Driving Innovation: Direct Imaging vs. Conventional Exposure
It’s Only Common Sense: Selling to Today's Generation of Buyers
Dan’s Biz Bookshelf: ‘Believe in Better'
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.
Share on:
Suggested Items
The Global Electronics Association Launches Industry Leading Circularity Resource Hub, Fast-Tracking Cost-Reducing, Efficient Solutions for Manufacturers
07/01/2025 | Global Electronics AssociationToday, the Global Electronics Association – the voice of the electronics industry – launched its Circularity Resource Hub. The Hub provides a centralized home for the latest industry standards, best practices, and resources to accelerate electronics’ sustainable and circular evolution.
EU Defence Electronics Ecosystem Highlighted in Brussels
07/01/2025 | I-Connect007 Editorial TeamIn this interview, Alison James, senior director of Global Electronics Association—Europe (formerly IPC), discusses the European Defence & Security Summit in Brussels, June 9–13, as well as the first IPC–ASD Europe Defense Electronics Summit, June 10th, which brought together 70 leaders from across the electronics manufacturing supply chain. ASD is the Aerospace, Security and Defence Industries Association of Europe, and co-hosted both the larger and smaller events.
Toni Patzner Becomes Global Head of Supply Chain Management at ASMPT SMT Solutions
07/01/2025 | ASMPTOn June 1, 2025, Toni Patzner assumed the position of Global Head of Supply Chain Management. The experienced manager succeeded Jörg Cwojdzinski, who retired after decades of service.
TT Electronics Achieves ISO 13485 Medical Certification at Mexicali EMS Facility
06/27/2025 | TT ElectronicsThis milestone underscores TT Electronics’ commitment to delivering high-quality, compliant, and reliable manufacturing solutions to its global customers in healthcare and life sciences.
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
06/27/2025 | Nolan Johnson, I-Connect007While news outside our industry keeps our attention occupied, the big news inside the industry is the rechristening of IPC as the Global Electronics Association. My must-reads begins with Marcy LaRont’s exclusive and informative interview with Dr. John Mitchell, president and CEO of the Global Electronics Association. For designers, have we finally reached the point in time where autorouters will fulfill their potential?