Report : North America Traction Inverter Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Propulsion type (BEV, HEV, PHEV, and Others), Voltage type (Up to 200V, 200 to 900V, and 900v and above), Technology type (IGBT, MOSFET, and Others), and Vehicle type (Passenger Cars, Commercial Vehicles, and Others)
At 15.3% CAGR, the North America Traction Inverter Market is speculated to be worth US$ 4,555.90 million by 2028, says Business Market Insights
According to Business Market Insights' research, the North America traction inverter market was valued at US$ 1,937.45 million in 2022 and is expected to reach US$ 4,555.90 million by 2028, registering a CAGR of 15.3% from 2022 to 2028. Increasing demand of electric and hybrid electric vehicles and high demand for lithium-ion battery are the critical factors attributed to the market expansion.
Traction Inverters are heavily used in Electric and Hybrid Electric Vehicles, owing to the safe and reliable driving experience it offers. Capturing energy from the regenerative braking and feeding it back to the battery, Traction Inverters drives the vehicle propulsion system. Automotive manufacturers and suppliers are increasing the production and supply of Traction Inverters with rise in demand for higher level of integration and increased power density across electric vehicles. The global shift to electric vehicles is attributed with the rising fuel prices, HEVs typically utilize lesser fuel via employing electric-drive technologies which boosts the vehicle's efficiency through regenerative braking. Using electric and hybrid electric vehicles supports the economy and diversifies the transportation fleet. With a surge in demand for electric vehicles the demand for Traction Inverters is also getting pace which propels the growth of market.
On the contrary, shortage of semiconductors and chips hurdles the growth of North America traction inverter market.
Based on propulsion type, the North America traction inverter market is segmented into BEV, HEV, PHEV, and others. The BEV segment held 50.2% market share in 2022, amassing US$ 973.36 million. It is projected to garner US$ 3,327.53 million by 2028 to expand at 22.7% CAGR during 2022-2028.
Based on voltage type, the North America traction inverter market is segmented 200V, 200 to 900V, 900V and above. The 200 to 900V segment held 52.3% market share in 2022, amassing US$ 1,013.57 million. It is projected to garner US$ 3,271.36 million by 2028 to expand at 21.6% CAGR during 2022-2028.
Based on technology type, the North America traction inverter market is segmented into IGBT, MOSFET, and others. The MOSFET segment held 54.2% market share in 2022, amassing US$ 1,050.20 million. It is projected to garner US$ 3,175.05 million by 2028 to expand at 20.2% CAGR during 2022-2028.
Based on vehicle type, the North America traction inverter market is segmented into passenger cars, commercial vehicles, and others. The passenger cars segment held 60.7% market share in 2022, amassing US$ 1,176.78 million. It is projected to garner US$ 1,856.33 million by 2028 to expand at 7.9% CAGR during 2022-2028.
Based on country, the North America traction inverter market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 54.3% market share in 2022. It was assessed at US$ 1,052.83 million in 2022 and is likely to hit US$ 2,605.90 million by 2028, exhibiting a CAGR of 16.3% during the forecast period.
Key players dominating the North America traction inverter market are BorgWarner Inc.; Continental AG; Curtiss-Wright Industrial Group; Dana TM4; Delphi Technologies Plc; Hitachi, Ltd.; Mitsubishi Electric Corporation; Siemens AG; Toshiba Corporation; and Voith GmbH & Co. KGaA among others.
In 2022, Morgan State University and Siemen has entered into partnership for implementing HVAC, security, and other energy efficient systems.
In 2021, BorgWarner has acquired 89.08% of AKASOL's outstanding shares following the completion of the tender offer. The acquisition further strengthens BorgWarner's commercial vehicle and industrial electrification capabilities, which positions the company to capitalize on what it believes to be a fast-growing battery pack market.
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