Automotive Power Module Market 2030

Automotive power modules are expected to register a CAGR of more than 15% during the forecast period of 2022 to 2030. As a result of the rising demand for automobiles around the world, the market for automotive power modules is likely to experience rapid expansion in the near future. The energy module is responsible for performing an essential function in the process of minimising the amount of electricity that is lost, improving the efficiency of the battery, increasing the amount of electricity density, and increasing the mileage. The producers of power module components and the manufacturers of automobile-specific gear are working together to improve the functionality, safety, and efficiency of automobiles. They are collaborating in order to develop power electronics for electrically driven auxiliary components.

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The growing competition between companies that produce automotive power modules and the growing support from local authorities to produce electrical vehicles are two of the primary reasons for the expansion of this market. There is a lack of protocols for the development of power modules, and the increasing complexity in the format results in higher standard price of the vehicle. This is seen as the primary factor that is restraining the growth of this market.

The passenger car segment was the most dominant in the market in 2021, and it is also expected to account for the greatest share of revenue during the forecast period. When compared to commercial vehicles, the revenue contribution of passenger vehicles more significant. One factor that is contributing to the dominance of passenger vehicles is the growing demand for safety systems and technology that is economical in its use of fuel. Original equipment manufacturers, commonly known as OEMs, are extremely active in innovating new automobile models and variants that will fulfil the expectations of customers. There is a concerted effort made by original equipment manufacturers (OEMs), firms that are in Tier I of the supply chain, and companies that are in Tier II of the supply chain to incorporate newly developed technology and features into mass-produced passenger vehicles.

With almost 55% of the total market share, Asia-Pacific region remained as the largest market for automotive power modules in 2021. Following Asia in terms of market share is Europe, accounted for approximately 22% in 2021. Because of the free trade agreement between ASEAN and China as well as non-tariff barrier measures in Asia-Pacific countries, the imports of Automotive Power Modules throughout the Asia-Pacific regions are very likely to experience an upward trend during the forecast period. The production of power modules for automobiles is likely to be carried out in a significant manner in Japan and China during the forecast period. The desire to meet the anticipated demands for electricity in the future is hastening the development of the market for electric vehicles. The desire to obtain more environmentally friendly modes of transportation is a major contributor to the growing demand for electric-powered automobiles. The electric vehicle (EV) market is quickly becoming an essential component of the automotive industry.

Few companies dominate this extremely consolidated market. Businesses are expanding through mergers and acquisitions. Key players are also establishing new production centres to accommodate demand for power. Automobile OEMs and power module component makers have worked to improve vehicle usefulness, safety, and efficiency. They’re developing power electronics for electric auxiliary components. Semiconductors in power modules are essential for electric car cost-competitiveness. Infineon, Mitsubishi Electric, Fuji Electric, ON Semiconductor, STMicroelectronics, Hitachi Power Semiconductor Device, Semikron, Danfoss, ROHM, BYD, Starpower Semiconductor, and others are key players in this segment. Top 3 players generate over 50% of market share.

Key Market Trends

• Automotive power modules are expected to register a CAGR of more than 15% during the forecast period of 2022 to 2030.
• The passenger car segment was the most dominant in the market in 2021, and it is also expected to account for the greatest share of revenue during the forecast period.
• With almost 55% of the total market share, Asia-Pacific region remained as the largest market for automotive power modules in 2021.
• Following Asia in terms of market share is Europe, accounted for approximately 22% in 2021.
• Few companies dominate this extremely consolidated market.
• Businesses are expanding through mergers and acquisitions.
• Key players are also establishing new production centres to accommodate demand for power.
• Infineon, Mitsubishi Electric, Fuji Electric, ON Semiconductor, STMicroelectronics, Hitachi Power Semiconductor Device, Semikron, Danfoss, ROHM, BYD, Starpower Semiconductor, and others are key players in this segment.
• Top 3 players generate over 50% of market share.

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