The automotive power modules market 2020 is presumed to attract investments through the year. Power module in automobiles has found multiple applications in electric vehicles and ICE vehicles. An assessment provided by Market Research Future (MRFR) underscores that the global automotive power modules market is supposed to strike 21% CAGR across the forecast period 2018 to 2023. The improvements in the structure of the automotive industry on the global front are assessed to play a key role in the expansion of the automotive power modules market. It is projected to keep motivating the growth trajectory of the automotive power modules market in the upcoming years.
Increasing demand for automobiles is projected to impact the market greatly in the near future. A shift has been projected towards electric cars to counter air pollution. It is also encouraged by the implementation of carbon emission laws. Thus, these factors are prognosticated to lead the expansion of the automotive power modules market in the forthcoming years. The consumers are also inclining towards electric cars due to rising fuel prices. Depleting sources of non-renewable energy and power is presumed to further increase the price of fuel in the coming years. It is expected to augment the automotive power modules market by boosting demand growth arte of electric cars. The support provided by the governments to promote the adoption of electric cars is also anticipated to impact the automotive power modules market positively. The lack of standard production protocols remains an impediment to market growth.
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On the basis of type, the automotive power modules market has been divided into Power Integrated Module (PIM) and Intelligent Power Module (IPM).
On the basis of vehicle type, the automotive power modules market has been segmented into passenger car and commercial vehicle.
On the basis of propulsion, the automotive power modules market has been segmented into ICE vehicle and electric vehicle. The electric vehicle segment is further sub-segmented into battery electric vehicle, hybrid electric vehicle, and plug-in electric vehicle.
The geographical evaluation of the global automotive power modules market spans across the following regions – North America, Asia-Pacific, Europe, and the Rest of the World (RoW). These regional segments are further assessed to present a country-level analysis. APAC is supposed to generate high revenues and dominate the market place. Increasing demand for power module electric vehicles in the region is anticipated to drive the augmentation of the automotive power modules market. China is supposed to play a key role in market growth. The government is endeavoring to go all-electric in terms of mode of transportation to fight emission problems. This is supposed to unleash promising opportunities for the augmentation of the automotive power modules market. The growth of the industry in the region is further expected to catapult the market on upward trajectory.
STMicroelectronics (Switzerland), Robert Bosch GmbH (Germany), ON Semiconductor (US), Fuji Electric Co. (Japan), Renesas Electronics Corporation (Japan), Infineon Technologies (Germany), Continental AG (Germany), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), NXP Semiconductors (Netherlands), and Rohm Semiconductor (Japan) are the key participants of the automotive power modules market. These players are expected to have a major role to play in the market place by intensifying competition. It is presumed that inorganic growth approaches such as mergers & acquisitions, strategic alliances, agreements, collaborations and partnerships among others will be witnessed in the market over the assessment period. Furthermore, organic methods such as product launches and technological innovations are supposed to augment the automotive power modules market. Investments in the expansion of regional footprint are expected to have a positive impact on the expansion of the market in the nearby future.
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