Asia-Pacific 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 V

Asia-Pacific 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)   

The traction inverter market in APAC is expected to grow from US$ 7,754.40 million in 2022 to US$ 22,033.20 million by 2028. It is estimated to grow at a CAGR of 19.0% from 2022 to 2028.

Government and market players to booster the market growth

The most important physical parts of a traction inverter are semiconductor power modules. By controlling the energy transfer from battery to motor and vice versa, it controls motor speed and torque. Power modules with high performance are required sue to rising demands for electric and hybrid vehicles. However, the shortage of semiconductors and chips worldwide is affecting the growth of the market adversely. Amid pandemic the demand for semiconductors surged dramatically driven by digital transformation. Chips demand for both devices and data centers shoot up in 2020 and 2021. The PC rose by 50% and the cloud computing data center chips purchases went up by 30%. With rising adoption of digitization and smart driver assistance systems the automotive industry’s demand for chips will probably rise to US $500 in 2022. The automotive industry is largely affected by the chip shortage. Such localization effort will take time increasing the capacity of chip manufacturing is a time taking process and hence, the traction inverter market will continue to be affected by semiconductor and chips shortage.

Market Overview

APAC continent comprises several developing economies such as China, India, and South Korea, and developed economies such as Japan and Australia. The economy of the region is gaining traction, owing to the numerous technological and infrastructural developments. The region has a robust automotive sector, which is supported by the growing automotive manufacturing industry in countries such as China, India, and South Korea. Countries such as India, China, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. Growing environmental concerns (due to rising exhaust emissions), enactment of stringent emissions and fuel economy norms, and increasing government initiatives, such as subsidies and benefits, to improve the adoption rate of electric vehicles and to replace heavy-duty diesel and gasoline-run buses with zero-emission electric buses, are expected to propel demand for and growth of the high-performance vehicle market. Variations in government policies and subsidies, on the other hand, are likely to have an impact on the development of electric buses.

APAC Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)

APAC Traction Inverter Market Segmentation

The APAC 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.

Based on voltage type, the APAC traction inverter market is segmented 200V, 200 to 900V, 900V and above. The 200 to 900V segment registered the largest market share in 2022. Based on technology type, the APAC traction inverter market is segmented into IGBT, MOSFET and others. The MOSFET segment registered the largest market share in 2022. Based on vehicle type, the APAC traction inverter market is segmented into passenger cars, commercial vehicles, and others. The passenger cars segment registered the largest market share in 2022. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. China dominated the 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.

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