North America Traction Inverter Market

The traction inverter market in North America is expected to grow from US$ 1,937.45 million in 2022 to US$ 4,555.90 million by 2028. It is estimated to grow at a CAGR of 15.3% from 2022 to 2028.

High demand for lithium-ion battery

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

North America is the most technologically advanced region, with major economies, such as the US, Canada, and Mexico. These economies are characterized by higher standards of living, high disposable incomes of individuals, and rapid technological advancements in the technology industry. The demand for automotive components like traction inverters is likely to rise owing to rising electric mobility across major North American countries. Additionally, government initiatives to reduce the carbon emission is likely to surge the demand for traction inverters used in electric vehicles. Furthermore, with growing concerns of consumers for safety features like advanced driver assistance system in vehicles is further driving the market in the region. Having influenced by growth in logistics and delivery services couple with fleet expansion of vehicles by Amazon and other e-commerce giants the demand for commercial vehicles is rising at a greater pace. US being the prime location for majority of automotive OEMs is being surged by supportive initiatives and policies by the government in the country. However, the use of rental and car sharing is rising in the region which is shooting challenges for the market growth.

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

North America Traction Inverter Strategic Insights

Strategic insights for the North America 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.

North America Traction Inverter Report Scope

North America Traction Inverter Regional Insights

The geographic scope of the North America 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.

North America Traction Inverter Market Segmentation 

The North America 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 North America 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 North America 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 North America 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 US, Canada, and Mexico. US 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.