Automotive Power Modules Market Size (2024 - 2029)

The automotive power modules market is projected to experience significant growth, driven by the increasing demand for vehicle performance, safety, and efficiency enhancements. Power modules are essential in reducing power losses and improving battery efficiency, making them crucial for the automotive industry. Collaboration between power module manufacturers and automotive original equipment manufacturers is focused on developing advanced power electronics, particularly for electric vehicles, where semiconductor usage is key to cost competitiveness. The Asia-Pacific region is expected to lead the market due to factors such as rising vehicle production and sales, rapid electrification, stringent emission regulations, and higher consumer disposable income, all of which contribute to the growing demand for power modules.

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Market Size of Automotive Power Modules Industry

Automotive Power Modules Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 9.71 Billion
Market Size (2029) USD 18.42 Billion
CAGR (2024 - 2029) 13.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Automotive Power Modules Market Major Players

*Disclaimer: Major Players sorted in no particular order

Automotive Power Modules Market Analysis

The Automotive Power Modules Market size is estimated at USD 9.71 billion in 2024, and is expected to reach USD 18.42 billion by 2029, growing at a CAGR of 13.5% during the forecast period (2024-2029).

The automotive power modules market is anticipated to witness steady growth as the sales of vehicles are low from the previous year. The power module plays a vital role in the minimization of power losses, improvement of battery efficiency, increase in power density, and extension of mileage. It is regarded as an integral part of the automotive industry.

Manufacturers of power module components and automotive original equipment manufacturers (OEM) joined hands to improve vehicle performance, safety, and efficiency. They are working together to come up with power electronics for electric auxiliary components. The usage of semiconductors in power modules is vital for achieving cost competitiveness in electric vehicle applications.

Asia-Pacific is expected to maintain its dominance in the automotive power module market. The region's leadership in the power module market is attributed to several factors, such as increasing production and sales of vehicles, rapid electrification of automotive fleets, stricter emission regulations, and the rising disposable income of consumers. These factors collectively drive the demand for vehicles with a growing concern for safety, which correspondingly drives the power module market in the region.

Automotive Power Modules Industry Segmentation

An automotive power module is a component in electric and hybrid vehicles responsible for managing and controlling electrical power distribution within the vehicle powertrain. It plays a key role in converting and managing electrical energy between various components, including the battery, electric motor, and other systems.

The automotive power modules market is segmented by electric propulsion type, vehicle type, and geography. By electric propulsion type, the market is segmented into full hybrid vehicles, plug-in hybrid vehicles, and battery electric vehicles. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, Middle-East and Africa. The report offers market size and forecast in value in USD.

Electric Propulsion
Full Hybrid Vehicle
Plug-in Hybrid Vehicle
Battery Electric Vehicle
Vehicle Type
Passenger Cars
Commercial Vehicles
Geography
t
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
South America
Argentina
Chile
Brazil
Middle-East and Africa
Saudi Arabia
Oman
Qatar
South Africa
Nigeria
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Automotive Power Modules Market Size Summary

The automotive power modules market is poised for significant expansion over the forecast period, driven by the increasing demand for electric vehicles and the ongoing trend of vehicle electrification. Power modules are crucial for enhancing the efficiency and performance of electric and hybrid vehicles, making them an integral component of modern automotive design. Collaborations between power module manufacturers and automotive original equipment manufacturers are fostering advancements in power electronics, which are essential for improving vehicle safety, performance, and energy efficiency. The Asia-Pacific region is expected to maintain its leadership in the market due to factors such as rising vehicle production and sales, rapid electrification of automotive fleets, and stringent emission regulations. These elements collectively contribute to the growing demand for power modules, as consumers increasingly prioritize vehicle safety and efficiency.

The market is characterized by strategic investments and partnerships among key players, aiming to enhance production capabilities and develop innovative solutions for electric vehicles. Companies like Continental AG, Robert Bosch GmbH, and Denso Corporation are actively expanding their market presence through mergers, acquisitions, and the establishment of new production facilities. The focus on modular power electronic solutions and standardization is helping to reduce development costs and accelerate the production of electric vehicles. Additionally, advancements in semiconductor technology, such as silicon carbide, are enabling more efficient and compact power modules, further driving market growth. The ongoing development and mass production of next-generation power modules, along with significant investments in electric vehicle infrastructure, underscore the dynamic nature of the automotive power modules market.

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Automotive Power Modules Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Rising Demand of Electric Vehicles Is Likely To Drive The Market Growth

    2. 1.2 Market Restraints

      1. 1.2.1 Lack of Skilled Labors Is Anticipated To Restrain The market Growth

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD)

    1. 2.1 Electric Propulsion

      1. 2.1.1 Full Hybrid Vehicle

      2. 2.1.2 Plug-in Hybrid Vehicle

      3. 2.1.3 Battery Electric Vehicle

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Commercial Vehicles

    3. 2.3 Geography

      1. 2.3.1 t

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 Italy

        4. 2.3.2.4 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Rest of Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Argentina

        2. 2.3.4.2 Chile

        3. 2.3.4.3 Brazil

        4. 2.3.4.4

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 Oman

        3. 2.3.5.3 Qatar

        4. 2.3.5.4 South Africa

        5. 2.3.5.5 Nigeria

        6. 2.3.5.6

      6. 2.3.6

Automotive Power Modules Market Size FAQs

The Automotive Power Modules Market size is expected to reach USD 9.71 billion in 2024 and grow at a CAGR of 13.5% to reach USD 18.42 billion by 2029.

In 2024, the Automotive Power Modules Market size is expected to reach USD 9.71 billion.

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