TrendForce’s report reveals a strong surge in global installations of EV traction inverters, reaching 6.45 million units in Q2 2024, marking a 24 percent rise from the previous quarter. This growth was mainly driven by hybrid vehicles (HEVs and PHEVs), with PHEVs showing the highest increase at 26 percent, followed by BEVs with an 18 percent rise.
Chinese automaker BYD captured 17 percent of the global market share for traction inverters, tying with Japan’s Denso for the top spot. This growth is attributed to the robust sales of BYD’s PHEV models. Other Chinese manufacturers, including Inovance, which saw a 1 percent market share increase, also performed well, while Huawei maintained steady performance. In total, Chinese Tier 1 manufacturers led global traction inverter installations in Q2.
Inverters in the 300V to 550V range dominated the market, accounting for 54 percent of total installations. However, installations in the 550V+ range remained stagnant, making up only 8-10 percent since 3Q23. Chinese automakers contributed nearly 80 percent of these installations, though future growth in this segment may face headwinds due to increasing tariffs on Chinese-made EVs.
Notably, Chinese automakers have shifted their strategy, focusing on PHEVs that emphasize electric power with gasoline as a supplement. This trend has spurred growth in the hybrid vehicle market, which is expected to continue into Q3 as more models are launched during the traditional peak season. TrendForce predicts that EV traction inverters will maintain a growth rate of 15 percent to 25 percent in Q3 2024.