Space vector modulation basics involve starting with a desired voltage vector, determining which sector it belongs to among six sectors, selecting the two nearest vectors in that sector, calculating the time durations to apply these vectors and the zero vector, then applying the switching sequence to generate PWM signals for the inverter. This process repeats continuously to maintain the desired output voltage. The key steps include receiving the voltage vector, finding its angle and sector, selecting vectors, calculating switching times, applying switching, and outputting PWM signals. Variables like Vref, sector, vectors, and switching times change step-by-step as shown in the execution table and variable tracker. Understanding why sectors are used, the role of switching times, and the continuous repetition helps clarify the modulation process.