The Global Automotive Power Modules Market Size is valued at 2.06 billion in 2022 and is predicted to reach 11.18 billion by the year 2031 at a 20.9% CAGR during the forecast period for 2023-2031.
Automotive power modules are electronic components that regulate and control the flow of electrical power within a vehicle. For efficient power management, these modules often combine diverse components, such as power semiconductors, control circuits, and cooling systems, into a single unit. Several factors drive the growth of the automotive power modules market, including technological advancements, government restrictions, industry trends, and consumer preferences.
With the cumulative use of electric vehicles (EVs) and hybrid electric vehicles (HEVs), the global automotive industry is dramatically changing towards electrification. As a result of this trend, there is an increasing demand for automotive power modules, which are utilized in electric powertrains, motor control units, and high-voltage battery management systems.
However, The pandemic caused disruptions in worldwide supply chains, affecting the availability of raw materials, components, and electronic parts to produce vehicle power modules. Lockdowns, plant closures, and transportation restrictions hampered the free movement of products, causing production and delivery delays.
Recent Developments:
- In May 2019, Mitsubishi Electric Corporation announced the acquisition of the remaining shares of ICONICS Inc., a software firm based in the United States. ICONICS Inc. specializes in analytics, mobile, Internet of Things (IoT), and cloud applications for the industrial, manufacturing, and building-automation markets. The acquisition will turn the company into a wholly owned subsidiary of the Mitsubishi Electric Group.
Competitive Landscape:
Some of the Automotive Power Modules Market Players are:
- Mitsubishi Electric Corporation (Japan)
- Toshiba Corporation (Japan)
- NXP Semiconductors (Netherlands)
- Continental AG (Germany)
- Renesas Electronics Corporation (Japan)
- Infineon Technologies (Germany)
- Fuji Electric Co. (Japan)
- Robert Bosch GmbH (Germany)
- ON Semiconductor (US)
- TMicroelectronics (Switzerland)
- Rohm Semiconductor (Japan)
Market Segmentation:
The Automotive Power Modules Market is segmented based on module and vehicle types. Based on the module type, the market is segmented as Intelligent Power Module (IPM) and Power Integrated Module (PIM). The vehicle type segment includes passenger cars and commercial vehicles.
Based On Vehicle Type, The Passenger Cars Segment Is Accounted As A Major Contributor In The Automotive Power Modules Market
The passenger cars category will hold a major share of the global Automotive Power Modules Market in 2022. The increasing need for safety systems and fuel-efficient technology linked with vehicle power trains is the primary factor driving the market segment's growth. In addition, a growing number of passenger vehicle safety, entertainment, comfort, and vehicle control options are also available for deployment. This is attributed to various factors, one of which is the altering tastes of automobile purchasers, bolstered by government regulations.
The Intelligent Power Module (IPM) Segment Witnessed Growth At A Rapid Rate
The Intelligent Power Module (IPM) segment is projected to grow at a rapid rate in the global Automotive Power Modules Market. IPM is a high-performance module that includes a dedicated driving circuit to get more performance out of an IGBT chip, as well as a proprietary IC for self-protection (short circuit, supply under voltage, and over temperature). They are continuing to advance each IPM series in tandem with the rise of IGBT chips. The lineup includes the principal items "L1 series," "V1 series," and "S1 series," with low power loss, outstanding performance, and small size, to which the "G1 series" has just been added.
In The Region, Asia Pacific Automotive Power Modules Market Holds A Significant Revenue Share
Asia Pacific Automotive Power Modules Market is expected to register the highest market share in terms of revenue in the near future. Increasing pollution standards around the world are expected to cause an increase in electric car sales during the forecast period. To meet the rising demand for EVs, manufacturers of automotive power modules are expanding their production capacity, primarily in Asia-Pacific, which has the highest sales and large exports of vehicles worldwide, as well as non-tariff on EV parts among ASEAN countries. Furthermore, North America is predicted to expand significantly during the forecast period. North America is a technical innovation hotspot, including advances in power semiconductor technology.
The region's power module producers concentrate on researching and implementing innovative power semiconductor materials and packaging methods. These developments help the expansion of the automotive power modules industry by providing performance, reliability, and higher efficiency.
Automotive Power Modules Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 2.06 Bn |
|
Revenue Forecast In 2031 |
USD 11.18 Bn |
|
Growth Rate CAGR |
CAGR of 20.9% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product, Vehicle Type, Sales Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), NXP Semiconductors (Netherlands), Continental AG (Germany), Renesas Electronics Corporation (Japan), Infineon Technologies (Germany), Fuji Electric Co. (Japan), Robert Bosch GmbH (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Rohm Semiconductor (Japan) |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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