Market Size of Automotive Power Modules Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.71 Billion |
| Market Size (2029) | USD 18.42 Billion |
| CAGR (2024 - 2029) | 13.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Power Modules Market Analysis
The Automotive Power Modules Market size is estimated at USD 9.71 billion in 2024, and is expected to reach USD 18.42 billion by 2029, growing at a CAGR of 13.5% during the forecast period (2024-2029).
The automotive power modules market is anticipated to witness steady growth as the sales of vehicles are 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) 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.
Asia-Pacific is expected to maintain its dominance in the automotive power module market. The region's leadership in the power module market is attributed to several factors, such as increasing production and sales of vehicles, rapid electrification of automotive fleets, stricter emission regulations, and the rising disposable income of consumers. These factors collectively drive the demand for vehicles with a growing concern for safety, which correspondingly drives the power module market in the region.
