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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)
- Report Code : BMIRE00027579
- Pages : 148
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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Traction Inverter Market– By Propulsion type
1.3.2 APAC Traction Inverter Market– By Voltage type
1.3.3 APAC Traction Inverter Market– By Technology type
1.3.4 APAC Traction Inverter Market– By Vehicle type
1.3.5 APAC Traction Inverter Market– By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Traction Inverter Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Traction Inverter Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand of Electric and Hybrid Electric Vehicles
5.1.2 High demand for lithium-ion battery
5.2 Market Restraints
5.2.1 Shortage of semiconductors and chips
5.3 Market Opportunities
5.3.1 Government and market players initiatives to booster the market growth
5.4 Future Trends
5.4.1 Adoption of Advanced Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Traction Inverter Market– APAC Market Analysis
6.1 APAC Traction Inverter Market Forecast and Analysis
7. APAC Traction Inverter Market Revenue and Forecast to 2028 – Propulsion type
7.1 Overview
7.2 APAC Traction Inverter Market, By Propulsion type (2021 And 2028)
7.3 BEV
7.3.1 Overview
7.3.2 BEV: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
7.4 HEV
7.4.1 Overview
7.4.2 HEV: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
7.5 PHEV
7.5.1 Overview
7.5.2 PHEV: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
8. APAC Traction Inverter Market Revenue and Forecast to 2028 – Voltage type
8.1 Overview
8.2 APAC Traction Inverter Market, By Voltage type (2021 And 2028)
8.3 Up to 200V
8.3.1 Overview
8.3.2 Up to 200V: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
8.4 to 900V
8.4.1 Overview
8.4.2 to 900V: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
8.5V and above
8.5.1 Overview
8.5.2V and above: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
9. APAC Traction Inverter Market Revenue and Forecast to 2028 – Technology type
9.1 Overview
9.2 APAC Traction Inverter Market, By Technology type (2021 And 2028)
9.3 IGBT
9.3.1 Overview
9.3.2 IGBT: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
9.4 MOSFET
9.4.1 Overview
9.4.2 MOSFET: Traction Inverter Market Revenue and Forecast To 2028 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
10. APAC Traction Inverter Market – By Vehicle Type
10.1 Overview
10.2 APAC Traction Inverter Market, by Vehicle Type (2021 and 2028)
10.3 Passenger Cars
10.3.1 Overview
10.3.2 Passenger Cars: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Commercial Vehicles
10.4.1 Overview
10.4.2 Commercial Vehicles: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Others
10.5.1 Overview
10.5.2 Others: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
11. APAC Traction Inverter Market– Country Analysis
11.1 Overview
11.1.1 Asia Pacific: Traction Inverter, by Key Country
11.1.1.1 Australia: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 Australia: Traction Inverter Market, By Propulsion type
11.1.1.1.2 Australia: Traction Inverter Market, By Voltage type
11.1.1.1.3 Australia: Traction Inverter Market, By Technology type
11.1.1.1.4 Australia: Traction Inverter Market, By Vehicle type
11.1.1.2 China: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 China: Traction Inverter Market, By Propulsion type
11.1.1.2.2 China: Traction Inverter Market, By Voltage type
11.1.1.2.3 China: Traction Inverter Market, By Technology type
11.1.1.2.4 China: Traction Inverter Market, By Vehicle type
11.1.1.3 India: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 India: Traction Inverter Market, By Propulsion type
11.1.1.3.2 India: Traction Inverter Market, By Voltage type
11.1.1.3.3 India: Traction Inverter Market, By Technology type
11.1.1.3.4 India: Traction Inverter Market, By Vehicle type
11.1.1.4 Japan: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
11.1.1.4.1 Japan: Traction Inverter Market, By Propulsion type
11.1.1.4.2 Japan: Traction Inverter Market, By Voltage type
11.1.1.4.3 Japan: Traction Inverter Market, By Technology type
11.1.1.4.4 Japan: Traction Inverter Market, By Vehicle type
11.1.1.5 South Korea: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
11.1.1.5.1 South Korea: Traction Inverter Market, By Propulsion type
11.1.1.5.2 South Korea: Traction Inverter Market, By Voltage type
11.1.1.5.3 South Korea: Traction Inverter Market, By Technology type
11.1.1.5.4 South Korea: Traction Inverter Market, By Vehicle type
11.1.1.6 Rest of APAC: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
11.1.1.6.1 Rest of APAC: Traction Inverter Market, By Propulsion type
11.1.1.6.2 Rest of APAC: Traction Inverter Market, By Voltage type
11.1.1.6.3 Rest of APAC: Traction Inverter Market, By Technology type
11.1.1.6.4 Rest of APAC: Traction Inverter Market, By Vehicle type
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profile
13.1 BorgWarner Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Continental AG
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Delphi Technologies Plc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Hitachi, Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Mitsubishi Electric Corporation
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Siemens AG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Toshiba Corporation
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Voith GmbH & Co. KGaA
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Curtiss-Wright Industrial Group
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Dana TM4
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
Table 1. APAC Traction Inverter Market, Revenue and Forecast, 2019–2028 (US$ Million)
Table 2. Australia: Traction Inverter Market, By Propulsion type – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Traction Inverter Market, By Voltage type – Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Traction Inverter Market, By Technology type– Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Traction Inverter Market, By Vehicle type– Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Traction Inverter Market, By Propulsion type – Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Traction Inverter Market, By Voltage type – Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Traction Inverter Market, By Technology type– Revenue and Forecast to 2028 (US$ Million)
Table 9. China: Traction Inverter Market, By Vehicle type– Revenue and Forecast to 2028 (US$ Million)
Table 10. India: Traction Inverter Market, By Propulsion type – Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Traction Inverter Market, By Voltage type – Revenue and Forecast to 2028 (US$ Million)
Table 12. India: Traction Inverter Market, By Technology type– Revenue and Forecast to 2028 (US$ Million)
Table 13. India: Traction Inverter Market, By Vehicle type– Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan: Traction Inverter Market, By Propulsion type – Revenue and Forecast to 2028 (US$ Million)
Table 15. Japan: Traction Inverter Market, By Voltage type – Revenue and Forecast to 2028 (US$ Million)
Table 16. Japan: Traction Inverter Market, By Technology type– Revenue and Forecast to 2028 (US$ Million)
Table 17. Japan: Traction Inverter Market, By Vehicle type– Revenue and Forecast to 2028 (US$ Million)
Table 18. South Korea: Traction Inverter Market, By Propulsion type – Revenue and Forecast to 2028 (US$ Million)
Table 19. South Korea: Traction Inverter Market, By Voltage type – Revenue and Forecast to 2028 (US$ Million)
Table 20. South Korea: Traction Inverter Market, By Technology type– Revenue and Forecast to 2028 (US$ Million)
Table 21. South Korea: Traction Inverter Market, By Vehicle type– Revenue and Forecast to 2028 (US$ Million)
Table 22. Rest of APAC: Traction Inverter Market, By Propulsion type – Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of APAC: Traction Inverter Market, By Voltage type – Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of APAC: Traction Inverter Market, By Technology type– Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of APAC: Traction Inverter Market, By Vehicle type– Revenue and Forecast to 2028 (US$ Million)
Table 26. List of Abbreviation
Figure 1. APAC Traction Inverter Market Segmentation
Figure 2. APAC Traction Inverter Market Segmentation – Country
Figure 3. APAC Traction Inverter Market Overview
Figure 4. APAC Traction Inverter Market, By Voltage type
Figure 5. APAC Traction Inverter Market, By Country
Figure 6. APAC: PEST Analysis
Figure 7. Traction Inverter Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. APAC Traction Inverter Market: Impact Analysis of Drivers and Restraints
Figure 10. APAC Traction Inverter Market, Forecast and Analysis (US$ Million)
Figure 11. APAC Traction Inverter Market, By Propulsion type (2021 and 2028)
Figure 12. APAC BEV: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. APAC HEV: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC PHEV: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Others: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Traction Inverter Market, By Voltage type (2021 and 2028)
Figure 17. APAC Up to 200V: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC 200 to 900V: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC 900V and above: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. APAC Traction Inverter Market, By Technology type (2021 and 2028)
Figure 21. APAC IGBT: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. APAC MOSFET: Traction Inverter Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. APAC Others: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. APAC Traction Inverter Market Revenue Share, by Vehicle Type (2021 and 2028)
Figure 25. APAC Passenger Cars: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. APAC Commercial Vehicles: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. APAC Others: Traction Inverter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. APAC Traction Inverter Market, by Key Country – Revenue (2021) (US$ Million)
Figure 29. Asia Pacific: Traction Inverter Revenue Share, By Key Country (2021 and 2028)
Figure 30. Australia: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
Figure 31. China: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
Figure 32. India: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
Figure 33. Japan: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
Figure 34. South Korea: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
Figure 35. Rest of APAC: Traction Inverter Market– Revenue and Forecast to 2028 (US$ Million)
● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the APAC traction inverter market.
● Highlights key business priorities in order to assist companies to realign their business strategies
● The key findings and recommendations highlight crucial progressive industry trends in the APAC traction inverter market, thereby allowing players across the value chain to develop effective long-term strategies
● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
● Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the traction inverter market, as well as those hindering it
● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
● Continental AG
● Curtiss-Wright Industrial Group
● Dana TM4
● Delphi Technologies Plc
● Hitachi, Ltd.
● Mitsubishi Electric Corporation
● Siemens AG
● Toshiba Corporation
● Voith GmbH & Co. KGaA
At 19.0% CAGR, the APAC Traction Inverter Market is speculated to be worth US$ 22,033.20 million by 2028, says The Insight Partners
According to The Insight Partners’ research, the APAC traction inverter market was valued at US$ 7,754.40 million in 2022 and is expected to reach US$ 22,033.20 million by 2028, registering an compound annual growth rate of 19.0% from 2022 to 2028. Increasing adoption of advanced technologies and government and market players to booster the market growth are the critical factors attributed to the market expansion.
Government initiatives play as a key driving force for the electric car markets. The idea that electric vehicles are the future of transportation has gained support in part due to announcements, goals, and the introduction of new models. Concurrently, the enormous success of electric vehicles was hampered by limited supplies of component parts and rising prices for bulk materials, elevating supply-side issues to the top agenda for both government and business. Many governments, as well as a number of automakers, set goals to gradually end the sale of internal combustion engine vehicles during the period of 2020 and 2021. For many governments and the auto industry, electric vehicles have emerged as the preferred road transportation technology.
On the contrary, shortage of semiconductors and chips hurdles the growth of APAC traction inverter market.
Based on propulsion type, the APAC traction inverter market is segmented into BEV, HEV, PHEV and others. The BEV segment held 53.8% market share in 2022, amassing US$ 4,171.87 million. It is projected to garner US$ 17,450.75 million by 2028 to expand at 26.9% CAGR during 2022–2028. Based on voltage type, the APAC traction inverter market is segmented 200V, 200 to 900V, 900V and above. The 200 to 900V segment held 50.0% market share in 2022, amassing US$ 3,878.67 million. It is projected to garner US$ 16,643.34 million by 2028 to expand at 27.5% CAGR during 2022–2028. Based on technology type, the APAC traction inverter market is segmented into IGBT, MOSFET and others. The MOSFET segment held 51.9% market share in 2022, amassing US$ 4,026.75 million. It is projected to garner US$ 16,238.09 million by 2028 to expand at 26.2% CAGR during 2022–2028. Based on vehicle type, the APAC traction inverter market is segmented into passenger cars, commercial vehicles, and others. The passenger cars segment held 60.1% market share in 2022, amassing US$ 4,656.86 million. It is projected to garner US$ 7,346.03 million by 2028 to expand at 7.9% CAGR during 2022–2028. Based on country, the APAC traction inverter market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 52.3% market share in 2022. It was assessed at US$ 4,054.62 million in 2022 and is likely to hit US$ 12,171.20 million by 2028, exhibiting a CAGR of 20.1% during the forecast period.
Key players dominating the APAC traction inverter market are 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 among others.
In 2022, Morgan State University and Siemen has entered into partnership for implementing HVAC, security, and other energy efficient systems. In 2021, BorgWarner has acquired 89.08% of AKASOL’s outstanding shares following the completion of the tender offer. The acquisition further strengthens BorgWarner’s commercial vehicle and industrial electrification capabilities, which positions the company to capitalize on what it believes to be a fast-growing battery pack market.
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