At 19.0% CAGR, the APAC Traction Inverter Market is projected to be worth US$ 22,033.20 million by 2028, says Business Market Insights 

According to Business Market Insights' research, the APAC traction inverter market was valued at US$ 7,754.40 million in 2022 and is expected to reach US$ 22,033.20 million by 2028, registering an compound annual growth rate of 19.0% from 2022 to 2028. Increasing adoption of advanced technologies and government and market players to booster the market growth are the critical factors attributed to the market expansion. 

Government initiatives play as a key driving force for the electric car markets. The idea that electric vehicles are the future of transportation has gained support in part due to announcements, goals, and the introduction of new models. Concurrently, the enormous success of electric vehicles was hampered by limited supplies of component parts and rising prices for bulk materials, elevating supply-side issues to the top agenda for both government and business. Many governments, as well as a number of automakers, set goals to gradually end the sale of internal combustion engine vehicles during the period of 2020 and 2021. For many governments and the auto industry, electric vehicles have emerged as the preferred road transportation technology. 

On the contrary, shortage of semiconductors and chips hurdles the growth of APAC traction inverter market. 

Based on propulsion type, the APAC traction inverter market is segmented into BEV, HEV, PHEV and others. The BEV segment held 53.8% market share in 2022, amassing US$ 4,171.87 million. It is projected to garner US$ 17,450.75 million by 2028 to expand at 26.9% CAGR during 2022-2028. 

Based on voltage type, the APAC traction inverter market is segmented 200V, 200 to 900V, 900V and above. The 200 to 900V segment held 50.0% market share in 2022, amassing US$ 3,878.67 million. It is projected to garner US$ 16,643.34 million by 2028 to expand at 27.5% CAGR during 2022-2028.

Based on technology type, the APAC traction inverter market is segmented into IGBT, MOSFET and others. The MOSFET segment held 51.9% market share in 2022, amassing US$ 4,026.75 million. It is projected to garner US$ 16,238.09 million by 2028 to expand at 26.2% CAGR during 2022-2028.

Based on vehicle type, the APAC traction inverter market is segmented into passenger cars, commercial vehicles, and others. The passenger cars segment held 60.1% market share in 2022, amassing US$ 4,656.86 million. It is projected to garner US$ 7,346.03 million by 2028 to expand at 7.9% CAGR during 2022-2028.

Based on country, the APAC traction inverter market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 52.3% market share in 2022. It was assessed at US$ 4,054.62 million in 2022 and is likely to hit US$ 12,171.20 million by 2028, exhibiting a CAGR of 20.1% during the forecast period. 

Key players dominating the APAC 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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