American Made Advocacy: Rebuilding America’s Military Stockpiles Begins With Microelectronics
The Right Approach: The End of an Era—DoD Proposes MIL-PRF-31032 Cancellation
Defense Speak Interpreted: Hypersonics Report Back After Six Years of Silence
China Captures 61% of Global EV Traction Inverter Installation Volume in 3Q24, Europe Pushes Reforms to Rebound
December 10, 2024 | TrendForceEstimated reading time: 2 minutes
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:
Testimonial
"Our marketing partnership with I-Connect007 is already delivering. Just a day after our press release went live, we received a direct inquiry about our updated products!"
Rachael Temple - AlltematedSuggested Items
GlobalFoundries Outlines Long-Term Growth Roadmap and Announces First-Ever Dividend
05/08/2026 | GlobalFoundriesAt its 2026 Investor Day, GlobalFoundries highlighted clear opportunities for durable growth in AI-centric markets, expanding profitability and long-term value creation, underpinned by its broadening technology roadmap for the scaling of AI data centers and the proliferation of AI into the physical world, served from its unique, resilient global manufacturing footprint.
Global Electronics Association to Testify at the Office of the U.S. Trade Representative Panel on Section 301 Structural Excess Capacity
05/08/2026 | Global Electronics AssociationChris Mitchell, Vice President for Global Government Relations at the Global Electronics Association, will testify before the Office of the U.S. Trade Representative (USTR) Panel on Section 301 Structural Excess Capacity on Friday, May 8.
Hall of Fame Spotlight Series: Highlighting Karen McConnell
05/07/2026 | Dan Feinberg, I-Connect007In 2021, Karen McConnell was awarded the Raymond E. Pritchard Hall of Fame award in recognition of her contributions to the Association and the electronics industry. As a senior staff member and CAD/CAM engineer at Northrop Grumman Enterprise Services, her primary responsibility was to develop a common, shared EDM (Electronic Document Management) library to support the electrical and PCB design tool initiatives across Northrop Grumman Mission Systems.
PCBAA, AAM Take on the Fight to Rebuild U.S. Manufacturing in New Documentary
05/05/2026 | Marcy LaRont, I-Connect007Throughout most of the 20th century, manufacturing was central to the American Dream of providing stable jobs and pathways to upward mobility. Today, more than 80% of global electronics manufacturing capacity resides in China and greater Asia, raising serious concerns about supply chain resilience and national security.
Electronics Manufacturing Needs Your Voice: Global Sentiment Survey Now Live
04/30/2026 | Global Electronics AssociationThe latest monthly Global Sentiment Survey from the Global Electronics Association is now open. At a time when demand uncertainty, policy shifts, energy costs, and supply chain recalibration are pulling the industry in multiple directions, the survey captures something macroeconomic data often misses: how manufacturers are actually experiencing conditions on the ground.