 million in 2021 to US$ 39,140.79 million by 2028. It is estimated to grow at a CAGR of 17.2% from 2022 to 2028.
The traction inverter is located between the high voltage system battery and the electric motor in the high voltage electrical system of a car, truck, or bus. The motor is driven by converting the DC power from the HV system into three AC output phases. A vital part of an EV, the inverter and motor work together to determine the dynamics, performance, and driving experience.
The effectiveness of the motor and traction under all driving conditions, including acceleration, steady state, and energy recovery into the battery through regenerative braking, directly affects a vehicle's range. Power integrations provide gate drivers and power supply ICs for the automotive-qualified traction inverter, which increases efficiency while reducing cost and space requirements and ensuring functional safety. Packages meet the most recent criteria for vehicles upgrading to 800 V designs with reinforced isolation and longer creepage distance.
One of the main causes that present an opportunity for industry growth is the notable increase in the demand for electric and hybrid electric vehicles worldwide. Due to the rise in demand for higher levels of integration and increased power density across electric vehicles, automotive manufacturers and suppliers are increasing their production. Accordingly, the automotive traction inverter market is expected to increase due to the rising demand for lithium-ion batteries. The majority of the plug-in hybrids and electric vehicles make use of lithium-ion batteries. The production of automotive lithium-ion batteries increased by 33% in 2020.
Additionally, several technical developments, like the WBG devices, primarily SiC and GaN, boost market expansion. The Si-IGBT is preferably used across the automotive industry owing to its affordability, efficiency, and short circuit capacity. In addition, the stringent regulatory reforms backed by the government and market players present lucrative opportunities for increasing demand for traction inverters with regard to rising electric car production. The automotive traction inverter market is expected to evolve with additional factors, such as rising awareness among the consumers, OEMs, and numerous suppliers brought by stringent government laws, which will further encourage the adoption of the automotive traction inverters in the global market.
The traction inverter market is segmented into propulsion type, vehicle type, voltage type, technology type, and geography. Based on propulsion type, the automotive traction inverter market is segmented into BEV, HEV, PHEV, and others. Based on voltage type, the automotive traction inverter market is segmented into up to 200V, 200 to 900V, and 900V and others. Based on technology type, the automotive traction inverter market is segmented into IGBT, MOSFET, and others. Based on vehicle type, the automotive traction inverter market is segmented into passenger cars, commercial vehicles, and others. The market is divided into five regions- North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The key companies operating in the field of traction inverter market that are profiled in the report include BorgWarner Inc., Delphi Technologies, Siemens AG, Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Voith GmBH, Infineon Technologies AG, Denso, and Continental AG.
Market Dynamics
Drivers
- Increasing Demand of Electric and Hybrid Electric Vehicles
- High demand for lithium-ion battery
Restraints
- Global shortage of semiconductors and chips
Opportunities
- Government and market players initiatives to booster the market growth
Future Trends
- Adoption of Advanced Technologies
Companies Mentioned
- BorgWarner Inc
- Continental AG
- Delphi Technologies Plc
- Hitachi, Ltd
- Mitsubishi Electric Corporation
- Siemens AG
- Toshiba Corporation
- Voith GmbH & Co- KGaA
- Curtiss-Wright Industrial Group
- Dana
For more information about this report visit https://www.researchandmarkets.com/r/2rdxi7
