According to the recent report titled ‘Global Traction Inverter Market Size study, by Propulsion Type (BEV, HEV, and PHEV), Output Power Type (<=130 kW and >130 kW), Technology Type (IGBT and MOSFET), Semiconductor Materials Type (GaN, Si, and SiC), by Vehicle Type (PC and CV) and Regional Forecasts 2020-2027’, available with Market Study Report, global traction invertor market was remunerated at USD 2.9 billion in 2019 and is estimated to reach USD 10.6 billion by the year 2027, growing at a steady CAGR of 17.57% over the forecast period.
 

Swelling sales of electronic vehicles worldwide, growing use of handheld and electric gadgets in cars, along with increasing usage of mobile phones and navigation devices for cabs and rental cars by fleet managers are key factors driving the expansion trends of global traction inverter market.
 

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For the unversed, the main function of traction inverters is converting direct current (DC) into alternating current (AC) to propel the motors in drivetrain. It has a direct effect on distance covered in every charge and efficiency of the vehicle.
 

Leading contenders of the industry are undertaking tactics like investments, mergers, acquisitions, partnerships, deals, and product launches which will bolster worldwide traction inverter business outlook. For example, Hitachi Ltd. declared the production of Trench-Edged Double-Diffused MOS (TEDMOS) in September 2018, which is a next-generation energy-saving power structure built from silicon carbide (SiC). It will enhance energy efficiency of EVs and will be applied to engine drive inverters.
 

On the downside, lesser battery power availability for useful vehicle applications, complicated design & integration of hi-tech applications in EV, and strict safety standards are factors impeding global traction inverter market growth.
 

Regionally speaking, North America recorded the highest market share in the recent past, due to extensive use of rented cars, and incorporation of advanced technologies by fleet managers to maintain and tracks vehicles.
 

Parallelly, Asia Pacific traction inverter industry size is projected to expand at strong CAGR between 2020-2027, owing to surging sales of electric vehicles, and widespread use of handheld devices and other electric gadgets while travelling by car.
 

Toshiba Corporation, DENSO Corporation, Hitachi Ltd., Continental AG, Lear Corporation, Delphi Technologies plc, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Robert Bosch GmbH, and Valeo GmbH are the key players in global traction inverter market.