Automotive Power Modules Market Research Report – Global Forecast till 2032

Automotive Power Modules Market Research Report Information By Module Type (Intelligent Power Module (IPM), Power Integrated Module (PIM)), By Vehicle Type (Passenger Cars, Commercial Vehicle) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/AM/5833-HCR | 100 Pages | Author: Swapnil Palwe | February 2024         

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Global Automotive Power Modules Market Overview:


Automotive Power Modules Market Size was valued at USD 2.2 Billion in 2022. The automotive power modules market industry is projected to grow from USD 2.6 Billion in 2023 to USD 12.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.00% during the forecast period (2023 - 2032). Growing need for energy-efficient battery-powered devices, as well as demand for connected automobiles and the need for environmentally friendly vehicles are the key market drivers enhancing the market growth.


Automotive Power Modules Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Automotive Power Modules Market Trends




  • Increased Adoption of Electric Vehicles Drives Market Growth




The increased adoption of electric vehicles is driving the market CAGR for automotive power modules. The demand for electric vehicles is increasing quickly as a result of the need to meet future energy requirements. The necessity for environmentally friendly transportation is a major factor in the demand for electric automobiles. The EV market is emerging as a crucial component of the automotive sector and is a solution to improve energy efficiency as well as minimise pollution and other glasshouse gas emissions.


Furthermore, rising energy prices and competition between new energy-efficiency technologies are further factors anticipated to boost industry expansion. In 2017, the number of new electric car sales worldwide exceeded one million. Comparing this to 2016, there was an increase of roughly 54%. The industry exceeded 2 million sales in 2018. In some nations, like Norway, where ICE sales have reached a saturation point, consumers are choosing electric vehicles over ICE models at a higher rate.


Due to this paradigm shift in the mobility industry, businesses are even working to develop and manufacture power modules for electric cars. Companies including Infineon Technologies AG, Fuji Electric, Mitsubishi Electric, and Danfoss Group are among those working on relevant items right now and are anticipated to update their product lines in the future. Over the course of the forecast, this is anticipated to support market expansion.


In addition, the excellent utilisation of automotive power modules in electric and hybrid vehicles is becoming more and more well-known. These aid in giving the cars safety precautions for the actual physical confinement of different power parts. These include, among other things, power semiconductors as devices. As they are normally soldered on any electronic substrate that aids in delivering the power semiconductors, these are also known as dies. These aid in supplying thermal and electrical contact and then guarantee that there is electric insulation available when needed.


Automotive Power Modules Market Segment Insights:


Automotive Power Modules Type Insights


The Automotive Power Modules Market segmentation, based on type includes intelligent power module (IPM), power integrated module (PIM). Intelligent power module (IPM) category dominated the market. IPM is a high-performance module that incorporates a dedicated driving circuit to extract more performance from an IGBT chip, as well as a proprietary IC for performing self-protection duties (short circuit, supply under voltage, and over temperature). In tandem with the growth of IGBT chips, we are continuing to advance each IPM series. The lineup includes the major items "L1 series," "V1 series," and "S1 series," to which the "G1 series" has just been added, with low power loss, great performance, and small size.


Figure 1: Automotive Power Modules Market, by Module Type, 2022 & 2032 (USD Billion)


 Automotive Power Modules Market, by Module Type, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Automotive Power Modules Vehicle Type Insights


The Automotive Power Modules Market segmentation, based on vehicle type, includes passenger cars, commercial vehicle. Passenger cars category led the market in 2022 and are expected to generate the highest revenue over the forecast period. In comparison to commercial vehicles, passenger automobiles contribute significantly more. One factor fueling the dominance of passenger vehicles is the growing demand for safety systems and fuel-efficient technology associated with vehicle power trains.  A growing range of passenger vehicle safety, comfort, entertainment, and vehicle control options are now available for installation. This is attributable to a variety of variables, one of which is the evolving tastes of vehicle consumers, which is reinforced by government rules.


Automotive Power Modules Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific region dominates the global market for automobile power electronics. In 2022, Asia Pacific will have 45.80% of the worldwide market. Market growth is being driven by the region's increased vehicle production and the increasing presence of automotive power electronics manufacturers. Furthermore, a huge population base, rising middle-class income, and fast urbanisation create significant vehicle demand, which supports the growth of the automotive power electronics market.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: Automotive Power Modules Market Share By Region 2022 (USD Billion)


Automotive Power Modules Market Share By Region 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe’s automotive power modules market accounts for the second-largest market share due to increased investment by various main important players is another element driving market demand in this area. Further, the German automotive power modules market held the largest market share, and the UK automotive power modules market was the fastest growing market in the European region


The North America Automotive Power Modules Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing competition among several major key players, as well as increased investment by the public and private sector, are some of the reasons driving increased market demand in this region. Moreover, China’s automotive power modules market held the largest market share, and the Indian automotive power modules market was the fastest-growing market in the North America region.


Automotive Power Modules Key Market Players & Competitive Insights


Leading market players are investing heavily in R&D to expand their product lines, which will help the automotive power modules market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, automotive power modules industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global automotive power modules industry to benefit clients and increase the market sector. In recent years, the automotive power modules industry has offered some of the most significant advantages to medicine. Major players in the automotive power modules market, including NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rom Semiconductor (Japan) and others, are attempting to increase market demand by investing in R&D operations.


Knorr-Bremse AG is a German manufacturer of braking systems for rail and commercial vehicles with over 110 years of experience. Other items in the Group portfolio include intelligent door systems, control components, rail vehicle air conditioning systems, torsional vibration dampers, and commercial vehicle transmission control systems. The Group's workforce of over 28,000 earned global sales of EUR 6.93 billion in 2019. Georg Knorr founded Knorr-Bremse GmbH in 1905 in Boxhagen-Rummelsburg, Neue Bahnhofstraße, near Berlin (part of Berlin-Friedrichshain since 1920). It derives its railway brake system production from a company formed in 1883 ("Carpenter & Schulze").  In February 2019,  Knorr-Bremse AG, a German brake system manufacturer, successfully completed the acquisition of Hitachi Automotive Systems Ltd's industrial automobile guidance firm.


Mitsubishi Electric Corporation, founded on January 15, 1921, is a Japanese multinational electronics and electrical equipment manufacturing business based in Tokyo, Japan. It is a fundamental company of Mitsubishi. MELCO goods include elevators and escalators, high-end home appliances, air conditioning, factory automation systems, train systems, electric motors, pumps, semiconductors, digital signage, and satellites. MELCO was formed as a spin-off from the Mitsubishi Group's other key company, Mitsubishi Heavy Industries, formerly Mitsubishi Shipbuilding, after the latter divested a marine electric motor factory in Kobe, Nagasaki. It has since expanded to become a significant electronics manufacturer. In December 2019, Mitsubishi Electric Corporation purchased the final shares of ICONICS Inc., a software programme firm based in the United States. ICONICS Inc. focuses on analytics, mobile, Internet of Things (IoT), and cloud technologies for the industrial, manufacturing, and building-automation markets.


Key Companies in the automotive power modules market include



  • Mitsubishi Electric Corporation (Japan)

  • Toshiba Corporation (Japan)

  • NXP Semiconductors (Netherlands)

  • Continental AG (Germany)

  • Renesas Electronics Corporation (Japan)

  • Infineon Technologies (Germany)

  • Fuji Electric Co. (Japan)

  • Robert Bosch GmbH (Germany)

  • ON Semiconductor (US)

  • TMicroelectronics (Switzerland)

  • Rohm Semiconductor (Japan)


Automotive Power Modules Industry Developments


In April 2019, Mitsubishi Electric Corporation announced the acquisition of the remaining shares of ICONICS Inc., a software firm based in the United States. ICONICS Inc. specialises in analytics, mobile, Internet of Things (IoT), and cloud applications for the industrial, manufacturing, and building-automation markets. The acquisition will turn the company into a wholly owned subsidiary of the Mitsubishi Electric Group.


In March 2019, Knorr-Bremse AG, a German brake system maker, has finalised the acquisition of Hitachi Automotive Systems Ltd's commercial vehicle steering division.


In August 2019, FCA stated that its Toledo Machining Plant in Ohio will manufacture automotive power modules such as power inverters and integrated dual chargers, which include the on-board charger and DC-DC converter, for the Jeep Wrangler PHEV, which will go on sale in 2020. By 2022, the Jeep Wrangler PHEV will be one of more than 30 electrified vehicle models provided by FCA.


Automotive Power Modules Market Segmentation:


Automotive Power Modules Market Module Type Outlook



  • Intelligent Power Module (IPM)

  • Power Integrated Module (PIM)


Automotive Power Modules Market Vehicle Type Outlook



  • Passenger Cars

  • Commercial Vehicle


Automotive Power Modules Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 2.2 Billion
Market Size 2023 USD 2.6 Billion
Market Size 2032 USD 12.2 Billion
Compound Annual Growth Rate (CAGR) 21.00% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Module Type, Vehicle Type, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  STMicroelectronics (Switzerland), ON Semiconductor (US), Robert Bosch GmbH (Germany), Fui Electric Co. (Japan), Infineon Technologies (Germany), Renesas Electronics Corporation (Japan), Continental AG (Germany), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rom Semiconductor (Japan).
Key Market Opportunities Increasing demand energy efficient battery powered devices
Key Market Dynamics Demand for connected vehicles and need for eco-friendly vehicles.




Frequently Asked Questions (FAQ) :

The Automotive Power Modules Market size was valued at USD 2.2 Billion in 2022.

The global market is projected to grow at a CAGR of 21.00% during the forecast period, 2023-2032.

Asia Pacific had the largest share of the global market

The key players in the market are NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rom Semiconductor (Japan).

The intelligent power module (IPM) category dominated the market in 2022.

The passenger cars category had the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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