Global Power Module Packaging Market Size to Reach USD 4.67 Billion in 2032 | Emergen Research

Rapid demand for power module packaging technology in autonomous vehicles and Electric Vehicles (EVs) is a key factor driving market revenue growth

Vancouver, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global Power Module Packaging Market size was USD 1.84 billion in 2022 and is expected to register a steady revenue CAGR of 9.7 % during the forecast period, according to latest analysis by Emergen Research.  Rapid demand for power module packaging technology in autonomous vehicles and Electric Vehicles (EVs) is a key factor driving market revenue growth. A power electronic module acts as a physical container for storage of several power components, usually power semiconductor devices. Globally, several Hybrid-Electric Vehicles (HEV), Plug-In Hybrid-Electric Vehicles (PHEV), and Electric Vehicles (EV) Original Equipment Manufacturers (OEMs) players are incorporating Silicon Carbide (SiC) and Gallium Nitride (GaN)-based power modules to elevate overall safety and performance standards of EV batteries.

Get a Free Sample PDF of the report @

According to key findings of the International Energy Agency (IEA), EV sales exceeded 10 million in 2022. In addition, advancement in Si. Gallium Nitride (GaN)-based innovative power electronic components for high-voltage applications, such as charging and e-drivetrain, is another key factor driving revenue growth of the market. Prominent players in the power module packaging market are collaborating with power semiconductor companies to co-develop high-voltage battery disconnection technologies by leveraging capabilities of GaN power switches. For instance, On August 2022, KYOCERA AVX Salzburg collaborated with VisIC Technologies to leverage their expertise in packaging, assembly of high-current GaN wafer technologies. However, rising cost of manufacturing and supply chain disruptions owing to trade restrictions of rare earth materials is a key factor, which could restrain market revenue growth.

Scope of Research

Report Details Outcome
Market Size in 2022 USD 1.68 Billion
CAGR (2023–2032) 9.7 %
Revenue Forecast To 2032 USD 4.67 Billion
Base Year Of Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Power module type, technology, thermal type, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled SEMIKRON Elektronik GmbH & Co. KG, Mitsubishi Electric Corporation, Infineon Technologies AG, Sanken Electric Co., Ltd, Vincotech GmbH, SCHOTT AG, NXP Semiconductors N.V., Dynex Semiconductor Ltd, Vicor Corporation, KYOCERA AVX Components (Salzburg) GmbH, Onsemi, STMicroelectronics N.V., ASE Technology Holding Co, Ltd., and Amkor Technology, Inc.
Customization Scope 10 hours of free customization and expert consultation

Click to Purchase this Report at an Exclusively Discounted Rate @

Major Companies and Competitive Landscape

The global power module packaging market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the power module packaging market report are:

  • SEMIKRON Elektronik GmbH & Co. KG
  • Mitsubishi Electric Corporation
  • Infineon Technologies AG
  • Sanken Electric Co., Ltd.
  • Vincotech GmbH 
  • NXP Semiconductors N.V.
  • Dynex Semiconductor Ltd.
  • Vicor Corporation
  • KYOCERA AVX Components (Salzburg) GmbH
  • Onsemi
  • STMicroelectronics N.V.
  • ASE Technology Holding Co, Ltd. 
  • Amkor Technology, Inc.

Strategic Development

  • On 9 May 2023, Infineon Technologies AG launched two new products (FF2000UXTR33T2M1 and FF2600UXTR33T2M1) to its CoolSiC power module portfolio to address demands for efficient transport applications. Both products have developed 3.3 kV CoolSiC MOSFETs along with Infineon's interconnection technology, denoted as ’XT‘. These modules are contained within an XHP 2 package and have been custom designed for use in traction applications.
  • On 4 January 2023, on semi partnered with Hyundai Motor Group to incorporate on semi silicon carbide power module technology for next generation EV portfolio of Hyundai. The high-power density SiC power module from on semi incorporates cutting-edge package technology to minimize parasitic elements and thermal resistance, ensuring robust package reliability through the use of inventive interconnections. This results in a notable reduction in power losses related to DC to AC conversion, as well as a decrease in the size and weight of traction inverter.

Buy This Premium Report Now:

Some Key Highlights from the Report

  • The standard packaging segment is expected to account for largest revenue share in the global power module packaging market over the forecast period due to increasing requirement for automotive electrification technology. These standardized power modules play a crucial role in EVs and Hybrid Electric Vehicles (HEVs). In addition, EV Original Equipment Manufacturers (EV OEMs) are actively seeking cost-effective solutions for Direct Current (DC) to Alternate Current (AC) traction inverters. Standardized power module packaging has emerged as a prominent solution to address the evolving market demands related to EV traction technology.
  • The hybrid segment is expected to register steadily fast revenue growth rate in the global power module packaging market over the forecast period. This is because hybrid cooling thermal types involve the integration of both liquid cooling and air-cooling systems. This hybrid approach is designed to optimize the heat dissipation capacity of power modules. Consequently, this technology is expected to find applications in various high-voltage power insulation in the future.
  • The North America market accounted for largest revenue share in the global power module packaging market in 2022 due to rising adoption of Electric Vehicles (EVs) in North America. The U.S., stands out as a significant contributor to the widespread adoption of Silicon Carbide (SiC) and Gallium Nitride (GaN) power module packaging within the EV and autonomous vehicle sectors. Furthermore, increasing government support and investments in manufacturing semiconductors is also expected to drive market revenue growth during the forecast period. For example, in August 2022, The CHIPS and Science Act of the U.S. allocated USD 52.7 billion to support American semiconductor manufacturing and Research & Development (R&D).

For more information about this report visit:

For the purpose of this report, Emergen Research has segmented the global power module packaging market on the basis of power module type, technology, thermal type, end-use, and region:

  • Power Module Type Outlook (Revenue, USD Billion; 2019-2032)
    • Silicon Carbide (SiC)) Module
    • Gallium Nitride (GaN) Module
    • Insulated-Gate Bipolar Transistor (IGBT) Module
    • Field-Effect Transistor (FET) Module
    • Metal-Oxide-Semiconductor Field-Effect Transistor (MOSFET) Module
    • Others
  • Technology Outlook (Revenue, USD Billion; 2019-2032)
    • Standard Packaging
    • Advanced Packaging
    • Pressure-Contact Modules
    • Others
  • Thermal Type Outlook (Revenue, USD Billion; 2019-2032)
    • Liquid-Cooled
    • Air-Cooled
    • Hybrid
  • End-use Outlook (Revenue, USD Billion; 2019-2032)
    • Manufacturing
    • Automotive
    • Consumer Electronics
    • Telecommunications
    • Aerospace and Defense
    • Renewable Energy
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

Curated Reports You Shouldn't Miss: Dive In Now!

Substation Monitoring System Market, By Component (Hardware and Software), By Communication Technology (Wired and Wireless Communication Technology), By Sector, By Industry, and By Region Forecast to 2032

Terrestrial Light Detection and Ranging Market By Type (Phase-Shift, Mobile Scanner, and Pulse Based), By Solution, By Application (Surveying and Others), and By Region Forecast to 2032

Organic Photodetector Market, By Type (Photon Based and Thermal Based), By Substrate, By Application, By Industry Vertical, and By Region Forecast to 2032

mmWave Antenna Module Market, By Frequency Band (24-57 GHz, 57-95 GHz, and 95-300 GHz), By Integration Level (Integrated, Standalone, and Embedded), By Application, By Industry Vertical, and By Region Forecast to 2032

Rail Bellows Market, By Application (Articulation Joints, Passenger Door Systems, Bogie Covers, Equipment Enclosures, and Others), By Type (Fabric Bellows, Metal Bellows, Rubber Bellows, and Others), and By Region Forecast to 2032

About Emergen Research                                            

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, and across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Technology, Chemicals, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors. For more information, visit
Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web:

Direct Line: +1 (604) 757-9756


Explore Our Blogs and Insights Section:

Read our Press Release @

Contact Data