At 16.5% CAGR, the Europe Traction Inverter Market is projected to be worth US$ 9,064.62 million by 2028, says Business Market Insights 

According to Business Market Insights' research, the Europe traction inverter market was valued at US$ 3,617.16 million in 2022 and is expected to reach US$ 9,064.62 million by 2028, registering a CAGR of 16.5% from 2022 to 2028. High demand for lithium-ion battery and increasing demand of electric and hybrid electric vehicles are the critical factors attributed to the market expansion. 

The production of automotive lithium-ion battery was 160 GWh in 2020 with an increase of 33% from 2019. Thus, rise is attributed to 41% increase in electric car registrations and constant average battery capacity of 55 KWh and 14 kWH for BEVs and PHEVs, respectively. The increase of 10% has been registered for other modes of transport. Although the market share of lithium-ion phosphate batteries has increased, it is still less than 4%. The weighted average cost of automotive batteries declined by 13% in 2020 form 2019, reaching USD 137/KWh at a pack level as per BNEFs yearly survey of battery prices. Low pricing is made available for large quantities of purchases, which is supported by a teardown investigation of a VW ID3 that revealed an approximate cost of USD 100/KWh for its battery cells. As most of the plug-in hybrids and all the electric vehicles use lithium-ion batteries higher demand for the same is attributed to drive the growth of the market. 

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

Based on propulsion type, the Europe traction inverter market is segmented into BEV, HEV, PHEV, and others. The BEV segment held 53.1% market share in 2022, amassing US$ 1,921.29 million. It is projected to garner US$ 6,895.41 million by 2028 to expand at 23.7% CAGR during 2022-2028. 

Based on voltage type, the Europe traction inverter market is segmented 200V, 200 to 900V, 900V and above. The 200 to 900V segment held 49.3% market share in 2022, amassing US$ 1,782.49 million. It is projected to garner US$ 6,513.20 million by 2028 to expand at 24.1% CAGR during 2022-2028.

Based on technology type, the Europe traction inverter market is segmented into IGBT, MOSFET, and others. The MOSFET segment held 51.2% market share in 2022, amassing US$ 1,852.59 million. It is projected to garner US$ 6,321.37 million by 2028 to expand at 22.7% CAGR during 2022-2028.

Based on vehicle type, the Europe traction inverter market is segmented into passenger cars, commercial vehicles, and others. The passenger cars segment held 65.6% market share in 2022, amassing US$ 2,373.26 million. It is projected to garner US$ 3,994.78 million by 2028 to expand at 9.1% CAGR during 2022-2028.

Based on country, the Europe traction inverter market is segmented into Germany, France, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that UK captured 33.8% market share in 2022. It was assessed at US$ 1,220.79 million in 2022 and is likely to hit US$ 2,780.00 million by 2028, exhibiting a CAGR of 14.7% during the forecast period. 

Key players dominating the Europe 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. 

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com