Traction inverters find their place in electric rails and vehicles, golf carts, and forklifts. They are, in fact, amongst the most vital components of electric propulsion system. However, the demand on their part has ceased due to the onslaught of Covid-19. The situation is expected to improve mid-2021, when Covid-19 vaccine would come into picture.
Persistence Market Research has rolled out a new market research report on “Traction Inverter Market: Global Industry Analysis 2013 – 2017 and Forecast, 2018 – 2026”, which examines the traction inverter market and offers critical insights for the next eight years. Based on the findings specified in the traction inverter report, the global traction inverter market is expected to witness rising demand for comfortable options and rising automotive vehicle production. These two factors are projected to drive the global traction inverter market.
The estimated value of the traction inverter market in 2018 is US$ 3,207.8 Mn, which is expected to expand at a CAGR of 12.2% and reach US$ 8,043.1 Mn by the end of 2026. In addition, the traction inverter market is projected to create an incremental $ opportunity worth US$ 4,835.3 Mn during the forecast period.
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Traction Inverter Market Dynamics
Governments of various countries are supporting the use of electric vehicles by offering attractive incentives and subsidies to owners, thereby attributing towards the growth of the traction inverters sale. For instance, in China, the government offers subsidies ranging from US$ 6,750 to US$ 14,000, depending on the size of battery pack, thus augmenting the demand of traction inverters in the country.
Cities such as Beijing and Shanghai offer free registration plates for electric hybrid vehicles, further improving the market for traction inverters. Several countries have allotted grants for the development of hybrid and electric vehicles. The government of US has introduced incentives to the owners of hybrid electric vehicles in the form of tax credits, amounting to a maximum of US$ 7,500, based on the type of battery used, which in turn, is anticipated to fuel the growth of traction inverters.
Additionally, the uncontrolled emission of VOCs from engines pollutes the environment, which is harmful for the living beings exposed to this atmosphere. The current pollution rate can be brought down if customers opt for hybrid or electric vehicles, which are less polluting and far more efficient than traditional vehicles. These factors are estimated to boost the sales of traction inverters in the global traction inverter market over the forecast period.
Traction Inverter Market Forecast
By region, North America, followed by China, is projected to dominate the global traction inverter market over the forecast period. Moreover, Europe is estimated to remain the most opportunistic region in the traction inverter market. In terms of value, China is projected to create an incremental $ opportunity worth US$ 1,039 Mn in the global traction inverter market during the forecast period.
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By vehicle type, the rail type segment is projected to dominate with a value US$ 1,397 Mn in 2018. However, the electric vehicle segment is projected to account for a ~85% volume share in the global traction inverter market during the forecast period. In terms of traction inverter’s market growth, the plug-in hybrid electric vehicle segment is projected to grow with a prominent growth rate during the latter half of the forecast period.
By technology segment, the SiC segment is projected to dominate the global traction inverter market. In terms of volume, the demand for the Si-IGBT segment is projected to be pegged at 2.8 Mn units by the end of 2018. In terms of value, the SiC segment is projected to create an incremental $ opportunity worth US$ 592 Mn in the global traction inverter market over the forecast period.
By sales channel, the OEM segment is projected to dominate the global traction inverter market with a year-over-year growth rate of 11.3% in 2018. However, the aftermarket segment is projected to account for more than an 8% share in the global traction inverter market. However, the potential for the traction inverter aftermarket is expected to remain relatively low, owing to the low replacement rate of traction inverters in the global market.
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Traction Inverter Market: Competitive Landscape
- BorgWarner Inc.
- Delphi Technologies
- Siemens AG
- Mitsubishi Electric Corporation
- TOSHIBA CORPORATION
- Hitachi, Ltd.
- Voith GMbh
- Infineon Technologies AG
- TM4 Inc.
- Prodrive Technologies
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