Automotive Traction Inverter Market to Reach $46.3 billion, Globally, by 2032 at 16.4% CAGR: Allied Market Research

The global automotive traction inverters market is driven by adoption of silicon carbide (SiC) MOSFETs and high-voltage batteries, surge in demand for electric vehicles, increased demand for enhanced motor performance, and operational efficiency.

PORTLAND, Ore., July 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive traction inverters market by Propulsion Type (BEV, HEV, PHEV), by Output Power (Less Than Or Equal To 130 KW, More Than 130 KW), by Semiconductor Material (Gallium Nitride (GaN), Silicon (Si), Silicon Nitride (SiC)), by Technology Type (IGBT, MOSFET), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the automotive traction inverters industry generated $10.5 billion in 2022, and is anticipated to generate $46.3 billion by 2032, witnessing a CAGR of 16.4% from 2023 to 2032.

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Prime determinants of growth

Factors such as adoption of silicon carbide (SiC) MOSFETs and high-voltage batteries, surge in demand for electric vehicles, and increased demand for enhanced motor performance, and operational efficiency boost the growth of the automotive traction inverters market. However, lack of sufficient infrastructure for electric vehicles, impact of global semiconductor shortage on the automotive traction inverters industry are anticipated to hinder market growth. On the other hand, surge in demand for 800V traction inverters, expansion of the EV automotive industry in emerging markets provide a remarkable growth opportunity for the market players operating in the market.

Report Coverage & Details:

COVID 19 Impact Analysis

• The COVID-19 pandemic disrupted the global economic activity, including the automotive market and the electric vehicle industry on a global level.
• The pandemic led to considerable drop in automotive sales, insufficiency of raw material, and others.
• The automotive traction inverters market rebounded after the COVID-19 pandemic due to the resumption of economic activities, increased demand for electric vehicles, technological advancements, and industry collaborations.

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The BEV segment to maintain its leadership status throughout the forecast period

Based on propulsion type, the BEV segment held the highest market share in 2022, accounting for nearly three-fifths of the global automotive traction inverters market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, the same region is expected to witness the fastest CAGR of 16.9% from 2023 to 2032. This is owing to developments from semiconductor manufactures coupled with rise in sales of BEV.

The Silicon (Si) segment to maintain its leadership status throughout the forecast period

Based on semiconductor material, the silicon (Si) segment held the highest market share in 2022, accounting for more than two-thirds of the global automotive traction inverters market revenue, and is estimated to maintain its leadership status throughout the forecast period, as cost-effectiveness of silicon-based technology makes it an attractive choice for manufacturers targeting affordable electric vehicles and mass-market segments. However, the gallium nitride (GaN) segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032, as gallium nitride (GaN) is an emerging technology that is rapidly gaining traction as the preferred choice for power conversion and battery charging in hybrid and electric vehicles.

The IGBT segment to maintain its lead position during the forecast period

Based on technology type, the IGBT segment accounted for the largest share in 2022, contributing to more than two-thirds of the global automotive traction inverters market revenue, and is estimated to maintain its leadership status throughout the forecast period, as IGBTs are the preferred choice for high-voltage automotive inverters, driven by the rise in electric and hybrid vehicles and supported by collaborations among semiconductor providers. However, the MOSFET segment is expected to portray the largest CAGR of 17.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to the increasing demand for high-frequency applications, such as fast-charging systems and regenerative braking.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global automotive traction inverters market revenue. This is owing to the presence of major EV markets and supportive political developments and China holds the largest electric vehicle market share globally, representing approximately 60% of global electric car sales. However, Europe is expected to portray the largest CAGR of 17.1% from 2023 to 2032

Leading Market Players: -

• Borgwarner Inc.
• Denso Corporation
• Eaton Corporation
• Hitachi, Ltd.
• Mitsubishi Electric Corporation.
• Robert Bosch Gmbh
• TDK Electronics
• Valeo SA
• Vitesco Technologies Group Aktiengesellschaft
• Curtiss-Wright Corporation

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The report provides a detailed analysis of these key players of the global automotive traction inverters market. These players have adopted different strategies such as partnership, agreement, contract, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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