TrendForce’s latest analysis reveals a global shipment of 6.87 million EV traction inverters in Q3 2024, marking a 7 percent quarter-on-quarter (QoQ) growth.
However, this growth rate is slower compared to the same period last year. Plug-in Hybrid Electric Vehicles (PHEVs) led the powertrain segments, with traction inverter shipments surging by 16 percent QoQ, despite a decline from the 35 percent growth recorded in Q2 2024.
SiC Inverter Penetration: The market saw a 1 percent QoQ increase in silicon carbide (SiC) inverter penetration but a 2 percent decline year-on-year (YoY). China maintained a dominant position, accounting for approximately 65 percent of global SiC inverter installations.
Domestic Momentum in China: Driven by China’s localization initiatives, domestic manufacturers are making significant strides in power module production, challenging the dominance of international semiconductor firms.
Market Leaders:
BYD: Buoyed by robust vehicle sales, BYD increased its market share of traction inverter installations to 18 percent (1 percent QoQ growth), surpassing Japan’s Denso to claim the top global position.
Inovance: Achieved a market share of 6 percent, reflecting the rising competitiveness of Chinese suppliers.
Regional Influence: China, Japan, and Tesla combined accounted for 50 percent of global installations. In contrast, European and American manufacturers are losing ground, with Europe facing a shrinking market despite efforts to enhance EV supply chain efficiency.
Regional Trends
China: Contributed to 61 percent of global traction inverter installations, supported by stable domestic demand.
Europe: Struggling with market contraction, Europe is focused on cost reductions and supply chain improvements to regain competitiveness.
Outlook
In the short term, China’s steady demand is expected to sustain market growth. Over the longer term, successful supply chain reforms in Europe could rejuvenate the global traction inverter market and drive broader EV industry growth.