New Energy Vehicle Traction Motor 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

Updated On: 04 November 2024

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NEW ENERGY VEHICLE TRACTION MOTOR INVERTER MARKET REPORT OVERVIEW

The New Energy Vehicle Traction Motor 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].

A traction motor inverter is also required in energy vehicles since it provides the battery’s DC power in the form of AC power to the electric motor. This conversion which is essential for motor functioning is done through a circuit using either IGBTs or MOSFETs. A microcontroller or digital signal processor (DSP) within the control circuit manages the output voltage and frequency of the inverter for optimum and steady motor operation. An output filter reduces high-frequency harmonics on the AC voltage and gives a clean source of power and a heat sink to expel heat that can cause dangerous temperatures while operating.

Traction inverters are employed in various ELVs, such as automobiles, trucks, trains and mining equipment influencing the operation of the vehicle system. They regulate the speed and amplitudes of movement and rotation of the motor and enhance the performance as well as the operating range of a vehicle. The innovative recent developments include the incorporation of silicon carbide (SiC) power semiconductor devices. They are efficient, permitting higher temperatures of operation and allowing faster switching thus enabling miniaturization and improvement of efficiency of inverters. These contributions enhance the range and performance of the vehicle, in so doing they support the correlation that the traction inverter plays in enhancing electric vehicles as green technology.

COVID-19 Impact: Pandemic disruptions proved that the market of NEV inverter has supplied chain vulnerability

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-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-19 outbreak expanded the lithium-ion battery industry threat, relevant to new energy vehicle traction motor inverters. These disruptions revealed that there are significant issues with the EV supply chain that resulted in time delays and costs for EV manufacturers. The volatility was making investors cautious about the long-term stability of the NEV market which is highly operational on traction motor inverters for its survival based on good quality batteries. This has led industry players to look for options to integrate multiple sources for supplies and to also work towards building a stronger channel and approach for logistics and production of the NEV traction motor inverter market to sustain its progression.

LATEST TRENDS

"Introduction of advanced technologies such as SiC MOSFETs and high-voltage batteries increases traction inverter efficiency to fuel the market"

New technologies are then changing traction inverters, as the general use of silicon carbide (SiC) metal-oxide-semiconductor field-effect transistors (MOSFETs) shows a breakthrough. SiC MOSFETs offer better parameters than silicon devices because they can work at higher temperatures and frequency with much less power loss, which increases efficiency and enables the reduction of energy waste. Additionally, increased usage of high-voltage batteries contributes to this transformation by providing higher energy density and power. Thus, traction inverters can enhance the performance and range of electric vehicles and contribute to better acceleration and vehicle characteristics. These innovations are instrumental in the advancement of traction inverters, making them more effective and powerful to support car applications in electrical and hybrid vehicles. To continue being relevant and to meet the constantly rising requirement for improved electric cars, the manufacturers are gradually integrating such features into their vehicles.

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NEW ENERGY VEHICLE TRACTION MOTOR INVERTER MARKET SEGMENTATION

By Type

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

• Low Voltage (24 to 144V): Low voltage new energy vehicle traction motor inverters, ranging from 24 to 144V, cater to applications with moderate power needs. Commonly installed in entry-level electric vehicles and certain hybrids, they offer cost-effective solutions suitable for city driving. With simplified design and installation, these inverters are ideal for compact vehicles, aiding in weight reduction and cost savings.

• High Voltage (144 to 800V): High voltage new energy vehicle traction motor inverters, ranging from 144 to 800V, excel in high-power applications, notably in high-performance electric and advanced hybrid vehicles. With advanced features optimizing efficiency and power delivery, they enhance vehicle acceleration and top speed, meeting the demands of performance-oriented driving. These inverters provide ample power for extended range and high-speed driving ensuring superior performance.

By Application

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

• Passenger Car: The passenger car's new energy vehicle traction motor inverters focus on its efficiency and comfort for daily passenger travel, getting smooth and quiet acceleration. Balancing power output with energy efficiency, they focus on enhancing range and performance. Advanced control systems optimize power delivery, minimizing energy consumption while maximizing range. Crucial for urban environments, these inverters promote the adoption of electric vehicles, revolutionizing urban mobility.

• Commercial Vehicle: Commercial vehicle new energy vehicle traction motor inverters prioritize durability and reliability for demanding operational conditions, delivering high torque for transportation and logistics. Robust construction and advanced thermal management systems ensure consistent performance under heavy loads. Prioritizing power efficiency and regenerative braking, they enhance fuel economy. Advanced diagnostics enable proactive maintenance, optimizing fleet operations and minimizing downtime.

• Low Speed Vehicle: Low-speed vehicle new energy vehicle traction motor inverters prioritize compact size and energy efficiency for urban and recreational use. Designed for low-speed operation, they maximize battery life while delivering sufficient power. Simplified control systems ensure easy operation and maintenance. Safety features such as regenerative braking and traction control enhance stability. Compact, lightweight designs promote versatility and compatibility with various vehicle configurations.

DRIVING FACTORS

"Growing need for electric cars and hybrid cars to drive the growth of the market"

The change in trends towards electric and hybrid vehicle consumption is a major driving force that is pushing the global New Energy Vehicle Traction Motor Inverter Market growth. These vehicles include traction motor inverters which are part of the internal structures of the vehicle and have a very crucial role that they play within the vehicle. The rise in the uptake of electric and hybrid cars is also due to energy conservation and higher concern for the environment among citizens of the world. These changes are driven by factors such as environmental and safety concerns, government policies which support the use of green mobility and advancement in technology covering battery power, performance and durability. The increasing consumer focus on sustainability and the desire to do away with regular combustion-based engines push the market for the traction motor inverter up. Therefore, manufacturers are forced to advance in the manufacturing and development of these inverters to meet the never-ending emerging market of electric and hybrid vehicles and thus traction motor inverter market.

"Rising focus towards upgrading the efficiency and reliability to expand the market"

More emphasis is placed on enhancing the efficiency and reliability of electric vehicle systems, thus underlining the requirement for advanced traction inverters to effectively power such automobiles. This trend emanates from efforts to enhance powered components and the reliability of electrical vehicles. With the automotive sector moving more towards environmentally friendly technology, the utilization of electric engines is under the concept of efficiency and reliability trends. This includes upgrading the performance of traction inverters, critical devices that enable the powering of electric vehicles. As society shifts towards green technology which has an increasing push towards either environmental friendliness or efficient energy usage, the need for efficient traction inverters that meet these needs is now more than ever. They are thus forced into designing the successive generation of next traction inverters for EVs suitable to the dynamic changing needs while in operation under different conditions to meet efficiency reliability demands.

RESTRAINING FACTORS

"Development and manufacturing of these products attract high costs to put barriers in the market"

High initial investments required in research and development, technology and structure to develop and manufacture traction motor inverters are some of the significant barriers that a new entrant has to face. The process requires significant capital investment to succeed and thus calls for solid strategic initiatives to break entry barriers. The complex technological aspects of designing and manufacturing traction motor inverters require major research efforts to develop new technologies and produce high-quality products. There is also a need to enhance physical capital through significant infrastructural investments to facilitate the manufacturing processes. These investments include identifying and acquiring production facilities, the procurement of all necessary equipment for establishing production lines and quality assurance mechanisms that will guarantee their products’ adherence to the recommended standards. The high level of investment required in the development of traction motor inverters shows that new market entrants face some challenges as they seek to establish themselves in the market and underline the need to have adequate capital investment when venturing into the industry.

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NEW ENERGY VEHICLE TRACTION MOTOR INVERTER MARKET REGIONAL INSIGHTS

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

"Asia Pacific’s increasing demand for electric vehicles and the stringent environmental standards to lead the market"

The Asia Pacific is expected to dominate the market and hold the largest global New Energy Vehicle Traction Motor Inverter Market share. This model is driven by factors such as the fast-growing electric vehicle demand and stringently regulated emissions standards in the region’s market. These factors have significant impacts in determining market development across the Asia Pacific region. Electric vehicles have been growing for several reasons which include incentives by governments to use electric cars, awareness of the repercussions of polluting the environment and advancements in battery technology. Similarly, stringent environmental standards to reduce emissions control automotive makers into researching better solutions in transportation, thereby driving the need for traction motor inverters. Asia Pacific region takes the biggest share in the market which explains its strategic position in influencing the future of electric vehicles worldwide. With an increasing focus on the implementation of sustainable transportation systems in the region, the NEV traction motor inverter market is expected to grow and diversify steadily to address the dynamic demands of the automotive industry.

KEY INDUSTRY PLAYERS

"Key industry players are committed to innovation advances for the expansion of the market"

Key industry players are constantly innovating traction inverters underlining the industry’s commitment to improve performance and market growth. Such innovations and collaborations point towards the developments within the automotive field as part of moving society collectively forward. Prominent industry players are actively working toward innovation when it comes to traction inverters with the main objective of improving efficiency and power. This strategy emphasizes the importance of the industry’s concern for continuously pushing the bar with advanced technologies that meet new market needs. This means that key players are collaborating to establish joint efforts and synergies to enhance the innovation of traction inverters with fundamental aspects such as design and functionality. Such partnerships are crucial in determining the future direction of traction inverter technology and providing a solid foundation for the development of more efficient solutions in the market.

LIST OF MARKET PLAYERS PROFILED

• Denso (Japan)
• Nidec (Japan)
• Hitachi Astemo (Japan)
• BYD (China)
• Inovance Automotive (China)
• UAES (China)
• Broad-Ocean (China)
• Tianjin Santroll (China)
• Shenzhen V&T Technologies (China)
• JEE (China)
• Shenzhen Greatland (China)
• Tesla (U.S.)
• BorgWarner (U.S.)
• Curtis (U.S.)
• MEGMEET (U.S.)
• DANA TM4 (Canada)
• Bosch (Germany)
• ZF (Germany)
• MAHLE (Germany)
• Danfoss (Germany)
• Schaeffler (Germany)
• Zapi (Italy)

INDUSTRIAL DEVELOPMENT

October 2024: BMW partners with Allegro MicroSystems to replace the old sensors used in EV traction inverters to have more control over the motor and cover more mileage on a single charge. Allegro's magnetic-based current-sensor ICs, using the Hall effect, offer advantages over traditional methods such as shunt resistors. These ""non-contact"" sensors improve safety and reliability, with plans for ASIL-rated options. Allegro is expanding its portfolio, including TMR-based sensors, through acquisitions such as Crocus Technology.

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.