NEV Traction Inverter Market Size, Share, Growth, and Industry Analysis, By Type (Low Voltage (24 to 144V) and High Voltage (144 to 800V)), By Application (Passenger Car, Commercial Vehicle and Low Speed Vehicle) and Regional Forecast to 2032

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NEV TRACTION INVERTER MARKET REPORT OVERVIEW

The NEV Traction Inverter Market Size is Projected to be worth US$ 15290 Million in 2023. The Market is likely to Surpass US$ 189555 Million by 2032 at a CAGR of 26% During the Forecast period [2024-2032].

The outbreak disrupted the global supply chains in almost all industries, leaving the manufacturing industries struggling to obtain components such as semiconductors and other electronics and raw materials for manufacturing traction inverters. Several production schedules were affected because many factories were closed due to the COVID-19 pandemic and particularly in the regions that received a higher impact.

COVID-19 Impact: Market Growth restrained by the Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The covid nineteen pandemic resulted in significant disruptions of the global value chain which reduced the availability of every ingredient including semiconductors, electronic parts, and raw materials for manufacture of traction inverters in the automobile industry. Factory closing down particularly in areas that were highly infected by COVID – 19 reduced manufacturing flow and minimized the overall manufacturing rates. In the early stages of the pandemic, the market faced a severe blow due to decreased car demand, NEV sales were not an exception for two main reasons: the lockdown measures and economic instability causing a decline in consumers’ purchasing power.

LATEST TRENDS

"Integrated Power Electronics to Propel Market Growth"

The most apparent trend at the moment is the incorporation of power electronics into one single unit or rather a single module, namely the inverter, the DC to DC converter, and the onboard charger. This not only decreases weight, price, and parts count to enhance reliability but also minimizes layout shape variations. These systems are centralized making them much smaller in size, hence flexibility in the number of designs for the vehicles and the available space. Given that the IPE has synergetic functionalities of performing the inverter function, the DC-DC converter function, and the onboard charger function in a single module, IPE has the double advantage of compactness/weight optimization. This integration also helps to increase the density as well as usage of the space available inside the vehicle thereby giving the manufactures more sq. footage to work with on a vehicle. It is advantageous to have as few modules as possible interconnected with wires and hoses and thus a centralized system makes the layout of the car and its construction easier.

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NEV TRACTION INVERTER MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Low Voltage (24 to 144V) and High Voltage (144 to 800V).

• Low Voltage (24 to 144V)- Low voltage components are less costly mainly because of the less quantities of electrical components applied in those inverters which makes it cheaper for applications that do not afford much. For low voltage systems, the design and the manufacturing seem to be less bogged down, thus make the car structure less of a challenge.

• High Voltage (144 to 800V)- Bigger systems can provide higher voltages, which in return equals higher-energy delivery, increased acceleration rates, greater maximum velocity, and enhanced performance. The higher voltage systems can operate at lower currents and consequently the energy losses decreases, and thus an improvement on the electric car range.

By Application

Based on application the market can be categorized into Passenger Car, Commercial Vehicle and Low Speed Vehicle.

• Passenger Car- The traction inverters therefore play a crucial role in propulsion systems of passenger cars by charging the speed and torque of the electric motor to provide efficient start/stop, acceleration/deceleration, and speed management of the vehicle.

• Commercial Vehicle- Traction inverters in the course of pulling heavy loads with lightness are found mostly in commercial vehicles like trucks and buses.
• Low Speed Vehicle- Neighbourhood Electric Vehicles, including electric scooters, golf cart, low speed vehicle, etc. employ traction inverters to control and ensure optimal and fluent supplying and driving of the motor at low speed.

DRIVING FACTORS

"Increasing Demand for Electric Vehicles (EVs) ""to Drive Market Advancement"

One of the key driving factors in the NEV Traction Inverter market growth is Increasing demand for Electric Vehicles (EVs). Increased consciousness and focus on the adverse effects of climate change and poor air quality are among the main factors that have led people to opt for green technology such as EVs instead of regular ICE vehicles. The governments around the globe come up with various incentives like tax credits, subsidies, and rebates to promote EVs and in turn increase the traction inverters demand. Automobile industries notice that due to different awareness campaigns concerning climate change and air pollution, people turn towards eco-friendly transportation. The electric vehicles known as EVs have the advantage of being powered by electricity and therefore do not give out as much emissions as cars with the internal combustion engines, thus improving on the state of the air.

"Advancements in Battery Technology ""to Expand the Market"

The improvement in the battery performance, or density per unit mass and hence increased range and capability, makes the use of EVs more appealing. This in turn leads to increased demand for A Efficient Traction Inverters Within the automotive industry, there is a growing need for efficiency in electric machines, and therefore the traction inverters that support them. The battery costs are decreasing over the years, and as more consumers are buying electric vehicles, there is a need for more traction inverters due to sales of the former. Since battery technology evolves and offers higher energy density, today’s EVs can cover more kilometers without battery recharge. Traction inverters are a vital component of an electric vehicle since they control the flow of power between the battery and the electrical motor, with a view to achieving the most optimal power output and hence, the biggest range possible.

RESTRAINING FACTOR

"High Initial Costs Poses Potential Impediments to Market Growth "

Given that the new traction inverters are to be developed with enhanced features such as power electronics integrated into the traction converters, and high power density, this is likely to call for more resources in terms of research, development and manufacturing. The cost of electric vehicle, which sums up expenses on the traction inverters, batteries and other components required for operation of electric cars, can be quite high in comparison with internal combustion engine cars, thus restricting the extent of buying behavior. Electrical cars in general cost more than ordinary ICE vehicles, mainly because of the price from the traction inverter, battery and other electric drive train . Due to this, companies such as Tesla have to invest higher costs in the tractor inverters hence making the price of EVs significantly high to limit the markets’ purchase for tractor inverters hence limiting the demand.

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NEV TRACTION INVERTER MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to presence of Strong Manufacturing Hub "

Asia Pacific has emerged as the most dominant region in the NEV Traction Inverter market share due to a convergence of factors that propel its leadership in this dynamic industry. The Asia Pacific region, especially China, has gained prominence as a manufacture of EVs and their components, such as traction inverters. The region is currently well-equipped with a supply chain, the existence of technical manufacturing industry, and government encouragement of the EV market. Asia Pacific region has had a high demand for electric vehicles through government incentives, concern for the environment and a growing awareness of the social consequences of emissions. This demand has translated to increased traction inverter sales in the region and has been marked as the future growth direction of the company.

KEY INDUSTRY PLAYERS

"Key Players Transforming the ""NEV Traction Inverter ""Landscape through Innovation and Global Strategy"

Major industry players are pivotal in shaping the NEV Traction Inverter market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of NEV Traction Inverter.

LIST OF MARKET PLAYERS PROFILED

• BorgWarner (U.S.)
• Tesla (U.S.)
• Inovance Automotive (China)
• Denso (Japan)
• Bosch (Germany)

INDUSTRIAL DEVELOPMENT

June 2022: The companies – ST Microelectronics and Semikron – recently shared that they would work together to produce a new semiconductor utilising SiC technology, which can be applied to electric vehicles’ traction drives.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.