Automotive Power Modules Market Size was valued at USD 2.2 Billion in 2023. The automotive power modules market industry is projected to grow from USD 3.14 Billion in 2024 to USD 12.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.46% during the forecast period (2024–2032). Growing need for energy-efficient battery-powered devices, as well as demand for connected automobiles and the need for environmentally friendly vehicles are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increased adoption of electric vehicles is driving the market CAGR for automotive power modules. The demand for electric vehicles is increasing quickly as a result of the need to meet future energy requirements. The necessity for environmentally friendly transportation is a major factor in the demand for electric automobiles. The EV market is emerging as a crucial component of the automotive sector and is a solution to improve energy efficiency as well as minimise pollution and other glasshouse gas emissions.
Furthermore, rising energy prices and competition between new energy-efficiency technologies are further factors anticipated to boost industry expansion. In 2017, the number of new electric car sales worldwide exceeded one million. Comparing this to 2016, there was an increase of roughly 54%. The industry exceeded 2 million sales in 2018. In some nations, like Norway, where ICE sales have reached a saturation point, consumers are choosing electric vehicles over ICE models at a higher rate.
Due to this paradigm shift in the mobility industry, businesses are even working to develop and manufacture power modules for electric cars. Companies including Infineon Technologies AG, Fuji Electric, Mitsubishi Electric, and Danfoss Group are among those working on relevant items right now and are anticipated to update their product lines in the future. Over the course of the forecast, this is anticipated to support market expansion.
In addition, the excellent utilisation of automotive power modules in electric and hybrid vehicles is becoming more and more well-known. These aid in giving the cars safety precautions for the actual physical confinement of different power parts. These include, among other things, power semiconductors as devices. As they are normally soldered on any electronic substrate that aids in delivering the power semiconductors, these are also known as dies. These aid in supplying thermal and electrical contact and then guarantee that there is electric insulation available when needed.
The Automotive Power Modules Market segmentation, based on type includes intelligent power module (IPM), power integrated module (PIM). Intelligent power module (IPM) category dominated the market. IPM is a high-performance module that incorporates a dedicated driving circuit to extract more performance from an IGBT chip, as well as a proprietary IC for performing self-protection duties (short circuit, supply under voltage, and over temperature). In tandem with the growth of IGBT chips, we are continuing to advance each IPM series. The lineup includes the major items "L1 series," "V1 series," and "S1 series," to which the "G1 series" has just been added, with low power loss, great performance, and small size.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Automotive Power Modules Market segmentation, based on vehicle type, includes passenger cars, commercial vehicle. Passenger cars category led the market in 2022 and are expected to generate the highest revenue over the forecast period. In comparison to commercial vehicles, passenger automobiles contribute significantly more. One factor fueling the dominance of passenger vehicles is the growing demand for safety systems and fuel-efficient technology associated with vehicle power trains. A growing range of passenger vehicle safety, comfort, entertainment, and vehicle control options are now available for installation. This is attributable to a variety of variables, one of which is the evolving tastes of vehicle consumers, which is reinforced by government rules.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific region dominates the global market for automobile power electronics. In 2022, Asia Pacific will have 45.80% of the worldwide market. Market growth is being driven by the region's increased vehicle production and the increasing presence of automotive power electronics manufacturers. Furthermore, a huge population base, rising middle-class income, and fast urbanisation create significant vehicle demand, which supports the growth of the automotive power electronics market.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s automotive power modules market accounts for the second-largest market share due to increased investment by various main important players is another element driving market demand in this area. Further, the German automotive power modules market held the largest market share, and the UK automotive power modules market was the fastest growing market in the European region
The North America Automotive Power Modules Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing competition among several major key players, as well as increased investment by the public and private sector, are some of the reasons driving increased market demand in this region. Moreover, China’s automotive power modules market held the largest market share, and the Indian automotive power modules market was the fastest-growing market in the North America region.
Leading market players are investing heavily in R&D to expand their product lines, which will help the automotive power modules market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, automotive power modules industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global automotive power modules industry to benefit clients and increase the market sector. In recent years, the automotive power modules industry has offered some of the most significant advantages to medicine. Major players in the automotive power modules market, including NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rom Semiconductor (Japan) and others, are attempting to increase market demand by investing in R&D operations.
Knorr-Bremse AG is a German manufacturer of braking systems for rail and commercial vehicles with over 110 years of experience. Other items in the Group portfolio include intelligent door systems, control components, rail vehicle air conditioning systems, torsional vibration dampers, and commercial vehicle transmission control systems. The Group's workforce of over 28,000 earned global sales of EUR 6.93 billion in 2019. Georg Knorr founded Knorr-Bremse GmbH in 1905 in Boxhagen-Rummelsburg, Neue Bahnhofstraße, near Berlin (part of Berlin-Friedrichshain since 1920). It derives its railway brake system production from a company formed in 1883 ("Carpenter & Schulze"). In February 2019, Knorr-Bremse AG, a German brake system manufacturer, successfully completed the acquisition of Hitachi Automotive Systems Ltd's industrial automobile guidance firm.
Mitsubishi Electric Corporation, founded on January 15, 1921, is a Japanese multinational electronics and electrical equipment manufacturing business based in Tokyo, Japan. It is a fundamental company of Mitsubishi. MELCO goods include elevators and escalators, high-end home appliances, air conditioning, factory automation systems, train systems, electric motors, pumps, semiconductors, digital signage, and satellites. MELCO was formed as a spin-off from the Mitsubishi Group's other key company, Mitsubishi Heavy Industries, formerly Mitsubishi Shipbuilding, after the latter divested a marine electric motor factory in Kobe, Nagasaki. It has since expanded to become a significant electronics manufacturer. In December 2019, Mitsubishi Electric Corporation purchased the final shares of ICONICS Inc., a software programme firm based in the United States. ICONICS Inc. focuses on analytics, mobile, Internet of Things (IoT), and cloud technologies for the industrial, manufacturing, and building-automation markets.
January 2024: Mitsubishi Electric Corp is debuting six new power semiconductor modules of the J3-Series for various xEVs at NEPCON JAPAN 2024 — the 38th Electronics R&D, Manufacturing and Packaging Technology Expo, this week at Tokyo Big Sight.
These devices use either a silicon carbide metal-oxide-semiconductor field-effect transistor (SiC-MOSFET) or an RC-IGBT (Si), and are designed compactly and scalable for inverter applications of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs). By March 25 samples will be available for all six J3-Series products.
As power semiconductors capable of efficiently converting electricity diversify wider to respond to decarbonization, SiC power semiconductors that significantly reduce power loss have been increasing in demand.
In the xEV sector, power semiconductor modules are used widely in power conversion devices such as inverters for xEV drive motors. Therefore compact, high-power and high-efficiency modules are needed to further downsize batteries and inverters, while extending the cruising range of xEVs. However since safety standards set for xEVs are higher than those for general industrial applications driving motors require more reliable power semiconductors than general industrial drives do.
February 2024: Texas Instruments has launched two new power ICs ahead of the Applied Power Electronics Conference (APEC) 2024 with next-generation industrial and automotive applications specifically targeted. TI aims to scale power supplies with its LMG2100/3100 GaN FETs and UCC33420-Q1 DC-DC power module.
By boosting both electrical efficiency as well as thermal efficiency of power converters through the intrinsic benefits of GaN, TI's new LMG2100/3100 GaN FETs are designed to allow for higher power density designs.
With half-bridge and single-FET configurations available in the 100V GaN power stages, voltage/current support is 80V, 35A and 90V, 97A. The associated on-resistances are low at 4.4 mΩ and 1.7mΩ, respectively, which makes it possible to significantly reduce size and power losses thanks to the volumetric power density of 1.5kW/in3.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2.6 Billion |
| Market Size 2024 | USD 3.14 Billion |
| Market Size 2032 | USD 12.2 Billion |
| Compound Annual Growth Rate (CAGR) | 18.46% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Module Type, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | STMicroelectronics (Switzerland), ON Semiconductor (US), Robert Bosch GmbH (Germany), Fui Electric Co. (Japan), Infineon Technologies (Germany), Renesas Electronics Corporation (Japan), Continental AG (Germany), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rom Semiconductor (Japan). |
| Key Market Opportunities | Increasing demand energy efficient battery powered devices |
| Key Market Dynamics | Demand for connected vehicles and need for eco-friendly vehicles. |
Frequently Asked Questions (FAQ) :
The Automotive Power Modules Market size was valued at USD 2.6 Billion in 2023.
The global market is projected to grow at a CAGR of 18.46% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the global market
The key players in the market are NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rom Semiconductor (Japan).
The intelligent power module (IPM) category dominated the market in 2023.
The passenger cars category had the largest share of the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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