NEV Traction Motor Inverter Market Size, Share, Growth, and Industry Analysis, By Type (Low Voltage (24 to 144V), High Voltage (144 to 800V)), By Application (Passenger Car, Commercial Vehicle, Low Speed Vehicle), Regional Insights, and Forecast To 2032

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NEV TRACTION MOTOR INVERTER MARKET REPORT OVERVIEW

global NEV traction motor inverter market size was USD 19.3 billion in 2023 and the market is projected to touch USD 190 billion by 2032 at a CAGR of 26.0% during the forecast period.

As the time evolving, carbon emission is increasing day by day, which bound the manufacturers to put their emphasis on invention of electric vehicles or other products through which less or no carbon emission will be produced. With the growth of sustainable and clean transportation and rising environmental concerns across the globe, companies are investing more on electric vehicles which in turn creating dominance for the traction motor inverter market.

The NEV Traction Motor Inverter Market is expected to grow significantly in the future years, driven by a number of major strategies and variables. Many companies are putting their focus on product innovation and development to fulfill changing consumer wants and preferences hence promoting market growth. Manufacturers are adopting business strategies such as alliance and collaborations with other organizations to enhance their economy and rising their production to fuel market growth.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

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.

Numerous businesses were significantly impacted by the COVID-19 pandemic, including the global NEV traction motor inverter construction. Due to the pandemic's effects on traditional training programs and NEV traction motor inverter market have hindered. The negative impacts of the COVID-19 pandemic and mounting environmental concerns are impeding the growth of NEV traction motor inverter market sector. NEV traction motor inverter has decreased even further as a result of inventory constraints imposed on by restrictions on international travel and transit. Organizers and educational institutions encountered difficulties when delivering cybersecurity training in-person. Covid-19 has had a significant impact on the global electric traction motor. The Covid 19 pandemic has created an economic depression around the world. Throughout this time span, client spending in all major country’s changes. Low-income constraints in various places are limiting the transportation industry's expansion. Both national and international transportation have declined throughout this time period. Because of these constraints, the electric traction market's supply chain is also under scrutiny. . Many construction organizations are being forced to adopt smart construction software more quickly as a result of the COVID-19 pandemic's enabled challenges, which include low productivity, impacted margins, and a decline in R&D investments. The residential and commercial construction sectors are anticipated to grow during the projection period. This program was created to offer a flawless experience for the commercial and residential construction sectors. Because businesses relied on construction management solutions for speedier industrial development, this in turn led to an increase in demand for construction management solutions during that time. The industry's supply-demand mismatch can have an effect on profitability. Production has also slowed, and raw materials for the market are in limited supply. All of these issues have a substantial impact on the electric NEV traction motor inverter market.

LATEST TRENDS

"Integration Of Advanced Features Will Drive Market Growth"

One of the most important industry trends is the increasing use of advanced features like regenerative braking and enhanced economy. Manufacturers are working on manufacturing compact and lightweight inverters with higher power densities to meet the evolving needs of the automotive industry. The NEV traction motor inverter market is quickly rising as the demand for electric vehicles grows and governments support sustainable energy. Due to technological improvements, stronger environmental restrictions, and a shift toward sustainable transportation solutions, the industry is experiencing significant growth opportunities. Prominent market players are putting focus on developing new and efficient solutions to meet consumer preferences and fuel market expansion. With a strong emphasis on sustainability and energy efficiency makes the NEV traction motor inverter market expansion brighter in future.

NEV TRACTION MOTOR INVERTER MARKET SEGMENTATION

By Type

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

• Low Voltage (24 to 144V): The segment includes low voltage inverters with a lower power rating ranging from 24 to 144 volt, which are employed in light-duty vehicles, city automobiles, and compact electric vehicles with small battery packs and low performance requirements.

• High Voltage (144 to 800V): The segment includes high voltage inverters with higher power ratings ranging from 144 to 800 volt, as the name suggests it supports high-performance vehicles, sports cars, luxury vehicles, and heavy-duty commercial applications that require superior acceleration, towing capability, and range.

By Application

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

• Passenger Car: This segment includes the passenger cars, in which traction inverters are extensively used, such as electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles which is creating lucrative growth opportunities for market growth.

• Commercial Vehicle: This segment includes the commercial cars for which traction inverters are designed to provide better speed and torques such as buses, trucks, vans, and delivery vehicles, including battery electric vehicles and fuel cell electric vehicles.

• Low Speed Vehicle: This segment includes the low speed vehicle which takes advantage of traction motor inverter to maintain average of their vehicle, as in electric motorcycles, scooters, mopeds, and bicycles used in urban areas as a cheaper mode of transportation, leisure, and last-mile deliveries.

DRIVING FACTORS

"Increasing Sustainable And Environmentally Friendly Transportation Solutions Will Boost The Market Growth"

One of the major driving factors fueling market expansion is sustainable and environmentally friendly transportation solutions to put forward the market. Several growth drivers are driving the NEV Traction Motor Inverter Market forward. To begin, the global push for sustainable and environmentally friendly transportation solutions drives demand for NEVs, resulting in a parallel demand for high-performance traction motor inverters. Government initiatives to encourage electric vehicle use, combined with regulatory mandates to cut carbon emissions, contribute considerably to market growth. Technological improvements in power electronics, combined with the automobile industry's growing emphasis on energy conservation, drive demand for creative and efficient traction motor inverters. The market segmentation includes parameters such as inverter type, power rating, and vehicle type, allowing manufacturers to meet the unique needs of various electric and hybrid car models.

"Increasing Business Strategies And Variables Will Expand The Market Growth"

Another factor propelling market expansion is rising business strategies and variables to heighten the graph of market growth during projected period. The NEV Traction Motor Inverter Market is expected to grow significantly in the future years, driven by a number of major strategies and variables. Many companies are putting their focus on product innovation and development to fulfill changing consumer wants and preferences hence promoting NEV traction motor inverter market growth. Manufacturers are adopting business strategies such as alliance and collaborations with other organizations to enhance their economy and rising their production to fuel market growth. Expansion into emerging areas, as well as strategic alliances and collaborations, are important market growth tactics. In addition, investments in R&D are critical for advancing technology and improving product quality. In conclusion, increasing use of digitalization and the incorporation of modern technologies will offer up new avenues and innovation and boom the market growth as future prospects.

RESTRAINING FACTORS

High initial capital investment requirements for product installation may limit global industry expansion

The increasing demand for initial capital investment for product deployment, as well as the complicated technology employed in product production, may limit global growth in the traction inverter business. Supply chain disruptions and tight product application restrictions can stifle global industry growth. There are minimal limitations in the electric traction motor sector. Motor failure is a significant restriction in this sector. Furthermore, the frictional force of electric traction technology is after-sales service. Unlike other technologies, traction technologies require less oil or lubricants. It causes the motor to overheat and eventually fail. The motor is an essential component of any technology or equipment. Issues with the traction motor can significantly reduce overall demand. To address this issue, the market's leading players are increasing their R&D investments. However, overheating and motor failure will have a significant impact on market demand and growth.

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NEV TRACTION MOTOR INVERTER MARKET REGIONAL INSIGHTS

"North America Dominating the Market due to Presence of a Large Consumer Base"

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

It is anticipated that North America will dominate theNEV traction motor inverter market share during forecast period. The region witnessing highest market growth due to widespread use of electric vehicles and government efforts promoting clean mobility. With the rising investments in electric vehicle infrastructure, including charging stations fueling the market expansion in the region. Moreover, manufacturers' proactive attitude to developing electric vehicles, together with a well-established automotive sector, contribute to North America's dominant position in the traction inverter market, demonstrating a strong commitment to sustainable transportation and technical innovation.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The NEV traction motor inverter market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options.

LIST OF TOP NEV TRACTION MOTOR INVERTER MARKET COMPANIES

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

INDUSTRIAL DEVELOPMENT

June 2022: ST Microelectronics and Semikron have launched a collaboration to develop a novel SiC-powered semiconductor for use in electric car traction systems to enhance speed and torque.

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.