Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "North America Traction Inverter Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Propulsion type, Voltage type, Technology type, and Vehicle type" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 133 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1937.45 Million |
| Forecasted Market Value (USD) by 2028 | $4555.9 Million |
| Compound Annual Growth Rate | 15.3% |
| Regions Covered | North America |
Market Dynamics
Drivers
- Increasing Demand of Electric and Hybrid Electric Vehicles
- High demand for lithium-ion battery
Restraints
- Shortage of semiconductors and chips
Opportunities
- Government and market players initiatives to booster the market growth
Future Trends
- Adoption of Advanced Technologies
Companies Mentioned
- BorgWarner Inc.
- Continental AG
- Curtiss-Wright Industrial Group
- Dana TM4
- Delphi Technologies Plc
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Siemens AG
- Toshiba Corporation
- Voith GmbH & Co. KGaA
For more information about this report visit https://www.researchandmarkets.com/r/sylrs6
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