Market Size of Automotive Power Modules Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.71 Billion |
| Market Size (2029) | USD 18.42 Billion |
| CAGR (2024 - 2029) | 13.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Power Modules Market Analysis
The Automotive Power Modules Market size is estimated at USD 9.71 billion in 2024, and is expected to reach USD 18.42 billion by 2029, growing at a CAGR of 13.5% during the forecast period (2024-2029).
The automotive power modules market is anticipated to witness steady growth as the sales of vehicles are low from the previous year. The power module plays a vital role in the minimization of power losses, improvement of battery efficiency, increase in power density, and extension of mileage. It is regarded as an integral part of the automotive industry.
Manufacturers of power module components and automotive original equipment manufacturers (OEM) joined hands to improve vehicle performance, safety, and efficiency. They are working together to come up with power electronics for electric auxiliary components. The usage of semiconductors in power modules is vital for achieving cost competitiveness in electric vehicle applications.
Asia-Pacific is expected to maintain its dominance in the automotive power module market. The region's leadership in the power module market is attributed to several factors, such as increasing production and sales of vehicles, rapid electrification of automotive fleets, stricter emission regulations, and the rising disposable income of consumers. These factors collectively drive the demand for vehicles with a growing concern for safety, which correspondingly drives the power module market in the region.
Automotive Power Modules Industry Segmentation
An automotive power module is a component in electric and hybrid vehicles responsible for managing and controlling electrical power distribution within the vehicle powertrain. It plays a key role in converting and managing electrical energy between various components, including the battery, electric motor, and other systems.
The automotive power modules market is segmented by electric propulsion type, vehicle type, and geography. By electric propulsion type, the market is segmented into full hybrid vehicles, plug-in hybrid vehicles, and battery electric vehicles. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, Middle-East and Africa. The report offers market size and forecast in value in USD.
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Automotive Power Modules Market Size Summary
The automotive power modules market is poised for significant expansion over the forecast period, driven by the increasing demand for electric vehicles and the ongoing trend of vehicle electrification. Power modules are crucial for enhancing the efficiency and performance of electric and hybrid vehicles, making them an integral component of modern automotive design. Collaborations between power module manufacturers and automotive original equipment manufacturers are fostering advancements in power electronics, which are essential for improving vehicle safety, performance, and energy efficiency. The Asia-Pacific region is expected to maintain its leadership in the market due to factors such as rising vehicle production and sales, rapid electrification of automotive fleets, and stringent emission regulations. These elements collectively contribute to the growing demand for power modules, as consumers increasingly prioritize vehicle safety and efficiency.
The market is characterized by strategic investments and partnerships among key players, aiming to enhance production capabilities and develop innovative solutions for electric vehicles. Companies like Continental AG, Robert Bosch GmbH, and Denso Corporation are actively expanding their market presence through mergers, acquisitions, and the establishment of new production facilities. The focus on modular power electronic solutions and standardization is helping to reduce development costs and accelerate the production of electric vehicles. Additionally, advancements in semiconductor technology, such as silicon carbide, are enabling more efficient and compact power modules, further driving market growth. The ongoing development and mass production of next-generation power modules, along with significant investments in electric vehicle infrastructure, underscore the dynamic nature of the automotive power modules market.
Automotive Power Modules Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rising Demand of Electric Vehicles Is Likely To Drive The Market Growth
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1.2 Market Restraints
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1.2.1 Lack of Skilled Labors Is Anticipated To Restrain The market Growth
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD)
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2.1 Electric Propulsion
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2.1.1 Full Hybrid Vehicle
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2.1.2 Plug-in Hybrid Vehicle
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2.1.3 Battery Electric Vehicle
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 Geography
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2.3.1 t
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 Italy
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Argentina
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2.3.4.2 Chile
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2.3.4.3 Brazil
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2.3.4.4
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 Oman
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2.3.5.3 Qatar
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2.3.5.4 South Africa
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2.3.5.5 Nigeria
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2.3.5.6
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2.3.6
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Automotive Power Modules Market Size FAQs
How big is the Automotive Power Modules Market?
The Automotive Power Modules Market size is expected to reach USD 9.71 billion in 2024 and grow at a CAGR of 13.5% to reach USD 18.42 billion by 2029.
What is the current Automotive Power Modules Market size?
In 2024, the Automotive Power Modules Market size is expected to reach USD 9.71 billion.
