Report : Middle East & Africa 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 12.5% CAGR, the MEA Traction Inverter Market is speculated to be worth US$ 2,195.12 million by 2028, says Business Market Insights
According to Business Market Insights' research, the MEA traction inverter market was valued at US$ 1,085.07 million in 2022 and is expected to reach US$ 2,195.12 million by 2028, registering a CAGR of 12.5% from 2022 to 2028. Government and market players to booster the market growth and increasing adoption of advanced technologies to booster the market growth are the critical factors attributed to the market expansion.
The 3-phase voltage source inverter topology dominates the traction inverter market for BEVs and HEVs due to its high efficiency, low cost, and straightforward control requirements. The direct current link capacitors and power devices are the two essential parts of the inverter drive; the former makes up half of the drive cost and is by far the most expensive part. Since the debut of the first modern EV, the EV1, in 1996, the Si-IGBT has been the preferred power supply used by the automotive industry. It is still favored due to its affordability, respectable efficiency, and short circuit capacity. Recent developments in WBG devices, especially SiC and GaN devices, offer considerable increases in power density and efficiency for traction inverter drives.
On the contrary, shortage of semiconductors and chips hurdles the growth of MEA traction inverter market.
Based on propulsion type, the MEA traction inverter market is segmented into BEV, HEV, PHEV, and others. The BEV segment held 64.5% market share in 2022, amassing US$ 699.53 million. It is projected to garner US$ 1,701.47 million by 2028 to expand at 16.0% CAGR during 2022-2028.
Based on voltage type, the MEA traction inverter market is segmented 200V, 200 to 900V, 900V and above. The 200 to 900V segment held 65.5% market share in 2022, amassing US$ 710.23 million. It is projected to garner US$ 1,673.18 million by 2028 to expand at 15.4% CAGR during 2022-2028.
Based on technology type, the MEA traction inverter market is segmented into IGBT, MOSFET and others. The MOSFET segment held 70.5% market share in 2022, amassing US$ 764.71 million. It is projected to garner US$ 1,694.08 million by 2028 to expand at 14.2% CAGR during 2022-2028.
Based on vehicle type, the MEA traction inverter market is segmented into passenger cars, commercial vehicles, and others. The commercial vehicles segment held 64.2% market share in 2022, amassing US$ 697.12 million. It is projected to garner US$ 1,617.30 million by 2028 to expand at 15.1% CAGR during 2022-2028.
Based on country, the MEA traction inverter market is segmented into South Africa, Saudi Arabia, UAE, and Rest of MEA. Our regional analysis states that UAE captured 36.0% market share in 2022. It was assessed at US$ 390.62 million in 2022 and is likely to hit US$ 845.12 million by 2028, exhibiting a CAGR of 13.7% during the forecast period.
Key players dominating the MEA 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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