Global EV Traction Inverter Market Size To Exceed USD 97.8 Billion By 2033 | CAGR of 20.30%
Category: Automotive & TransportationGlobal EV Traction Inverter Market Size To Exceed USD 97.8 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global EV Traction Inverter Market Size Expected to Grow from USD 15.4 Billion in 2023 to USD 97.8 Billion by 2033, at a CAGR of 20.30% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 105 Market data tables and figures & charts from the report on the "Global EV Traction Inverter Market Size, Share, and COVID-19 Impact Analysis, By Type (Low Voltage (24 to 144V), High Voltage (144 to 800V)), By Application (Passenger Car, Commercial Vehicle, Low-Speed Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/ev-traction-inverter-market
An EV traction inverter converts direct current from an electric vehicle's battery pack into alternating current, allowing for the control of speed and acceleration while increasing energy efficiency. As a vital aspect of smooth motor performance, it does play a very crucial role in managing motor function. Furthermore, the EV traction inverter market is increasing rapidly, driven by rising electric vehicle usage, advances in silicon carbide and gallium nitride technologies, and supporting government laws to promote zero-emission mobility. The integration of vehicle-to-grid technology will create opportunities when electric vehicles begin working as a component of an energy ecosystem by interacting with the power grid. However, a lack of consumer awareness of the benefits of traction inverters may cause some challenges to adoption rates, especially if people are not exposed to the electric car technology in use.
The high voltage segment is expected to hold the largest share of the global EV traction inverter market during the projected timeframe.
Based on type, the global EV traction inverter market is categorized as low voltage (24 to 144V), and high voltage (144 to 800V). Among these, the high voltage segment is expected to hold the largest share of the global EV traction inverter market during the projected timeframe. The high voltage category is being pushed by rising consumer demand for improved performance, such as longer range and faster charging. Advances in battery technology that support high voltage systems promote this tendency.
The commercial vehicle segment is expected to grow at the fastest CAGR during the projected timeframe.
Based on the application, the global EV traction inverter market is categorized as passenger car, commercial vehicle, and low-speed vehicle. Among these, the commercial vehicle segment is expected to grow at the fastest CAGR during the projected timeframe. Their ongoing expansion is due to regulatory demands for electrification, considerable operational savings, and advances in traction inverters, among other considerations. Increased e-commerce activity has resulted in advances in charging infrastructure and electric delivery systems, among other development reasons.
North America is projected to hold the largest share of the global EV traction inverter market over the projected timeframe.
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North America is projected to hold the largest share of the global EV traction inverter market over the projected timeframe. Government initiatives, incentives, and policies promoting the use of electric vehicles are also significant. Huge investments in research and development improve traction inverter technologies.
Asia Pacific is expected to grow at the fastest CAGR growth of the global EV traction Inverter market during the projected timeframe. Rapid urbanization and industrialization are increasing the demand for towns to adopt electric vehicles to reduce pollution. Government initiatives that encourage the use of EVs, such as incentives and subsidies, contribute positively to market potential.
Major vendors in the global EV traction inverter market are 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. and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In January 2023, Renesas Electronics Corporation, a leading producer of innovative semiconductor solutions, unveiled a novel gate driver integrated circuit (IC) for high-voltage power devices like IGBTs (Insulated Gate Bipolar Transistors) and SiC MOSFETs used in EV inverters.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global EV traction inverter market based on the below-mentioned segments:
Global EV Traction Inverter Market, By Type
- Low Voltage
- High Voltage
Global EV Traction Inverter Market, By Application
- Passenger Car
- Commercial Vehicle
- Low-Speed Vehicle
Global EV Traction Inverter Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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