An automotive traction inverter, an essential component of power electronics, performs the task of converting direct current (DC) power sourced from the battery pack into alternating current (AC) power required for operating the electric motor (s) in electric and hybrid cars. It plays a crucial role in ensuring precise regulation of the motor speed and torque, thereby greatly impacting vehicle performance and efficiency. To ensure reliable and safe operation, the traction inverter incorporates cooling and protection mechanisms. The usage of high-efficiency inverters aids in expanding the driving range of electric vehicles by minimizing power losses during the process of power conversion.
The precise control and modulation of inverters significantly contribute to seamless and rapid acceleration, regenerative braking, and overall vehicle efficiency. Traction inverter’s primary function is to convert the direct current (DC) power obtained from batteries into alternating current (AC) power required for powering electric motors used for propulsion and other purposes. By enabling precise control over motor speed and torque, traction inverters enhance the efficiency and maneuverability of the vehicles.
Moreover, surge in adoption of EVs drives the growth of automotive traction inverters market. In addition, key players operating in the electric vehicle power inverter market are adopting various strategic moves such as partnership to tap the business potential. For instance, July 2022, Renault Group and Vitesco Technologies formed a strategic partnership to collaboratively develop and produce power electronics for electric and hybrid powertrains. The focus of this partnership is to create a "One Box" solution, which integrates multiple components into a single housing. This includes the DC-DC converter, the on-board charger (OBC), and the inverter. By combining these elements into a compact electronic unit, the aim is to enhance efficiency and simplify the integration of power electronics in electric and hybrid vehicles of Renault.
Moreover, the electric vehicles market has grown exponentially due to factors, such as climate change and efforts to achieve net zero emissions. In addition, favorable incentives and policies introduced by governments of different countries to promote electric vehicles boost the growth of the EV industry. For instance, in 2021, in California, the Clean Vehicle Rebate Project (CVRP) promoted clean vehicle adoption in California by offering rebates ranging from $1,000 to $7,000 for purchases or leases of new zero-emission vehicle. Moreover, in 2021, New Zealand proposed clean car discount, in which new car buyers received $8,625 rebate for electric vehicles (EVs) less than $80,000, including GST and road costs.
Furthermore, automotive companies and semiconductor manufacturers collaborated to develop efficient traction inverters. For instance, in February 2023, SEMIKRON, a semiconductor company awarded a billion-dollar contract by a major German car manufacturer for their advance eMPack power module platform. Specifically designed for silicon carbide technology, this platform expected to be utilized in upcoming generation EV inverters of the car. Hence, surge in demand for fuel-efficient vehicles and collaborations between automotive and semiconductor companies drive the growth of the passenger vehicle segment of automotive traction inverters market.
In addition, The adoption of 800V traction inverters offers several advantages. First and foremost, they enable faster charging capabilities, allowing electric vehicles to charge at higher power levels, reducing overall charging time. This addresses one of the key concerns for electric vehicle owners and helps improve the overall convenience and usability of electric vehicles. In addition, 800V traction inverters may enhance the operational efficiency of electric vehicles. Higher voltage systems help reduce energy losses during power conversion, resulting in improved overall system efficiency. This leads to increased driving range, as more energy from the battery pack may be effectively utilized for propulsion, maximizing the vehicle efficiency.
The automotive traction inverters market is segmented into propulsion type, output power, semiconductor material, technology type, vehicle type and region. On the basis of propulsion type, it is segregated into BEV, HEV, and PHEV. On the basis of output power, it is fragmented into less than or equal to 130 KW, more than 130 KW. On the basis of semiconductor material, the market is categorized into gallium nitride (GaN), silicon (Si), and silicon nitride (SiC). On the basis of technology type, it is fragmented into IGBT, and MOSFET. On the basis of vehicle type, it is fragmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include BorgWarner Inc., Denso Corporation, Eaton Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Robert Bosch GmbH, Curtiss-Wright Corporation, TDK Electronics, Valeo SA, and Vitesco Technologies Group Aktiengesellschaft.
The precise control and modulation of inverters significantly contribute to seamless and rapid acceleration, regenerative braking, and overall vehicle efficiency. Traction inverter’s primary function is to convert the direct current (DC) power obtained from batteries into alternating current (AC) power required for powering electric motors used for propulsion and other purposes. By enabling precise control over motor speed and torque, traction inverters enhance the efficiency and maneuverability of the vehicles.
Moreover, surge in adoption of EVs drives the growth of automotive traction inverters market. In addition, key players operating in the electric vehicle power inverter market are adopting various strategic moves such as partnership to tap the business potential. For instance, July 2022, Renault Group and Vitesco Technologies formed a strategic partnership to collaboratively develop and produce power electronics for electric and hybrid powertrains. The focus of this partnership is to create a "One Box" solution, which integrates multiple components into a single housing. This includes the DC-DC converter, the on-board charger (OBC), and the inverter. By combining these elements into a compact electronic unit, the aim is to enhance efficiency and simplify the integration of power electronics in electric and hybrid vehicles of Renault.
Moreover, the electric vehicles market has grown exponentially due to factors, such as climate change and efforts to achieve net zero emissions. In addition, favorable incentives and policies introduced by governments of different countries to promote electric vehicles boost the growth of the EV industry. For instance, in 2021, in California, the Clean Vehicle Rebate Project (CVRP) promoted clean vehicle adoption in California by offering rebates ranging from $1,000 to $7,000 for purchases or leases of new zero-emission vehicle. Moreover, in 2021, New Zealand proposed clean car discount, in which new car buyers received $8,625 rebate for electric vehicles (EVs) less than $80,000, including GST and road costs.
Furthermore, automotive companies and semiconductor manufacturers collaborated to develop efficient traction inverters. For instance, in February 2023, SEMIKRON, a semiconductor company awarded a billion-dollar contract by a major German car manufacturer for their advance eMPack power module platform. Specifically designed for silicon carbide technology, this platform expected to be utilized in upcoming generation EV inverters of the car. Hence, surge in demand for fuel-efficient vehicles and collaborations between automotive and semiconductor companies drive the growth of the passenger vehicle segment of automotive traction inverters market.
In addition, The adoption of 800V traction inverters offers several advantages. First and foremost, they enable faster charging capabilities, allowing electric vehicles to charge at higher power levels, reducing overall charging time. This addresses one of the key concerns for electric vehicle owners and helps improve the overall convenience and usability of electric vehicles. In addition, 800V traction inverters may enhance the operational efficiency of electric vehicles. Higher voltage systems help reduce energy losses during power conversion, resulting in improved overall system efficiency. This leads to increased driving range, as more energy from the battery pack may be effectively utilized for propulsion, maximizing the vehicle efficiency.
The automotive traction inverters market is segmented into propulsion type, output power, semiconductor material, technology type, vehicle type and region. On the basis of propulsion type, it is segregated into BEV, HEV, and PHEV. On the basis of output power, it is fragmented into less than or equal to 130 KW, more than 130 KW. On the basis of semiconductor material, the market is categorized into gallium nitride (GaN), silicon (Si), and silicon nitride (SiC). On the basis of technology type, it is fragmented into IGBT, and MOSFET. On the basis of vehicle type, it is fragmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include BorgWarner Inc., Denso Corporation, Eaton Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Robert Bosch GmbH, Curtiss-Wright Corporation, TDK Electronics, Valeo SA, and Vitesco Technologies Group Aktiengesellschaft.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive traction inverters market analysis from 2022 to 2032 to identify the prevailing automotive traction inverters market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive traction inverters market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive traction inverters market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
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
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Russia
- Italy
- Netherlands
- Norway
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Vietnam
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BorgWarner Inc.
- Curtiss-Wright Corporation
- Denso Corporation
- Eaton Corporation
- Hitachi, Ltd.
- Mitsubishi Electric Corporation.
- Robert Bosch GmbH
- TDK Electronics
- Valeo SA
- Vitesco Technologies Group Aktiengesellschaft
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE TRACTION INVERTERS MARKET, BY PROPULSION TYPE
CHAPTER 5: AUTOMOTIVE TRACTION INVERTERS MARKET, BY OUTPUT POWER
CHAPTER 6: AUTOMOTIVE TRACTION INVERTERS MARKET, BY SEMICONDUCTOR MATERIAL
CHAPTER 7: AUTOMOTIVE TRACTION INVERTERS MARKET, BY TECHNOLOGY TYPE
CHAPTER 8: AUTOMOTIVE TRACTION INVERTERS MARKET, BY VEHICLE TYPE
CHAPTER 9: AUTOMOTIVE TRACTION INVERTERS MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Automotive Traction Inverters Market is expected to experience a significant growth rate of 16.4% from 2023 to 2032 owing to rise in adoption of electrical vehiclesAn automotive traction inverter, an essential component of power electronics, performs the task of converting direct current (DC) power sourced from the battery pack into alternating current (AC) power required for operating the electric motor(s) in electric and hybrid cars. It plays a crucial role in ensuring precise regulation of the motor speed and torque, thereby greatly impacting vehicle performance and efficiency. To ensure reliable and safe operation, the traction inverter incorporates cooling and protection mechanisms. The usage of high-efficiency inverters aids in expanding the driving range of electric vehicles by minimizing power losses during the process of power conversion.
The precise control and modulation of inverters significantly contribute to seamless and rapid acceleration, regenerative braking, and overall vehicle efficiency. Traction inverter’s primary function is to convert the direct current (DC) power obtained from batteries into alternating current (AC) power required for powering electric motors used for propulsion and other purposes. By enabling precise control over motor speed and torque, traction inverters enhance the efficiency and maneuverability of the vehicles.
An automotive traction inverter, an essential component of power electronics, performs the task of converting direct current (DC) power sourced from the battery pack into alternating current (AC) power required for operating the electric motor(s) in electric and hybrid cars. It plays a crucial role in ensuring precise regulation of the motor speed and torque, thereby greatly impacting vehicle performance and efficiency. To ensure reliable and safe operation, the traction inverter incorporates cooling and protection mechanisms. The usage of high-efficiency inverters aids in expanding the driving range of electric vehicles by minimizing power losses during the process of power conversion.
The precise control and modulation of inverters significantly contribute to seamless and rapid acceleration, regenerative braking, and overall vehicle efficiency. Traction inverter’s primary function is to convert the direct current (DC) power obtained from batteries into alternating current (AC) power required for powering electric motors used for propulsion and other purposes. By enabling precise control over motor speed and torque, traction inverters enhance the efficiency and maneuverability of the vehicles.
Moreover, the growing demand for electric and hybrid vehicles is driving the market for automotive traction inverters in the subsegment of less than or equal to 130 kW. These vehicles have reduced emissions and improved fuel efficiency, and they are becoming more popular among ecological consumer base. Vehicles in this subsegment often incorporate regenerative braking, which allows the traction inverter to capture and convert kinetic energy during braking into electrical energy. This regenerative capability improves the overall energy efficiency and range of vehicle.
In addition, Si is the most widely used semiconductor material in various electronic applications. Si-based semiconductor technology has well-established manufacturing processes, resulting in lower production costs compared to emerging semiconductor materials. This cost advantage makes Si-based inverters more economically viable for automotive traction applications.
Silicon-based inverters continue to dominate the automotive traction inverter market, especially in mainstream vehicles where cost considerations are critical. The growing market for electric and hybrid vehicles ensures a steady demand for Si-based inverters in the near term. The economic advantage of Si-based inverters remains significant, particularly for low-power applications. The low cost of silicon-based technology makes it an appealing choice for producers aiming for low-priced electric vehicles and mass-market categories.
Furthermore, SiC-based power MOSFETs are an alternative to traditional Silicon MOSFETs. SiC MOSFETs offer lower on-resistance, higher breakdown voltage, and faster switching speeds, resulting in reduced conduction and switching losses. By replacing Silicon MOSFETs with SiC MOSFETs in the inverter circuitry, the overall efficiency and power density of the system may be improved. SiC MOSFETs may handle higher operating temperatures, allowing for more compact and efficient cooling systems. To utilize these benefits traction inverter suppliers collaborated to work on development of SiC MOSFET based inverters. For instance, in March 2022, Hitachi Energy, a subsidiary of Hitachi, Ltd., and NXP Semiconductors collaborated to advance the use of silicon carbide (SiC) power semiconductor modules in e-mobility. The collaboration aims to develop more efficient, reliable, and safe solutions for powertrain inverters. The project involves utilizing GD3160 isolated HV Gate Drivers of NXP and RoadPak automotive SiC MOSFET power modules of Hitachi Energy. This collaboration is projected to contribute to the wider adoption of SiC technology in the e-mobility sector, enhancing performance and driving the transition to electric vehicles. Therefore, the adoption of MOSFET technology in automotive traction inverters is driven by the need for higher efficiency and power density.
The automotive traction inverters market is segmented into propulsion type, output power, semiconductor material, technology type, vehicle type and region. On the basis of propulsion type, it is segregated into BEV, HEV, and PHEV. On the basis of output power, it is fragmented into less than or equal to 130 KW, more than 130 KW. On the basis of semiconductor material, the market is categorized into gallium nitride (GaN), silicon (Si), and silicon nitride (SiC). On the basis of technology type, it is fragmented into IGBT, and MOSFET. On the basis of vehicle type, it is fragmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Europe is a prominent region in the automotive traction inverters market, the UK, Germany, France, Italy, Spain, Russia, Netherlands, Norway and the rest of Europe. One notable trend is the increased focus on decreasing carbon emissions and meeting sustainability standards. European governments have imposed strict pollution limits, promoting the use of electric vehicles.
Furthermore, France based company also showcased its product at auto event to expand its presence. For instance, in September 2022, Valeo SA presented its advanced technologies designed for the transportation industry at IAA Transportation in Hanover. It introduced the 800V SiC (silicon carbide) inverter. It provides efficient control and optimization of electric motors in trucks. Thus, stringent emission standards and the focus of Europe on reducing carbon emissions drive the adoption of electric and hybrid vehicles, which create a significant demand for automotive traction inverters.
Moreover, the Russia-Ukraine war has created geopolitical tensions and supply disruptions, indirectly impacting the European automotive traction inverters market. Uncertainty, trade restrictions, and energy security concerns have the potential to influence component availability and investment decisions in the industry.
Key players profiled in the report include BorgWarner Inc., Denso Corporation, Eaton Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Robert Bosch GmbH, Curtiss-Wright Corporation, TDK Electronics, Valeo SA, and Vitesco Technologies Group Aktiengesellschaft. The leading companies adopt strategies such as product launch, partnership, contract expansion and collaboration to strengthen their market position.
For instance, in July 2022, Curtiss-Wright Corporation launched the second generation of its traction inverters, specifically developed for commercial electric and hybrid vehicles operating on highways and off-highways. The upgraded 420 kW traction inverter incorporates direct current and temperature monitoring on the IGBTs (Insulated Gate Bipolar Transistors) and is compatible with various motor types, including AC induction, permanent-magnet synchronous, and interior permanent-magnet designs.
Key Market Insights
By propulsion type, the BEV segment was the highest revenue contributor to the market, with $5.99 billion in 2022, and is estimated to reach $27.74 billion by 2032, with a CAGR of 16.9%.By semiconductor material, the Silicon (Si) segment was the highest revenue contributor to the market, with $7.26 billion in 2022, and is estimated to reach $29.52 billion by 2032, with a CAGR of 15.4%.
By technology type, the IGBT segment dominated the global market, and is estimated to reach $7.10 billion by 2032, with a CAGR of 15.6%. However, the MOSFET segment is expected to be the fastest growing segment with a CAGR of 17.9% during the forecast period.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $4.922.0 million in 2022, and is estimated to reach $22.39 billion by 2032, with a CAGR of 16.7%.
Companies Mentioned
- BorgWarner Inc.
- Curtiss-Wright Corporation
- Denso Corporation
- Eaton Corporation
- Hitachi, Ltd.
- Mitsubishi Electric Corporation.
- Robert Bosch GmbH
- TDK Electronics
- Valeo SA
- Vitesco Technologies Group Aktiengesellschaft
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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