Europe Traction Inverter Market

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 Strategic Insights

Strategic insights for the Europe Traction Inverter provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Europe Traction Inverter Report Scope

Europe Traction Inverter Regional Insights

The geographic scope of the Europe Traction Inverter refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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.

• Based on voltage type, the Europe 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 Europe 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 Europe 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 Germany, France, Italy, UK, Russia, and Rest of Europe. UK 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.