ID: MRFR/AM/5833-HCR | February 2021 | Region: Global | 100 pages
During the ongoing forecast period of 2021-2028, the automotive power modules market value is expected to rise and attain a good market value by the end of the forecast period. During the period, the market is likely to expand at a CAGR of 21%.
COVID 19 Analysis
Since the novel coronavirus disease has come into the picture and been recognized for the adversity and havoc that it is creating, the markets, businesses, corporate world, and individuals have been facing a lot of issues that are hampering their ability to function and produce as per the best of their capability. Owing to the ability of the pandemic to bring major changes in the lives of the common man followed by the changing lifestyle choices and preferences of the consumers, the pandemic has accelerated diversity like never before.
The global governments are taking various steps that will help meet the vibrant needs of the target audience that is a part of various global locations across the globe. The rising investments in research and development are rendering great benefits that will help in the market reviving its trends and take a step forward towards growth during the forecast period. Also, the prominent market players are opening their doors for opportunities like mergers, acquisitions, collaborations, and joint ventures that will be recognized as impactful steps for the markets in the domestic and international markets.
The most prominent major key players in the automotive power modules market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the automotive power modules market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the automotive power modules market all across the globe.
The automotive power modules market size is expecting a huge rise in the growth rate followed by excessive growth during the forecast period. Automotive power modules are being recognized for their splendid use in electric and hybrid vehicles. These help in providing the vehicles with safety measures for the physical containment of various power components. These include power semiconductors as devices amongst others. These are also called dies as are typically soldered on any electronic substrate that helps in carrying the power semiconductors. These help in providing both electrical and thermal contact followed by ensuring availability of electric insulation on the requirement.
The market is witnessing a lack of preferred protocols that are important for the crucial improvements of strength modules. Also, the rising degree of complexity in the formatting consequences in the upward thrust of the standard vehicle pricing is being regarded as one of the key market restraints that are likely to pose challenges for the market while on its way of growth especially during the forecast period that will be ending in 2028. The market players are on the way to developing methods for a crucial adoption of the strength modules likewise strength modules in the automotive areas across various global regions.
The energy module of the market is emerging as a necessary function that is largely helping in minimizing the electricity losses followed by the enhancement of battery efficiency. Also, the growth in electricity density and mileage extension are some of the added technological factors that are all set to benefit the market for growth and expansion during the forecast period. This is being viewed as an essential inclusion of the automobile industry. The makers of these modules and producers of unique automobile gears issue arms that are imperative for the enhancement of automobile performance and further, promise a higher degree of safety and efficiency.
The automotive power modules market has been divided all across the globe based on the module type, vehicle type, propulsion, and region.
Based on the Module Type
The market has been divided all across the globe based on the module type into power integrated module (PIM) and intelligent power module (IPM).
Based on the Vehicle Type
The market has been divided all across the globe based on the vehicle type into commercial vehicles and passenger cars.
Based on the Propulsion
The market has been divided all across the globe based on the propulsion into electric vehicles and ICE vehicles. The electric vehicles are further sub-divided into a hybrid electric vehicle, plug-in electric vehicle, and battery electric vehicle.
Based on the Region
The market has been divided worldwide based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The automotive power modules market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging nation, the largest market share in the global market is held by the Asia-Pacific region owing to increasing sales of electric vehicles coupled with increasing development in automotive infrastructure drives the market demand in this region. Moreover, increasing demand for electrification in vehicles is another factor that creates growth opportunities in this region.
The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Moreover, increasing competition among various major key players coupled with an increasing investment made by the public and private sector are some factors that create more market demand in this region.
The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that creates more market demand for automotive vehicles in this region. Increasing investment done by various major key players is yet another factor that drives the market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
The report aims to highlight the important market factors that will be responsible for the global growth during the forecast period of 2021-2028. The report aims to cover the performance of the market segments that will help in catering to the needs of the global target audience and further, discuss the rising competition in the market by the efforts of the prominent players of the market.
|Market Size||2027: Significant Value|
|CAGR||21% CAGR (2020 to 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Module Type, Vehicle Type and Propulsion|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||Demand for connected vehicles and need for eco-friendly vehicles|
Frequently Asked Questions (FAQ) :
The global automotive power modules market is predicted to grow at a 21% CAGR between 2018- 2023.
Asia Pacific will lead the global automotive power modules market.
Demand for connected vehicles and need for eco-friendly vehicles are the key factors driving the global automotive power modules market.
High cost and lack of standard protocol may limit the global automotive power modules market growth.
Key players profiled in the 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).