India, March 4 -- TrendForce's latest report reveals that global EV traction inverter installations reached 8.67 million units in 4Q24, marking a 26% QoQ increase. Strong demand from China and Europe served as the primary growth driver, leading to a 28% increase in installations for both BEVs and PHEVs compared to the previous quarter. This surge propelled Huawei into the top five global traction inverter suppliers for the first time.

In 2024, global traction inverter shipments totaled 27.21 million units. SiC inverters saw higher adoption thanks to Tesla and Chinese automakers, reaching a 16% penetration rate in Q4 - the highest of the year. This trend signals growth for the highly competitive power semiconductor industry.

However, geo...