Automotive Power Modules Market
Growth Factors of Automotive Power Modules Market
The automotive power modules market size was valued at USD 6.49 billion in 2023, and the market is now projected to grow from USD 7.86 billion in 2024 to USD 25.14 billion by 2032, exhibiting a CAGR of 15.6% during the forecast period of 2024-2032.
The COVID-19 pandemic has affected the automotive power modules market growth. The pandemic has momentarily shut down factories and manufacturing units and suspended work operations across various automotive sectors. This caused an uneven supply and demand relation that resulted in improper inventory management and a resources shortage. It influenced the economies and end users due to the shortage of high-demand fulfillment of semiconductor products in automotive and other industries.
The automotive power modules market share globally has enlarged due to the escalating demand for lower switching losses in voltage conversion. Major automakers are paying attention to improving the efficiency of electric vehicles and motors by reducing power loss and increasing their overall efficiency. To improve the effectiveness of electric motors, electric vehicle manufacturers aspire to incorporate advanced power components into their methods to reduce power loss and improve the speed and conversion rates of these modules.
The growing shift toward adoption of silicon carbide MOSFETs for higher efficiency is the major trend. The increased focus within the automotive EV makers on integrating this electronic device has increased considerably. These devices can augment car efficiency and offer higher power conversion rates with lesser losses for their electric motors. Hence, constant focus on bringing in higher efficiency and low power consumption modules promote the electrification process.
Comprehensive Analysis of Automotive Power Modules Market
The automotive power modules market and automotives industry is rising at an exponential rate because of its market segmentation. This market expansion effectively provides a complete regional assessment considering the dominant supply and demand forces that impact the automotives industry. These segmentations are methodically segregated by types of type, vehicle type, propulsion type, and application. The types include Sic MOSFETs and Si IGBTs. The vehicle types are such as passenger cars and commercial vehicles. The propulsion type is battery electric vehicle (BEV) and hybrid electric vehicle (HEV). However, the application involves traction inverter, DC-DC converter, and On-board charger.
The Asia Pacific region is conducive to the global automotive power modules market, leading to a recall of USD 3.01 billion owing to higher penetration of electric vehicle sales and the government initiatives in major countries within the region.
The top players in the market play a vital role in the automotives industry assuring industrial prospectus growth and setting market standards. These players are Mitsubishi Electric Corporation (Japan), Infineon Technologies AG (Germany), ), Onsemi (U.S.), STMicroelectronic N.V. (Switzerland), Fuji Electric Co., Ltd. (JapanMonolithic Power Systems (U.S.), Danfoss (Denmark), Hitachi Automotive Systems Ltd. (Japan), Robert Bosch GmbH (Germany), Rohm Semiconductors (Japan), Shindengen Electric Manufacturing Co., Ltd. (Japan), and Wolfspeed Inc. (U.S.), these market players present a fair-playing competitive landscape.
In January 2023, Resonac Corporation announced the launch of a full-scale operation of power modules. They are focusing on enhancing material-related developments for power semiconductors such as its packages and power modules.
Segmentation Table
Global Automotive Power Modules Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 15.6% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Type
SiC MOSFETs
Si IGBTs
By Vehicle Type
Passenger Cars
Commercial Vehicles
By Propulsion Type
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
By Application
Traction Inverter
DC-DC Converter
On-Board Charger
By Geography
North America (By Type, By Vehicle Type, By Propulsion Type, By Application)
- U.S. (By Vehicle Type)
- Canada (By Vehicle Type)
- Mexico (By Vehicle Type)
Europe (By Type, By Vehicle Type, By Propulsion Type , By Application)
- U.K. (By Vehicle Type)
- Germany (By Vehicle Type)
- France (By Vehicle Type)
- Rest of Europe (By Vehicle Type)
Asia Pacific (By Type, By Vehicle Type, By Propulsion Type , By Application)
- China (By Vehicle Type)
- India (By Vehicle Type)
- Japan (By Vehicle Type)
- South Korea (By Vehicle Type)
- Rest of Asia Pacific (By Vehicle Type)
Rest of the World (By Type, By Vehicle Type, By Propulsion Type , By Application)
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