Automotive Power Modules Market Size Worth USD 21.81 billion, Globally, by 2030 at a CAGR of 18.89%

Automotive Power Modules Market to Reach USD 21.81 Billion by 2030; Electrification Technology Spurs Widespread Adoption and Innovation in Power Conversion Electronics

Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global automotive power modules market size was valued at USD 4.53 billion in 2022. The market is projected to grow from USD 6.49 billion in 2023 to USD 21.81 billion in 2030 at a CAGR of 18.89% during the forecast period.

Automotive power modules have become integral in high-voltage power conversion for hybrid and electric vehicles, consolidating multiple components into efficient, isolated units. The rise of electrification technology has driven their widespread adoption, supplanting traditional discrete electronic components and contributing to innovation in power conversion electronics. Fortune Business Insights presents this information in their report titled “Automotive Power Modules Market, 2023–2030.”

Request a sample Research PDF:

Report Highlights:

Report Coverage Details
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 18.89 %  
2030 Value Projection USD 21.81 billion
Base Year 2022  
Market Size in 2022 USD 4.53 billion
Historical Data for 2019-2021
No. of Pages 200  

Market Drivers & Restraints-

Leading Automakers Turn to SiC MOSFETs for Higher Efficiency and Performance in EVs

Leading automakers strive to enhance electric vehicle efficiency by reducing power loss and increasing overall performance, often incorporating advanced power components such as SiC MOSFETs, to achieve higher frequency voltage switching. This transition to SiC power modules is anticipated to minimize switching losses in voltage conversion, increasing the demand for power modules during the projected period.

However, the high costs related to automotive power modules and switching devices may limit product growth, impeding the automotive power modules market growth.

COVID-19 Impact-

Electric Vehicle Surge and Innovation to Thrive the Power Module Industry Post-Pandemic

The COVID-19 outbreak disrupted automotive industries, causing supply chain imbalances and semiconductor shortages. However, the post-pandemic period saw a notable surge in the power module sector, driven by heightened demand for electric vehicles, with EV sales surpassing 2.3 million cars in Q1 2023 as per the International Energy Agency (IEA), leading to increased innovation and the incorporation of advanced materials such as silicon carbide (SiC) in EV applications.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:


High Demand for Si IGBT Modules in EVs Powering the Future of Automotive Electronics

By type, the market is segmented into SiC MOSFETs and Si IGBTs. The Si IGBT segment leads in the market due to its widespread use in high-power frequency conversions for electric vehicles, serving as efficient switching devices and offering economical solutions.

Passenger Cars to Lead Fueled by Innovation and Growing Consumer Ownership Aspirations

By vehicle type, the market is split into passenger cars and commercial vehicles. The passenger cars segment dominates owing to strong demand within the passenger vehicles sector, driven by ongoing innovation and consumer desire for vehicle ownership, supported by a substantial consumer base seeking private vehicle ownership.

BEVs to Lead Driven by Green Appeal and Expanding Charging Infrastructure

By propulsion type, the market is bifurcated into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV). The BEVs segment dominates the market and is expected to maintain its position during the forecast period due to well-established EV charging infrastructure, growing environmental awareness, and the appeal of zero tailpipe emissions to environmentally conscious customers.

Traction Inverter to Dominate due to Growing Demand for High-Frequency Power Modules

By application, the market is classified into traction inverter, DC-DC converter, and onboard charger. The traction inverter segment’s dominance is led by the increasing demand for higher-frequency automotive power modules in traction inverters, which convert battery electric energy into higher voltage output for electric motors, and the need for switching devices with lower switching loss.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage-

The comprehensive market research report offers a thorough analysis of the market, with a particular focus on critical aspects such as the competitive landscape, distribution channels, and prominent product categories. Moreover, it delivers valuable insights into market trends and notable developments within the industry. In addition, the report covers a multitude of variables that have contributed to the recent growth of the market.

Regional Insights-

Asia Pacific Leads the Way with High Electric Vehicle Sales in China

Asia Pacific led the global market with a value of USD 2.04 billion in 2022, driven by high electric vehicle sales, especially in China. Growing electric vehicle adoption in India, China, and South Asia is expected to boost the demand for automotive power modules, supported by regional government initiatives.

Europe held the second-largest automotive power modules market share in 2022 and is set to experience significant growth due to rising consumer awareness of electric vehicles, expanding EV infrastructure, and the influence of major players in the European electric vehicles market.

Buy now this Report

Competitive Landscape-

Key Players in the Market Introduce Advanced SiC-based Power MOSFETs

The automotive power modules market is dominated by a handful of established key players with strong distribution networks and partnerships with leading auto manufacturers, particularly in North America and Europe. Asia Pacific is also emerging as a significant regional market, with major automotive companies integrating power modules into their electric vehicles. In contrast, semiconductor providers’ introduction of SiC-based power modules is a notable trend in the industry.

List of Key Players Covered in Automotive Power Modules Market Report:-

  • Infineon Technologies AG (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • Fuji Electric Co., Ltd. (Japan)
  • STMicroelectronics N.V. (Switzerland)
  • Onsemi (U.S.)
  • Monolithic Power Systems (U.S.)
  • Danfoss (Denmark)
  • Robert Bosch GmbH (Germany)
  • Hitachi Automotive Systems Ltd. (Japan)
  • Rohm Semiconductors (Japan)
  • Shindengen Electric Manufacturing Co., Ltd. (Japan)
  • Wolfspeed Inc. (U.S.)

Automotive Power Modules Market Segmentation:-

By Type

  • Si IGBTs

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles

By Propulsion Type

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

By Application

  • Traction Inverter
  • DC-DC Converter
  • On-Board Charger

Key Industry Development:

In July 2023- Hillcrest Energy Technologies completed the design for a new SiC power module optimized for zero voltage switching technology in collaboration with Systematic GmbH.

Have Any Query? Ask Our Experts:

Table of Contents:-

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Market Trends
  • Key Insights
    • Key Industry Developments – Mergers, Acquisitions & Partnerships
    • Latest Technological Advancements
    • Porters Five Forces Analysis
    • PEST Analysis
    • Impact of COVID-19 Pandemic on Global Automotive Power Modules Market
  • Global Automotive Power Modules Market Analysis, Insights and Forecast, 2019-2030
    • Key Findings / Definition
  • Market Analysis, Insights and Forecast – By Type
    • SiC MOSFETs
    • Si IGBTs
  • Market Analysis, Insights and Forecast – By Vehicle Type
    • Passenger Cars
    • Commercial Vehicles
  • Market Analysis, Insights and Forecast – By Propulsion Type
    • Battery Electric Vehicle (BEV)
    • Hybrid Electric Vehicle (HEV)
  • Market Analysis, Insights and Forecast – By Application
    • Traction Inverter
    • DC-DC Converter
    • On-Board Charger
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

Toc Continued….

Ask For Customization:
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

At Fortune Business Insights™, we aim to highlight the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges. 

Contact Us:

Fortune Business Insights Pvt. Ltd.


US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245


Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. takes no editorial responsibility for the same.