China Captures 61% of Global EV Traction Inverter Installation Volume in 3Q24, Europe Pushes Reforms to Rebound
December 10, 2024 | TrendForceEstimated reading time: 1 minute

TrendForce’s latest findings show that global shipments of EV traction inverters reached 6.87 million units in the third quarter of 2024, representing a 7% QoQ increase, though the growth rate has slowed compared to the same period last year. Among the segments, PHEV traction inverter shipments grew by 16%, marking the highest growth across all powertrain types, though down from the 35% increase in the previous quarter.
The penetration rate of SiC inverters increased slightly by 1% compared to the previous quarter but declined 2% YoY. Significantly, China accounted for approximately 65% of the global SiC inverter installations. While power modules—the core components of these inverters—are still dominated by international semiconductor companies, China's localization policy is driving breakthroughs among domestic manufacturers, potentially challenging the leadership of global firms in the future.
Among Tier-1 suppliers, BYD benefitted from strong sales of its vehicle models, increasing its market share of traction inverter installations by 1% QoQ to 18%, surpassing Japan's Denso for the first time to become the global leader. Meanwhile, Inovance saw its market share rise to 6%, highlighting the growing competitiveness of Chinese suppliers in this sector. Collectively, China, Japan, and Tesla accounted for half of global installations, while the influence of European and American manufacturers continued to wane.
TrendForce highlights the growing regional divide in the traction inverter market. China's installations accounted for 61% of the global total in the third quarter owing to stable domestic demand. In contrast, Europe is under pressure from a shrinking market and is implementing aggressive reforms to reduce costs and enhance the competitiveness of its EV supply chain.
In the short term, the steady demand from China is expected to sustain growth in the traction inverter market. Over the long term, if Europe's automotive supply chain reforms are successfully executed, it could revitalize global traction inverter installation volume and the overall EV market.
Suggested Items
Trump Copper Tariffs Spark Concern
07/10/2025 | I-Connect007 Editorial TeamPresident Donald Trump stated on July 8 that he plans to impose a 50% tariff on copper imports, sparking concern in a global industry whose output is critical to electric vehicles, military hardware, semiconductors, and a wide range of consumer goods. According to Yahoo Finance, copper futures climbed over 2% following tariff confirmation.
Seeing a Future in Mexico
07/09/2025 | Michelle Te, I-Connect007The Global Electronics Association (formerly known as IPC) has been instrumental in fostering a partnership with Guanajuato, a state north of Mexico City with 12 industrial clusters and close to 150 companies involved in electronics. This past spring, Alejandro Hernández, the undersecretary for investment promotion in Guanajuato, attended IPC APEX EXPO 2025 at the invitation of IPC Mexico Director Lorena Villanueva, where he met with several companies to discuss the opportunities available in Mexico. He is inviting electronics-related companies seeking long-term investment in a centrally located area with access to highways, railways, and ports.
Webinar Review: A Global Trade and Economy in Flux
07/09/2025 | I-Connect007 Editorial TeamIn a July 8 webinar, Global Electronics Association Chief Economist Shawn DuBravac provided a comprehensive analysis of the evolving international trade environment, its implications for inflation, monetary policy, and labor dynamics, and a sober assessment of market valuations. In “Navigating a Shifting Landscape” DuBravac painted a picture of a global economy in flux, where shifting trade alliances and tariff structures are redrawing the supply chain map and influencing the broader economic landscape, while also conveying an overall bullish market outlook.
GlobalLogic, Volvo Cars Deepen Collaboration to Engineer the Future of Mobility
07/09/2025 | GlobalLogicGlobalLogic Inc., a Hitachi Group Company and leader in digital engineering, has announced it has been selected in Volvo Cars’ partnership ecosystem as one of the strategic partners within engineering services globally.
GlobalFoundries to Acquire MIPS to Accelerate AI and Compute Capabilities
07/09/2025 | GlobalFoundriesGlobalFoundries announced a definitive agreement to acquire MIPS, a leading supplier of AI and processor IP. This strategic acquisition will expand GF’s portfolio of customizable IP offerings, allowing it to further differentiate its process technologies with IP and software capabilities.