Market Research Future Insights
The automotive power modules market refers to the electronic components used in vehicles to manage and control power flow. These modules are critical components in modern vehicles, as they enable efficient power management and contribute to improved fuel efficiency, safety, and performance.
The market for automotive power modules is growing rapidly, driven by several factors. First, the increasing demand for electric vehicles and hybrid electric vehicles is driving demand for power modules that can handle the higher voltages and currents required for these vehicles. Second, the growing focus on vehicle safety and efficiency is also driving demand for power modules that can improve these factors
According to MRFR analysis, the global Automotive Power Modules Market is expected to register a CAGR of ~21% from 2022 to 2030 and hold a value of over USD Â 16190 million by 2030.
The automotive power modules market is expected to witness steady growth as the sales of vehicles have been low from the preceding year. The power module plays an energetic role in the minimization of power losses, enhancement of battery efficiency, upsurge in power density, and extension of mileage. It is observed as an integral part of the automotive industry. Manufacturers of power module components and automotive original equipment manufacturers (OEM) have combined hands to recover vehicle performance, safety, and efficiency. They are working together to come up with power electronics for electric supplementary components. The usage of semiconductors in power modules is vital for attaining cost competitiveness in electric vehicle applications.
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Regional Analysis
Being the fastest-emerging nation, the largest market share in the global market is held by the Asia-Pacific region due to growing sales of electric vehicles coupled with growing development in automotive infrastructure drives the market demand. Moreover, the rising demand for electrification in vehicles is another factor that generates growth opportunities in this region.
The second-largest market share in the global market is held by the North American region due to the existence of countries like the US, Canada, and Mexico that drive the market demand in this region. Moreover, growing competition among various major key players coupled with the growing investment made by the public and private sectors are some factors that generate more market demand in this region.
The third-largest market share in the global market is held by the European region due to the existence of a well-established technologically advanced infrastructure that generates more market demand for automotive vehicles in this region. Growing investment done by several major key players is yet another factor that drives the market demand in this region.
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Market Segmentation
The Global Automotive Power Modules Market has been segmented into type and end-user
Based on the Module Type, The Global Automotive Power Modules Market has been segmented into the power-integrated module and intelligent power module
Based on the Vehicle Type, The Global Automotive Power Modules Market has been segmented into commercial vehicles and passenger cars.
Based on the Propulsion, The Global Automotive Power Modules Market has been segmented into electric vehicles and ICE vehicles. Electric vehicles are further sub-segmented into hybrid electric vehicles, plug-in electric vehicles, and battery electric vehicles.
Key Players
Some of the key market players are STMicroelectronics (Switzerland), ON Semiconductor (US), Robert Bosch GmbH (Germany), Fuji Electric Co. (Japan), Infineon Technologies (Germany), Renesas Electronics Corporation (Japan), Continental AG (Germany), NXP Semiconductors (Netherlands), and Toshiba Corporation (Japan)
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