Global Automotive Power Modules Market Size, Share, Forecast Report, 2020-2027

The power module is an electronic component used for several applications in ICE and electrical vehicles. The power module provides physical containment for various power components like semiconductors and are employed in automobiles for traction inverters, boost converters and air conditioners in vehicles. The power module comprises nine metal oxide semiconductor chips that generate more amount of current. The power module converts low voltage DC power to high voltage AC power from the battery to drive an electric motor. This conversion process plays an important role in removing excess heat to avoid exceeding junction temperature of the inverters.

The major driving factors for the growth of this market are improving automotive infrastructure in countries such as China, Germany, Norway, US, and Japan, increasing production and sales of electric vehicles globally, increasing stringency of emission standards and growing demand energy efficient battery powered devices.

A lack of standard protocols for the development of power modules and the rising complexity in the design results in the rise of overall cost of the vehicle, which is considered as the key restraining factor for the growth of this market. However, growing adoption of power modules such as intelligent power module (IPM) in the automobile sector across the globe, growing population, improving economy in developing and emerging countries are providing enough opportunity for the growth of this market.

The global automotive power modules market is projected to witness an exponential growth during the study period. The rising production of automobiles are accelerating the growth of automotive power modules market. In addition, growing focus by consumers and OEMs on minimizing power losses, increasing power density, and maximizing power savings are driving the growth this market.

One of the key factors considered for the growth of this market is the growing competition between automotive power module component providers and increasing support from the local government to produce electrical vehicles, which has fortified to design the power module components as per the guidelines set by governing bodies in the automotive sector across different regions.

Segmentation: Automotive Power Modules Market
The global automotive power modules market is segmented on the basis of type, vehicle type, propulsion, and region. On the basis of type, the market has been segmented into Intelligent Power Module (IPM) and Power Integrated Module (PIM). On the basis of vehicle type, the market has been segmented into passenger car and commercial vehicle. On the basis of propulsion, the market has been segmented into ICE vehicle and electric vehicle, wherein electric vehicle the market is further sub-segmented in battery, hybrid, and plug-in electric vehicle.

Geographically, the global automotive power modules market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is estimated to hold the largest market share during the forecast period owing to growing automotive infrastructure and increases in sales of electric vehicles across the region. Moreover, increased uses of electrification in vehicles is expected to boost the demand for Automotive Power Modules market in this region. Furthermore, the rise in demand for safety features in vehicles and increasing investment by public and private players to develop automotive power modules such as power inverter, integrated dual charger, and others across the country are contributing in the growth of this market in this region.

The prominent players in the global automotive power modules market include STMicroelectronics (Switzerland), ON Semiconductor (US), Robert Bosch GmbH (Germany), Fuji Electric Co. (Japan), Infineon Technologies (Germany), Renesas Electronics Corporation (Japan), Continental AG (Germany), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rohm Semiconductor (Japan)