PUBLISHER: Allied Market Research | PRODUCT CODE: 1365614
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365614
"The Automotive Traction Inverters Market is expected to experience a significant growth rate of 16.4% from 2023 to 2032 owing to rise in adoption of electrical vehicles"- Allied Market Research.
The precise control and modulation of inverters significantly contribute to seamless and rapid acceleration, regenerative braking, and overall vehicle efficiency. Traction inverter's primary function is to convert the direct current (DC) power obtained from batteries into alternating current (AC) power required for powering electric motors used for propulsion and other purposes. By enabling precise control over motor speed and torque, traction inverters enhance the efficiency and maneuverability of the vehicles.
Moreover, surge in adoption of Evs drives the growth of automotive traction inverters market. In addition, key players operating in the electric vehicle power inverter market are adopting various strategic moves such as partnership to tap the business potential. For instance, July 2022, Renault Group and Vitesco Technologies formed a strategic partnership to collaboratively develop and produce power electronics for electric and hybrid powertrains. The focus of this partnership is to create a "One Box" solution, which integrates multiple components into a single housing. This includes the DC-DC converter, the on-board charger (OBC), and the inverter. By combining these elements into a compact electronic unit, the aim is to enhance efficiency and simplify the integration of power electronics in electric and hybrid vehicles of Renault.
Moreover, the electric vehicles market has grown exponentially due to factors, such as climate change and efforts to achieve net zero emissions. In addition, favorable incentives and policies introduced by governments of different countries to promote electric vehicles boost the growth of the EV industry. For instance, in 2021, in California, the Clean Vehicle Rebate Project (CVRP) promoted clean vehicle adoption in California by offering rebates ranging from $1,000 to $7,000 for purchases or leases of new zero-emission vehicle. Moreover, in 2021, New Zealand proposed clean car discount, in which new car buyers received $8,625 rebate for electric vehicles (Evs) less than $80,000, including GST and road costs.
Furthermore, automotive companies and semiconductor manufacturers collaborated to develop efficient traction inverters. For instance, in February 2023, SEMIKRON, a semiconductor company awarded a billion-dollar contract by a major German car manufacturer for their advance eMPack power module platform. Specifically designed for silicon carbide technology, this platform expected to be utilized in upcoming generation EV inverters of the car. Hence, surge in demand for fuel-efficient vehicles and collaborations between automotive and semiconductor companies drive the growth of the passenger vehicle segment of automotive traction inverters market.
In addition, The adoption of 800V traction inverters offers several advantages. First and foremost, they enable faster charging capabilities, allowing electric vehicles to charge at higher power levels, reducing overall charging time. This addresses one of the key concerns for electric vehicle owners and helps improve the overall convenience and usability of electric vehicles. In addition, 800V traction inverters may enhance the operational efficiency of electric vehicles. Higher voltage systems help reduce energy losses during power conversion, resulting in improved overall system efficiency. This leads to increased driving range, as more energy from the battery pack may be effectively utilized for propulsion, maximizing the vehicle efficiency.
The automotive traction inverters market is segmented into propulsion type, output power, semiconductor material, technology type, vehicle type and region. On the basis of propulsion type, it is segregated into BEV, HEV, and PHEV. On the basis of output power, it is fragmented into less than or equal to 130 KW, more than 130 KW. On the basis of semiconductor material, the market is categorized into gallium nitride (GaN), silicon (Si), and silicon nitride (SiC). On the basis of technology type, it is fragmented into IGBT, and MOSFET. On the basis of vehicle type, it is fragmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include BorgWarner Inc., Denso Corporation, Eaton Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Robert Bosch GmbH, Curtiss-Wright Corporation, TDK Electronics, Valeo SA, and Vitesco Technologies Group Aktiengesellschaft.
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