EV Power Module Market Research Report By Power Rating (Below 50 kW, 50-100 kW, 100-150 kW, 150-200 kW, Above 200 kW), By Voltage Level (Below 400V, 400-600V, 600-800V, 800-1000V, Above 1000V), By Cooling Method (Air Cooled, Liquid Cooled, Hybrid Cooled), By Application (Passenger Electric Vehicles, Commercial Electric Vehicles, Industrial Electric Vehicles, Electric Marine Vessels) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

EV Power Module Market Overview:

As per MRFR analysis, the EV Power Module Market Size was estimated at 19.45 (USD Billion) in 2022. The EV Power Module Market Industry is expected to grow from 23.25 (USD Billion) in 2023 to 115.5 (USD Billion) by 2032. The EV Power Module Market CAGR (growth rate) is expected to be around 19.5% during the forecast period (2024 - 2032).

Key EV Power Module Market Trends Highlighted

Growing environmental concerns and government regulations promoting electric vehicles (EVs) drive the EV Power Module Market. The rising demand for EVs necessitates efficient and reliable power modules, which supports market growth. Additionally, advancements in power electronics, such as silicon carbide (SiC) and gallium nitride (GaN) technologies, enhance the performance and efficiency of EV power modules, further fueling market expansion.

The emergence of smart cities and the expansion of charging infrastructure provide opportunities for the EV Power Module Market. The growing adoption of ride-sharing services and the increasing popularity of autonomous vehicles create additional demand for EV power modules. Furthermore, the development of wireless charging technologies holds promise for seamless and convenient EV charging, potentially boosting market growth in the years to come.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

EV Power Module Market Drivers

Increasing Demand for Electric Vehicles

One of the key drivers of the EV Power Module Market is the rapid growth of the market for electric vehicles. As a critical component of any EV, an EV power module is sure to be in demand as long as and wherever electric vehicles are in demand. Considering the imposed increasingly stricter emissions regulations to be a major contributor to the increasing demand for electric vehicles, the number of electric vehicles in use worldwide will only keep growing in the following years and decades.

Technological Advancements

The rapid pace of technological advancements in the EV industry is another major driver of the growth of the EV Power Module Market. These advancements are leading to the development of more efficient and powerful EV power modules that can meet the increasing demands of EVs. For example, the development of silicon carbide (SiC) power modules is expected to significantly improve the efficiency and power density of EV power modules.

Government Support

Government support for the EV industry is also a major driver of the growth of the EV Power Module Market. Governments around the world are implementing a variety of policies to support the adoption of EVs, including tax incentives, subsidies, and investments in EV infrastructure. These policies are making EVs more affordable and accessible to consumers, which is driving the demand for EV power modules.

EV Power Module Market Segment Insights:

EV Power Module Market Power Rating Insights

The EV Power Module Market is segmented by power rating into Below 50 kW, 50-100 kW, 100-150 kW, 150-200 kW, and Above 200 kW. Among these segments, the Below 50 kW segment is projected to hold the largest market share in 2023. This is because of the rising adoption of low-power EVs, such as electric two-wheelers and three-wheelers. The 50-100 kW segment is expected to grow at an impressive pace throughout the period of assessment on the back of the increasing adoption of electric passenger cars. The 100-150 kW segment is likely to register a moderate growth rate.This can be attributed to the fact that this power rating is used particularly in electric buses and light commercial vehicles.

The 150-200 kW segment is expected to grow at a steady pace as it finds application in electric trucks and heavy-duty vehicles. The Above 200 kW segment is anticipated to hold a relatively smaller market share. However, it is likely to grow at an outstanding pace. This is mainly because of the deployment of this power module in high-performance EVs, such as electric sports cars and electric racing cars. In conclusion, the EV Power Module Market is likely to witness impressive growth in the coming years.This is because of the rising adoption of electric vehicles across the world.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

EV Power Module Market Voltage Level Insights

The EV Power Module Market segmentation by Voltage Level, such as Below 400V, 400-600V, 600-800V, 800-1000V, and Above 1000V holds significant importance in understanding the market dynamics. Among these segments, the 600-800V voltage level is projected to dominate the market, with a substantial EV Power Module Market revenue share in 2023 and a promising growth trajectory over the forecast period. This dominance is primarily attributed to the increasing adoption of electric vehicles (EVs) that operate within this voltage range, supported by favorable government regulations and technological advancements.The 400-600V segment is also expected to exhibit significant growth, driven by the rising demand for high-power EVs. Furthermore, the increasing popularity of 800V and above voltage systems is expected to drive the growth of these segments in the coming years, as they offer faster charging times and improved efficiency in EV powertrains.

EV Power Module Market Cooling Method Insights

The EV Power Module Market is segmented by Cooling Method into Air Cooled, Liquid Cooled, and Hybrid Cooled. The Liquid Cooled segment held the largest market share in 2023, accounting for nearly half of the market revenue, and is expected to continue its dominance throughout the forecast period. Liquid Cooling provides better thermal management and higher power density compared to Air Cooling, making it suitable for high-performance electric vehicles. Air Cooled segment is projected to register a steady growth rate during 2023-2032. The Hybrid Cooled segment is expected to witness the highest growth rate over the forecast period due to its ability to combine the advantages of both Air and Liquid Cooling.

EV Power Module Market Application Insights

The application segment of the EV Power Module Market is primarily divided into passenger electric vehicles, commercial electric vehicles, industrial electric vehicles, and electric marine vessels. Among these, passenger electric vehicles are projected to account for the largest market share due to the growing adoption of electric passenger cars worldwide. The increasing demand for electric buses and trucks is expected to drive the growth of the commercial electric vehicles segment. The industrial electric vehicles segment is also anticipated to witness significant growth, driven by the rising adoption of electric forklifts and other industrial vehicles.The increasing government initiatives promoting the adoption of electric vehicles, coupled with technological advancements and declining battery costs, are key factors contributing to the market growth.

EV Power Module Market Regional Insights

The EV Power Module Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years due to the increasing demand for electric vehicles in the region. China is the largest market for electric vehicles in APAC, and this is expected to drive the growth of the EV Power Module Market in the region. North America and Europe are also expected to witness significant growth in the EV Power Module Market over the forecast period. The growing adoption of electric vehicles in these regions is expected to drive the demand for Ev Power Modules.South America and MEA are expected to have a relatively smaller market share in the coming years, but they are expected to witness steady growth in the EV Power Module Market. The increasing penetration of electric vehicles in these regions is expected to drive the growth of the EV Power Module Market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

EV Power Module Market Key Players And Competitive Insights:

The major players agree that they need to increase investment in EV Power Module Market R efforts to meet regulatory requirements and introduce new technologies. The growth of the EV Power Module Market market has been facilitated by strategic partnerships between leading companies and tier 2 and 3 companies. Many of the major EV Power Module Market players have been acquiring and merging EV Power Module Market firms, which underscores both the competitive nature of the EV Power Module Market market and the ongoing round of consolidation.

The players in the EV Power Module Market industry are supporting significant investments and partnerships that will strengthen the supply chain and increase manufacturing capacity. Such investments underscore an intention to boost growth and cost optimization efforts. Leading EV Power Module Market companies are harnessing the power of digitalization and automation to significantly improve efficiency and cut down operational costs.

Contemporary Amperex Technology Co., Limited is currently the leader in the industry. The company’s dominance is majorly credited to its strong financial resources and the presence of many multinational companies in its supply chain. The China-based firm primarily manufactures and designs lithium-ion batteries. The company is one of the largest manufacturers of EV Power Module Market and batteries for energy storage systems in the world. CATL is undoubtedly a dominating force in the EV Power Module Market Market.Another leading competitor is BYD Co., Ltd. The organization has a diverse EV Power Module Market line, which includes electric vehicles, batteries, and monorail systems. The firm is also a founding member of the EV Power Module Market Association of Great Britain. The association is credited to the firm for promoting efficient car recycling in the EV Power Module Market. The firm is also a leading supplier of EV Power Module Market batteries in China.

Key Companies in the EV Power Module Market Include:

• ZF


• Denso


• Hyundai Mobis


• Tenneco


• HELLA


• Valeo


• Delphi Technologies


• CATL


• Vitesco Technologies


• Continental


• Hitachi Automotive Systems


• LG Energy Solution


• BorgWarner


• Magna


• Samsung SDI

EV Power Module Market Industry Developments

Recent news developments in the EV Power Module Market indicate a surge in demand driven by the increasing adoption of electric vehicles. In 2023, the market is valued at approximately USD 23.25 billion and is projected to reach USD 115.5 billion by 2032, exhibiting a CAGR of 19.5%.
Key players such as Infineon Technologies, Mitsubishi Electric, and Toyota Boshoku are investing heavily in research and development to enhance power module efficiency and performance. Strategic partnerships and collaborations are shaping the market landscape, with companies like Wolfspeed and Wolfspeed entering into agreements to develop and manufacture silicon carbide power modules. Government initiatives promoting electric vehicle adoption, such as tax incentives and charging infrastructure development, are expected to fuel market growth in the coming years.

EV Power Module Market Segmentation Insights

EV Power Module Market Power Rating Outlook

• Below 50 kW


• 50-100 kW


• 100-150 kW


• 150-200 kW


• Above 200 kW

EV Power Module Market Voltage Level Outlook

• Below 400V


• 400-600V


• 600-800V


• 800-1000V


• Above 1000V

EV Power Module Market Cooling Method Outlook

• Air Cooled


• Liquid Cooled


• Hybrid Cooled

EV Power Module Market Application Outlook

• Passenger Electric Vehicles


• Commercial Electric Vehicles


• Industrial Electric Vehicles


• Electric Marine Vessels

EV Power Module Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa