Several space vector modulation schemes have been analyzed for three-leg and four-leg voltage source inverters. The analysis is performed with respect to a) switching losses, b) total harmonic distortion, c) peak-to-peak ripple in the line current and d) the ease of digital implementation. The analysis is performed over the entire range of modulation index and for varying load power factors (leading and lagging) under both balanced and unbalanced load conditions. The analysis shows that the performance of four-leg inverters is similar to three-leg inverters for various space vector modulation schemes. The analysis also verifies the fact that a modulation scheme with good harmonic performance usually has high switching losses and vice-versa. The analysis is verified using simulation and experiments. A novel algorithm for the calculation of total harmonic distortion of PWM signals has been proposed.