Global Traction Inverter Market Update in Q1 2024

TapTechNews reported on June 5 that, according to TrendForce, data shows that due to the impact of the traditional off-season of electric vehicles, the global installed capacity of traction inverters in the first quarter of 2024 was 5.22 million sets, a 27% decrease compared to 7.14 million sets in the fourth quarter of 2023.

Among them, the installed capacity of traction inverters for pure electric vehicles (BEV) accounted for 48%, a 5% decrease环比 (quarter-on-quarter), while the installed capacity of traction inverters for hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV) increased from 47% to 52%. This increase and decrease in data shows that range anxiety is still a top consideration for consumers when purchasing a car.

On the supply chain front, under the strategy of domestic substitution, among the world's top five traction inverters, there are already two Chinese companies, BYD and Inovance Technology. Among them, BYD's inverter is a self-developed and self-produced product used in its own models, and Inovance Technology supplies to new innovative electric vehicle manufacturers such as Li Auto, XPeng, and Xiaomi.

In addition, Huawei's market share has increased by 1% quarter-on-quarter for three consecutive quarters, and it is expected to enter the top five suppliers in the future. Overall, in the first quarter, the share of Chinese companies was 34%, and the situation where the traction inverter was dominated by Europe, America, and Japan has been broken.