Automotive power modules market size refer to electric components which are used for a variety of applications in electric vehicles. Power modules provide physical containment to automotive components such as traction inverters, boosts converters, and air conditioners. Power modules are composed of metal oxide semiconductor chips that help in power generation. Additionally, they assist in the conversion of low voltage DC power to high voltage AC power from the battery, which results in the removal of excess heat. Market Research Future (MRFR) has published a new report on the global automotive power module market and has indicated a positive growth trend in the market over the forecast period of 2018-2023.
The growing severity of fuel-efficiency norms and elevating concerns about the harsh impact of mechanical systems within vehicles have resulted in such systems being replaced by electrical alternatives. This has significantly driven the market for automotive power modules. Electrical components not only enable far higher degrees of efficiency but also improve operational performance.
Automotive OEMs are focused on minimizing power loss and increase power density, which leads to heightened adoption of power modules in cars. Increasing production and adoption of electric vehicles is a factor which is positively impacting the market growth. Improving charging infrastructure and growing stringency of emission standards, and spiraling demand for energy efficient battery-powered devices are other factors aiding the market growth.
Conversely, the growth of the market can be deterred by the lack of standard protocols for the development of power modules. Additionally, power modules raise the overall cost of vehicles, which restrains the growth of the market.
The global automotive power modules market has been segmented based on type, vehicle type, and propulsion.
By type, the automotive power modules market has been segmented into intelligent power module (IPM) and power integrated module (PIM).
By vehicle type, the automotive power modules market has been segmented into passenger car and commercial vehicle.
By propulsion, the automotive power modules market has been segmented into ICE vehicle and electric vehicle. The electric vehicle segment has been further segmented into battery, hybrid, and plug-in electric vehicle.
By region, the automotive power modules market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC automotive power module market is likely to showcase maximum growth over the forecast period. Augmenting sale of electric vehicles across the region is a key factor motivating the growth of the market in the region. The region has established itself as a major automotive manufacturing hotspot due to which there is high demand for automotive power modules from the OEMs. Automotive OEMs in the region have directed their focus towards safety quotient of cars and increasingly incorporating such features in vehicles. The leading automotive players in the region are pouring in substantial amounts on R&D activities which have led to noteworthy developments in the power module space. Other factors substantiating the growth of the market include rising public and private investment in technology development.
Europe is likely to account for an advantageous share of the global automotive power module market. Established automotive industry and the presence of various key players in the region such as Infineon Technologies (Germany), and Continental AG (Germany) are boosting the growth of the market.
STMicroelectronics (Switzerland), Toshiba Corporation (Japan), Robert Bosch GmbH (Germany), Mitsubishi Electric Corporation (Japan), Rohm Semiconductor (Japan), Renesas Electronics Corporation (Japan), NXP Semiconductors (Netherlands), Continental AG (Germany), ON Semiconductor (US), Fuji Electric Co. (Japan), and Infineon Technologies (Germany) are the noteworthy players in the global automotive power modules market.
May 2019 - Wolfspeed, a provider of the most field-tested SiC, GaN Power, and RF solutions, introduced a power module specifically designed to maximize the benefits of SiC. Dubbed as XM3, the new power module is half the weight and volume of a standard 62 mm module. It enables simple power bussing, minimizes loop inductance, and maximizes power density. The intended application of XM3 includes UPS, EV chargers, and motors and traction drives.