According to the new research report on "Automotive Traction Inverter Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the Automotive Traction Inverter Market is expected to reach US$ 39140.79 million by 2028, registering a CAGR of 17.2% from 2022 to 2028.
The Asia Pacific region is home to several developing economies, such as China, India, and South Korea, and developed economies such as Japan and Australia. The region's economy is gaining traction, owing to the numerous technological and infrastructural developments. The region has a robust automotive sector, supported by the growing automotive manufacturing hubs in countries such as China, India, and South Korea. Countries such as India, China, South Korea, and Japan are the leading vehicle manufacturing countries globally. Growing environmental concerns (due to rising exhaust emissions), enactment of stringent emissions and fuel economy norms, and increasing government initiatives, such as subsidies and benefits, to improve the adoption rate of electric vehicles and to replace heavy-duty diesel and gasoline-run buses with zero-emission electric buses, are expected to propel demand and growth of the high-performance vehicles which in turn drives the automotive traction inverter market growth. Variations in government policies and subsidies, on the other hand, are likely to impact the development of electric vehicles, which can affect automotive traction inverter sales.
The demand for electric vehicles is fueled by the global electrification trends and government legislation posing lucrative opportunities for the expansion of automotive traction inverters in the global market. For example, the government of China extended subsidies for electric cars for two years after the COVID-19 pandemic, with a plan to reduce the subsidies by 10% and 20% in 2021 and 2022, respectively. Despite the reduced subsidies, sales growth in 2021 implied that China’s EV market might begin to mature. Overall, the Chinese EV market looks promising for further expansion in the forecast period, propelled by the inclination of consumers towards new product offerings, state subsidies, and ongoing municipal preference for EVs. In China, EV-only premium vehicles accounted for 300,000 sales of vehicles produced by Chinese startups, of which Wuling Honggunag Mini EV held the largest share in sales with just under 40000 units sold in 2021. In India, the government approved 5095 electric buses for intra-city commuting in 64 states, 400 e-buses for interstate operations, and 100 e-buses for last-mile connectivity. The goal is to produce electric buses at the most affordable prices feasible. India and China make up the most sales in Asia Pacific region. The region's automotive traction inverter market is predicted to grow because of favorable regulations for electric vehicles, lower-cost electric and electronic components, and rapidly increasing EV charging infrastructure.
No comments:
Post a Comment