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EV Traction Inverter Market Share

Report ID: GMI12587
Published Date: Dec 2024
Report Format: PDF

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EV Traction Inverter Market Share

EV Traction Inverter Company Market Share, 2024

DENSO Corporation and Hitachi Astemo Ltd collectively held a substantial market share of over 27% in the EV traction inverter industry in 2024, due to their leadership in advanced power electronics and their strong presence in the global EV ecosystem. DENSO, as a prominent supplier of automotive components, has leveraged its extensive R&D capabilities and partnerships with automakers to develop high-efficiency, compact, and reliable traction inverters that cater to both passenger and commercial electric vehicles.

Similarly, Hitachi Astemo, a key player in the electrification segment, has capitalized on its expertise in integrating power electronics with advanced motor systems, offering high-performance solutions that meet the growing demand for electrified powertrains. Their significant market share is also attributed to their collaborations with major automakers and their focus on wide-bandgap semiconductor technologies, such as silicon carbide, which enhance inverter efficiency and performance.

EV Traction Inverter Market Companies

Major players operating in the EV traction inverter industry are:

Continental AG
DENSO Corporation
Hitachi Astemo Ltd
Mitsubishi Electric Corporation
Robert Bosch GmbH
Toyota Industries Corporation
Valeo SA
Vitesco Technologies
ZF Friedrichshafen AG

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of EV traction inverter reached USD 6.8 billion in 2024 and is set to grow at a 14.7% CAGR from 2025 to 2034, driven by the rapid adoption of electric vehicles (EVs) worldwide.

The passenger car segment accounted for over 73% of the market share in 2024 and is expected to exceed USD 19.1 billion by 2034, led by the high volume of passenger vehicle sales and increasing consumer adoption of EVs.

The U.S. market accounted for 83% of the revenue share in 2024 and is poised to cross USD 4.9 billion by 2034, supported by a robust EV manufacturing ecosystem and strong consumer demand.

The key players in the industry include Continental AG, DENSO Corporation, Hitachi Astemo Ltd, Mitsubishi Electric Corporation, Robert Bosch GmbH, Toyota Industries Corporation, Valeo SA, Vitesco Technologies, and ZF Friedrichshafen AG.