The traction inverter market in Europe is expected to grow from US$ 3,617.16 million in 2022 to US$ 9,064.62 million by 2028. It is estimated to grow at a CAGR of 16.5% from 2022 to 2028.
Increasing demand of electric and hybrid electric vehicles
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.
Market Overview
Europe includes various well-established economies, such as France, Germany, Russia, the UK, and Italy. Europe comprises economies such as Germany, France, the UK, and Italy. The western part of Europe is characterized for its higher standards of living, with high GDP. The automotive industry directly and indirectly contributed ~7% to the GDP of the region. The automotive sector supports the growth of the economy by assisting the supply chain that results in the creation of a diversified array of business opportunities and services. The European region comprises several major automotive manufacturing assembly and production plants. There are ~298 vehicle assembly plants across Europe. The demand for electric vehicles is fast expanding across Europe, thanks to increased technical breakthroughs in the transportation sector. Furthermore, the European Traction Inverter Market is being driven by rising awareness of emission-free transportation, fluctuating fuel prices, increasing company investment, and regulatory compliances to lower carbon footprints.
Europe Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Europe Traction Inverter Market Segmentation
The Europe traction inverter market is segmented into propulsion type, voltage type, technology type, vehicle type and country. Based on propulsion type, the market is segmented into BEV, HEV, PHEV and others. The BEV segment registered the largest market share in 2022.
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 are the leading companies operating in the traction inverter market in the region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 3,617.16 Million |
| Market Size by 2028 | US$ 9,064.62 Million |
| CAGR (2022 - 2028) | 16.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Propulsion type
|
|
Regions and Countries Covered
|
|
| Europe | UK, Germany, France, Russia, Italy, Rest of Europe |
| Market leaders and key company profiles |
|
The Europe Traction Inverter Market is valued at US$ 3,617.16 Million in 2022, it is projected to reach US$ 9,064.62 Million by 2028.
As per our report Europe Traction Inverter Market, the market size is valued at US$ 3,617.16 Million in 2022, projecting it to reach US$ 9,064.62 Million by 2028. This translates to a CAGR of approximately 16.5% during the forecast period.
The Europe Traction Inverter Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Traction Inverter Market report:
The Europe Traction Inverter Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Traction Inverter Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Traction Inverter Market value chain can benefit from the information contained in a comprehensive market report.
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