Safety and security taken up as a protuberant driver of traction inverter market with notable emergence of numerous heavy-duty public transportation applications. Strong government initiatives to boost sales of hybrid and electric vehicles, resulting in traction inverter market growth.
Notable Government Initiatives in Developed and Developing Regions to Burgeon Growth of Traction Inverter Market
Governments across various regions have been taking immense efforts in supporting usage of electric and hybrid vehicles by providing attractive subsidies and incentives to the owners. China has been offering subsidies upto nearly US$ 14,000 based on battery pack size, for every purchase of electric or hybrid vehicle, whereas Shanghai and Beijing have been offering free registration plates. Many regions are also allotting grants for developing electric and hybrid vehicles. For example, U.S. government has granted approximately US$ 2.4Billion for development of electric and hybrid vehicles with high density batteries. U.S. government has also planned to offer incentives to owners of the hybrid and electric mobility as tax credits, which is nearly US$ 7,500, depending on usage of battery type.
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Heavy Investments for Acquisition and Delivering High-Speed Components to Be Key Strategy of Traction Inverter Market Players
Manufacturers in traction inverter market are shifting their focus towards advanced and technical version of the electric mobility, which in turn boosts the growth of traction inverter market.
Voith GmbH:The traction inverter market player recently developed FloWing, which is the logical development in relation to the proven technology, BaglessPlus system. These filter discs from BaglessPlus family could be beneficial for the present disc filters that are inclusive of the ones from other manufacturers as well. European testliner facility is experiencing exclusive benefits of the product with its installation in July 2018. The overall capacity issues were resolved with this installation, thereby diving in growth opportunities for traction inverter market.
Curtiss-Wright Corporation:The traction inverter market player recently announced its amended credit contract with seven banks for expanding the maturity time-span of its $500Million credit facility by extending accordion feature to $200Million. Curtiss-Wright utilizes this credit facility for funding of the probable future acquisitions, internal growth initiatives, working capital purposes as well as other general corporate needs. The successful accomplishment of financing offers the company with higher financial flexibility, which in turn is expected to benefit the company’s traction inverter business, thereby throwing positive impacts on the growth of global market.
Alstom:The traction inverter market player recently mentioned about its deliverance of high-speed trains to ONCF (Office National des Chemins de Fer Marocain). The company has supplied on-board level 1 and 2 ERTMS for trains to ONCF. For the first time, high-speed rail has been made available in the African continent and the Moroccan public are given the leverage to have incredible passenger experience. With development of more speed-rails, demand and supply of traction inverter is also likely to increase, thereby benefitting revenue sales of global market.
High-Power Properties to Pull Up Revenue Sales of Traction Inverter Market
Rapidly increasing demand for efficient, cost-effective, reliable and productive electric propulsion system has been significantly contributing towards the revenue growth of traction inverter market. Rising demand for automation along with transmission with high-power properties further drives the growth of traction inverter market. Surging demand for hybrid and electric vehicles driving the usage of electric traction inverter results in global market growth. Development of high-end, lightweight and heat resistant materials stimulates the progress of traction inverter market on a positive pace. However, reliability and durability affects the efficiency and productivity of products, which is expected to significantly hamper the production growth of traction inverter market.
Segmentation of Traction Inverter Market Is Done Based On End-Use, Application and Product Type
On the basis of end-use, traction inverter market has been classified into
- Railway Locomotives
- Elevators
- Escalators
- Electric Vehicle
- HEV (Hybrid Electric Vehicle)
- Pure BEV (Battery Electric Vehicle)
- Others
On the basis of application, traction inverter market has been classified into
- Industrial equipment and machinery
- Electric Mobility
- Public Transportation
- Others
On the basis of product type, traction inverter market has been classified into
- DC Traction Inverter
- AC Traction Inverter
Traction inverter market research report offers comprehensive analysis of the market across the globe and consists of useful facts and insights with industry-valuated and statistically supported market data. The report comprises of forecasts generated with the help of methodologies and suitable assumptions. Further, the report delivers detailed information regarding the market segments that include industry, end-uses and geographies.
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Meticulous Analysis of Traction Inverter Market Research Report Wraps:
- Traction inverter market segmentation
- Market sizing
- Present trends and challenges
- Technological innovations
- Traction inverter market growth prospects
- Demand and supply
- Competitors
- Value chain