Global Automotive Power Modules Market is expected to witness exponential growth during the forecast period
Market Research Future published a Half Cooked Research Report Global Automotive Power ModulesMarket that contains the information from 2018 to 2023. The Global Automotive Power Modules Market is expected to progress with the CAGR of ~21% from 2019 to 2023.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Automotive Power Modules Market Information from 2018 to 2023″
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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).
The power module, which plays a crucial role in minimizing power losses, increasing power density, extending mileage and improving battery efficiency, is considered an integral part of the automotive industry. To enhance vehicle efficiency, safety, and performance, power module component manufacturers and automotive OEMs are working together to develop power electronics for electric auxiliary components. The use of semiconductors in power modules is a key for achieving cost competitiveness in electric vehicle applications.
The major driving factors for the growth of this market are growing demand for advanced safety, convenience, comfort systems and battery management system, which are essential power modules in a vehicle, particularly in electric vehicle. Furthermore, rise in demand for autonomous vehicle and in-build comfort facilities are set to drive the global Automotive Power Modules market. Growing adoption of intelligent power modules in passenger vehicles is expected to further boost the growth of this market.
The technological advancements in automotive power modules device and improving economies from developing regions such as Brazil, UAE, Africa, Argentina, and India are providing an opportunity for the expansion of this market in these regions. Increased investments in new product development will enable strategic mergers and acquisitions of small startup companies, which will further enhance the global market during the forecast period. However, the major restraints for the global Automotive Power Modules market is increasing cost due to growing complexity in the component design and integration process for advanced vehicles.
The global Automotive Power Modules Market is estimated to witness ~21% CAGR during the period from 2018 to 2023.
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.
On the basis of module type, the Power Integrated Module (PIM) segment is projected to witness a significant growth during the study period. This growth is attributed to the growing adoption in vehicles globally. In addition, the power integrated module enables design of small, efficient and reliable system in order to reduce vehicle fuel consumption and CO2 emission. Hence due to these features, this type of module is growing in this market.
On the basis of vehicle type, the passenger car segment is projected to hold the larger share in the Automotive Power Modules market from 2018 to 2023. This growth is attributed to growing uses of electronic content in passenger cars and increasing adoption of power module chips in powertrain, power steering, safety, and start stop system.
On the basis of propulsion, the electric vehicle segment is projected to witness faster growth during the review period. This growth is attributed to growing investment by the automakers for the expansion of electric vehicle market across the globe and the use of intelligent power module (IPM) in electric vehicles for the high functionality operations.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global automotive power modules market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.