New York, US, June 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),”Automotive Power Modules Market Research Report Information by Vehicle Type, Region, and Module Type - Forecast Till 2032”, the Automotive Power Modules market is predicted to grow substantially over the assessment time frame from 2023 to 2032 at a healthy CAGR of around 21.00%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 12.2 Billion by the end of 2032. As per the study documents, the market was worth around USD 2.2 Billion in 2023.
Automotive Power Modules Market Competitive Analysis
The primary aspect causing a surge in the performance of the market is the rising adoption of electric vehicles. The catalogue of the top leaders across the global Market for Automotive Power Modules includes players such as:
- Mitsubishi Electric Corporation (Japan)
- Infineon Technologies (Germany)
- Toshiba Corporation (Japan)
- Fuji Electric Co. (Japan)
- NXP Semiconductors (Netherlands)
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- ON Semiconductor (U.S.)
- Renesas Electronics Corporation (Japan)
- Rohm Semiconductor (Japan)
- TMicroelectronics (Switzerland)
- Among others.
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Automotive Power Modules Market USP Covered
Automotive Power Modules Market Drivers
The global Automotive Power Modules industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the rising adoption of electric vehicles. Furthermore, factors such as the necessity for environmentally friendly transportation, minimizing pollution, rising energy prices, a paradigm shift in the mobility industry, and the excellent utilization of automotive power modules in electric & hybrid vehicles are also likely to have a positive impact on the growth of the market over the coming years.
Automotive Power Modules Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 12.2 Billion |
| CAGR during 2023-2032 | 21.00% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Module Type, Vehicle Type, and Region |
| Key Market Opportunities | Increasing demand energy efficient battery powered devices |
| Key Market Dynamics | Demand for connected vehicles and need for eco-friendly vehicles. |
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Automotive Power Modules Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Automotive Power Modules industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. The numerous measures taken by the Government to combat the adversities and impact of the pandemic on the Automotive Power Modules market will help it to expand.
Automotive Power Modules Market Segment Analysis
Among all the types, the intelligent power module (IPM) category secured the leading position across the global automotive power module market in 2023. IPM is a high-performance module integrating a dedicated driving circuit to extract more performance from an IGBT chip and a proprietary I.C. for performing self-protection duties.
Among all the vehicle types, the passenger cars category secured the leading position across the global automotive power module market in 2023. The main aspect supporting the development of the market segment is the escalating demand for safety systems and fuel-efficient technology associated with vehicle power trains. Furthermore, the expanding range of passenger vehicle safety, entertainment, comfort, and vehicle control options are now available for deployment. This is ascribed to a range of variables, one of which is the evolving tastes of vehicle consumers, which is strengthened by government rules.
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Automotive Power Modules Market Regional Analysis
The Global Market for Automotive Power Modules is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that Asia-pacific Region carried a leading position across the global Automotive Power Modules industry in 2021 with the largest contribution of nearly 45.80%. India, China, and Indonesia are the leading development contributors in the region. Further, the China Automotive Power Modules Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The region's increased vehicle production is the main aspect supporting regional market expansion. Furthermore, the growing presence of automotive power electronics manufacturers is also considered one of the main parameters enhancing the market's growth. Moreover, factors such as the fast urbanisation, rising middle-class income, and a huge population base are also likely to positively impact the development of the regional market over the coming years.
The European Region is anticipated to secure the second position across the global Automotive Power Modules industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Automotive Power Modules Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the increased investment by several important players.
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The North American region is anticipated to hold a powerful position across the global Automotive Power Modules industry over the coming years. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Automotive Power Modules Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the increasing competition among key players. Furthermore, the increased investment by the public and private sectors is also considered to be one of the main parameters enhancing the market's growth.
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