Market Size of Automotive Power Module Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive Power Module Packaging Market Analysis
The automotive power module packaging market is expected to grow with a CAGR of 7.5%, over the forecast period (2021 - 2026). The demand for sustainable energy is increasing with people exploiting sustainable and clean energy to mitigate the global crisis of fossil energy. The automotive module has seen a steep growth with efforts to popularize hybrid electric vehicle (HEV) and electric vehicle (EV), thus driving the automotive power module packaging market.
- A number of environmental, economic and social factors are influencing future vehicle designs and powertrain choices. Power semiconductors are the key components in the powertrain systems of electric vehicles (EVs), hybrid electric vehicles (HEVs) and plug-in hybrid vehicles (PHEVs). As the number of electric and electrified vehicles (HEV and PHEV) increases, demand for sophisticated power electronics solutions reducing electrical losses, system weight and total cost of ownership will increase.
- For instance, in January 2018, Mitsubishi Electric Corporation announced that it has developed a 6.5 kV full silicon carbide (SiC) power semiconductor module that is believed to offer the highest power density among other power semiconductors modules rated from 1.7 kV to 6.5 kV. It is expected that the module to lead to smaller and more energy-efficient power equipment for high-voltage railcars and electric power systems.
- Moreover, growing focus by consumers and OEMs on minimizing power losses, increasing power density, and maximizing power savings are driving the growth of this market.
- A lack of standard protocols for the development of power modules and the rising complexity in the design and packaging results in the rise of the overall cost of the vehicle, which is considered as the key restraining factor for the growth of this market.
