Cable Expo 2024 Bulletin: Segmentation of the Electric Vehicle Traction Inverter Market
In 2023, the global market for electric vehicle (EV) traction inverters was valued at USD 15.29 billion. By 2030, it is expected to reach USD 94.76 billion. Cable Expo 2024 has learned that the compound annual growth rate (CAGR) for the forecast period of 2024-2030 is projected at 26.0%.
Traction inverters are crucial components of electric vehicles, converting the direct current (DC) from the battery into alternating current (AC) to drive the electric motor via cables. Advancements in power electronics, particularly the emergence of silicon carbide (SiC) and gallium nitride (GaN) semiconductors, have significantly enhanced inverter performance and efficiency. Increased investment in EV infrastructure and corresponding manufacturing capacities, driven by governmental emphasis on environmental responsibility and consumer focus on energy efficiency, is expected to boost demand for traction inverters in the coming years.
The significant adoption of electric vehicles in the United States and Canada is a primary factor driving growth in the North American EV traction inverter market. Governments in these regions are providing robust support for EV promotion through tax incentives and various subsidies.
Cable Expo 2024 has also learned that leading EV manufacturers such as General Motors and Tesla are making relentless efforts and large-scale investments in advanced traction inverter technologies, contributing to market expansion.
In addition, the market for electric vehicle traction batteries was valued at USD 42.87 billion in 2023, with an expected increase to USD 52.92 billion by 2030. The CAGR for this segment is projected at 3.1% over the forecast period from 2024 to 2030. The demand for reducing reliance on fossil fuels and minimizing carbon emissions is another significant driver for the growth of the EV traction inverter market.
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