DUBLIN, Aug. 15, 2022 /PRNewswire/ — The “Automotive Power Module Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” report has been added to ResearchAndMarkets.com’s offering.
Automotive power modules are expected to register a CAGR of more than 15% during the forecast period of 2022 to 2030
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
As a result of the decline in overall vehicle sales compared to the previous year, it is projected that the market for automotive power modules will experience consistent expansion.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Exponential Demand for Electric Vehicle Remains as Key Driver
The urgency with which we must meet the energy demands of the future is driving a tremendous increase in consumer interest in electric vehicles.
The demand for electric vehicles is being driven in large part by the imperative of developing environment friendly modes of transportation. Increasingly, the market for electric vehicles (EVs) is becoming recognised as an essential component of the automotive industry. This development paves the way for improved energy efficiency, as well as lower emissions of pollutants and other greenhouse gases.
Stringent Environment Regulations are Compelling the Focus on Electric Vehicles
The expansion of the market is being driven in large part by a number of causes, the most important of which are the growing number of concerns regarding the environment and the increasing number of programmes supported by the government.
The increasing price of energy and the rivalry among new technologies that improve energy efficiency are also predicted to boost the expansion of this industry. In 2017, global sales of new electric automobiles surpassed the one million mark for the first time. When compared to 2016, this is an increase of almost 54 percent. In 2018, the sector surpassed the 2 million sales threshold for the first time.
Increasing Investment in R&D
As a result of this sea change in the automotive industry, companies are focusing on R&D initiatives with respect to electric vehicle power modules to check feasibility and launch new products. Infineon Technologies AG, Fuji Electric, Mitsubishi Electric, and Danfoss Group are some of the companies that are actively developing related products and that are expected to revamp their product portfolios over the course of the coming years.
Other companies that are actively developing related products include Infineon Technologies AG and Danfoss Group. It is anticipated that this will contribute to the expansion of the market throughout the forecast period.
Asia Remains as the Global Leader
With almost 55% of the total market share, Asia-Pacific region remained as the largest market for automotive power modules in 2021. Following Asia in terms of market share is Europe, which accounted for approximately 22% in 2021.
During the forecast period, it is anticipated that the majority of manufacture of automotive power modules will be from China and Japan. Because of the free trade agreement that exists between ASEAN and China, as well as the non-tariff barrier measures that exist in ASEAN nations, it is anticipated that the level of automotive power module imports into ASEAN countries will increase during the forecast period. The implementation of the aforementioned non-tariff barriers in Thailand is anticipated to encourage the importation of electric vehicle (EV) parts from China, particularly in light of the ASEAN-China free trade agreement.
Over Half of the Market Revenues Contributed by Top 3 Market Leaders
It is a highly consolidated market that is led by few market leaders. The businesses are broadening their position in the market by adopting mergers and acquisitions as the key strategy. Other strategy includes establishment of new production centres in order to meet the rising demand for power modules.
Manufacturers of power module components and original equipment manufacturers (OEM) in the automobile industry have collaborated in an effort to enhance the functionality, safety, and efficiency of motor vehicles. They are taking united initiatives to develop power electronics for the electric auxiliary components. When it comes to electric vehicle applications, the utilisation of semiconductors in power modules is absolutely necessary in order to achieve cost competitiveness.
The major participants include
- Infineon
- Mitsubishi Electric
- Fuji Electric
- ON Semiconductor
- STMicroelectronics
- Hitachi Power Semiconductor Device
- Semikron
- Danfoss
- ROHM
- BYD
- Starpower Semiconductor
Market Segmentation
By Module Type (2020-2030; US$ Million)
- Intelligent Power module
- Power Integrated module
By Vehicle Type (2020-2030; US$ Million)
- Passenger vehicles
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Drive Type (2020-2030; US$ Million)
- IC Engine vehicle
- Electric Propulsion
- Full Hybrid Vehicle
- Plug-in Hybrid Vehicle
- Battery Electric Vehicle
Region Segment (2020-2030; US$ Million)
- North America
- U.S.
- Canada
- Europe and UK
- UK
- Germany
- Spain
- Italy
- France
- RoE
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- RoLATAM
- Africa
- GCC
- Africa
- RoME
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
- Pre Covid-19 situation
- Post Covid-19 situation
For more information about this report visit https://www.researchandmarkets.com/r/z6lswj
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SOURCE Research and Markets
