Automotive Power Modules Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Automotive Power Modules Market is segmented by Electric Propulsion Type (Full Hybrid Vehicle, Plug-in Hybrid Vehicle, and Battery Electric Vehicle), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography.

Automotive Power Modules Market Size

Automotive Power Modules Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 13.5 %

Major Players

Automotive Power Modules Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Automotive Power Modules Market Analysis

The automotive power modules market is poised to register a CAGR of over 13.5% over the forecast period (2020-2025).

  • The automotive power modules market is anticipated to witness steady growth as the sales of vehicles have been low from the previous year. The power module plays a vital role in the minimization of power losses, improvement of battery efficiency, increase in power density, and extension of mileage. It is regarded as an integral part of the automotive industry.
  • Manufacturers of power module components and automotive original equipment manufacturers (OEM) have joined hands to improve vehicle performance, safety, and efficiency. They are working together to come up with power electronics for electric auxiliary components. The usage of semiconductors in power modules is vital for achieving cost competitiveness in electric vehicle applications.


Automotive Power Modules Industry Segmentation

The report covers the latest trends and technological developments in the power modules market, the demand for electric propulsion, and market shares of major power module manufacturers across the world.

Electric Propulsion
Full Hybrid Vehicle
Plug-in Hybrid Vehicle
Battery Electric Vehicle
Vehicle Type
Passenger Cars
Commercial Vehicles
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Automotive Power Modules Market Trends

This section covers the major market trends shaping the Automotive Power Modules Market according to our research experts:

Increasing Adoption of Electric Vehicles May Drive the Market

The electric vehicle demand is growing rapidly due to the need for addressing future energy requirements. The need to attain sustainable transportation plays a significant role in driving electric vehicles’ demand. The EV market is coming up as an integral part of the automotive industry and represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gasses.

Increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market growth. Rising energy cost and competition among emerging energy-efficiency technologies are also expected to fuel the market growth. Sales of new electric cars globally breached the 1 million mark in 2017. This was an increase of about 54% compared to 2016. In 2018, the industry breached the 2 million sales mark. Sales of internal combustion engine (ICE) have saturated in some countries, such as Norway, where electric vehicles are being purchased by customers at a higher rate compared to ICE ones.

Due to this paradigm shift in the field of mobility, even companies are researching, developing, and producing power modules for electric vehicles. Infineon Technologies AG, Fuji Electric, Mitsubishi Electric, and Danfoss Group are some of the companies actively developing related products and that are expected to revamp their product portfolios over the years. This is expected to help the market grow over the forecast period.

Electric Vehicle Sales, in units, Global, 2017 - 2019

Growing Production and Imports of Power Modules Majorly in Asia-Pacific

The increasing emission standards across the world are likely to drive more electric vehicle sales during the forecast period. Thus, to meet the growing demand for EVs, the manufacturers of automotive power modules have started investing in extending their production capacity, majorly in Asia-Pacific, owing to its highest sales and large exports of vehicles across the world, as well as non-tariff on EV parts among ASEAN countries.

The production of automotive power modules is likely to be carried out majorly in Japan and China during the forecast period. For instance, Imasen Electric Industrial Co. Ltd, a Japan-based company, planned to start the production of electric control units for the battery management system of automotive lithium-ion batteries at its Hiroshima Plant in 2018.

The imports of automotive power modules across the ASEAN countries are likely to rise during the forecast period, due to the free trade agreement between ASEAN and China, as well as non-tariff barrier measures in ASEAN countries. For instance, in Thailand, the Board of Investment (BOI) approved promotional privileges for electric vehicles in 2017, including tax holidays of 5-8 years. The promotion includes cars, pickup trucks, and buses, with different rates of privileges based on production technology. The BOI also agreed to add 10 more important EV parts that will offer corporate income tax exemption for 8 years. The EV parts include batteries, traction motors, DC-DC converters, inverters, battery management services, electric circuit breakers, portable electric vehicle chargers, and EV smart charging systems. The above non-tariff barrier measures in Thailand are likely to drive EV parts imports from China, majorly in the light of the ASEAN-China free trade agreement.

Automotive Power Modules Market - Growth Rate by Region ( 2020 - 2025 )

Automotive Power Modules Industry Overview

The automotive power modules market is majorly led by Continental AG, Robert Bosch GmbH, Denso Corporation, Hitachi Automotive Systems Ltd, and Mitsubishi Electric Corporation, among others.

The companies are expanding their presence in the market by engaging in mergers and acquisitions and opening new plants for sufficing the power module demand. For instance-

  • In 2019, Mitsubishi Electric Corporation announced that it would acquire the remaining shares of ICONICS Inc., a US-based software company. ICONICS Inc. is focused on analytics, mobile, IoT, and cloud software products for the industrial, manufacturing, and building-automation markets. The acquisition will make the company a 100% subsidiary of the Mitsubishi Electric Group.
  • In March 2019, Knorr-Bremse AG, German manufacturer of braking systems, successfully completed the acquisition of the commercial vehicle steering business of Japan-based Hitachi Automotive Systems Ltd.
  • In August 2018, FCA announced that its Toledo Machining Plant in Ohio will build automotive power modules, such as power inverters and integrated dual chargers, which consist of the on-board charger and DC-DC converter, for Jeep Wrangler PHEV, launching in 2020. The Jeep Wrangler PHEV will consist of more than 30 vehicle models offered by FCA, with electrified solutions, by 2022. 

Automotive Power Modules Market Leaders

  1. Continental AG

  2. Robert Bosch GmbH

  3. Denso Corporation

  4. Hitachi Automotive Systems Ltd

  5. Mitsubishi Electric Corporation

*Disclaimer: Major Players sorted in no particular order

Automotive Power Modules Market Concentration

Automotive Power Modules Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Electric Propulsion

      1. 5.1.1 Full Hybrid Vehicle

      2. 5.1.2 Plug-in Hybrid Vehicle

      3. 5.1.3 Battery Electric Vehicle

    2. 5.2 Vehicle Type

      1. 5.2.1 Passenger Cars

      2. 5.2.2 Commercial Vehicles

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. South America

        2. Middle-East and Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Continental AG

      2. 6.2.2 Robert Bosch GmbH

      3. 6.2.3 Denso Corporation

      4. 6.2.4 Toyota Industries Corporation

      5. 6.2.5 Hitachi Automotive Systems Ltd

      6. 6.2.6 Meidensha Corporation

      7. 6.2.7 Aptiv PLC

      8. 6.2.8 Mitsubishi Electric Corporation

      9. 6.2.9 Marelli Corporation

      10. 6.2.10 Valeo Group


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Automotive Power Modules Market Research FAQs

The Automotive Power Modules Market is studied from 2018 - 2028.

The Automotive Power Modules Market is growing at a CAGR of >13.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

Continental AG, Robert Bosch GmbH, Denso Corporation, Hitachi Automotive Systems Ltd, Mitsubishi Electric Corporation are the major companies operating in Automotive Power Modules Market.

Automotive Power Modules Industry Report

Statistics for the 2023 Automotive Power Modules market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Power Modules analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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