BYD’s Self-Developed Inverters Tie Denso for Top Global Market Share in 2Q24, Says TrendForce

TrendForce’s latest findings reveal that global installations of EV traction inverters reached 6.45 million units in 2Q24, marking a 24% increase from the previous quarter. The growth was primarily driven by hybrid vehicles (including HEVs and PHEVs). Among the EV powertrains, PHEVs led with a 26% quarterly increase in installations, while BEVs followed with an 18% increase.

BYD saw a significant rise in market share for its self-developed traction inverters in Q2 as it claimed 17% thanks to strong sales of its PHEV models. This ties BYD with Japan’s Denso for the top spot globally. Meanwhile, China’s Inovance saw a 1% increase in market share, while Huawei’s performance remained stable. Overall, Chinese Tier 1 manufacturers outperformed their global counterparts in inverter installations during the second quarter. 

TrendForce noted that inverters for platforms at a voltage range between 300V and 550V accounted for 54% of total installations in Q2, maintaining the highest share among all voltage ranges. The installation share for platforms above 550V has remained between 8% and 10% since 3Q23 with no significant breakthroughs. Chinese automakers contributed nearly 80% of installations in this voltage range, with very few models from other countries. However, as countries continue to impose higher tariffs on Chinese-made EVs, the market for inverters in this voltage range may face challenges in the future.

Chinese automakers have recently adjusted their “all-electric” EV strategy, instead, focusing more on developing PHEVs that prioritize electric power while using gasoline as a supplement. This shift has fueled growth in the hybrid vehicle market. Many popular models should soon see their debut as the industry enters the traditional peak season in Q3, with the Chinese market remaining a key driver of global EV growth. TrendForce forecasts that the overall market for EV traction inverters will maintain a quarterly growth rate of 15% to 25% in 3Q24.

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