Automotive Power Modules Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Automotive Power Modules Market Size, Share & Trends Analysis Report By Module Type (Intelligent Power Module (IPM), Power Integrated Module (PIM)), By Vehicle Type (Passenger Cars, Commercial Vehicle), Region, Market Outlook And Industry Analysis 2031"

The global Automotive Power Modules Market is estimated to reach over USD 11.18 billion by 2031, exhibiting a CAGR of 20.9% during the forecast period.

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Control circuitry in automotive power modules regulates the switching and modulation of power semiconductors. These circuits control the flow of power precisely, ensuring efficient operation and protection against overloads, short circuits, and other failures. Power semiconductor technology developments, such as the creation of wide-bandgap semiconductors such as gallium nitride (GaN) and silicon carbide (SiC), improve the performance and efficiency of automotive power modules. These developments allow for higher power densities, fewer losses, and faster switching speeds, all of which contribute to market growth. The desire for improved safety, convenience, and autonomous driving capabilities is driving up demand for advanced driver assistance systems (ADAS). Adaptive cruise control, automatic emergency braking, and lane departure alert are among ADAS technologies that rely on automotive power modules for effective power management and control. The increased use of ADAS adds to the demand for power modules.

List of Prominent Players in the Automotive Power Modules Market:
• Mitsubishi Electric Corporation (Japan)
• Toshiba Corporation (Japan)
• NXP Semiconductors (Netherlands)
• Continental AG (Germany)
• Renesas Electronics Corporation (Japan)
• Infineon Technologies (Germany)
• Fuji Electric Co. (Japan)
• Robert Bosch GmbH (Germany)
• ON Semiconductor (US)
• TMicroelectronics (Switzerland)
• Rohm Semiconductor (Japan)

Market Dynamics:
Drivers-
In recent years, the global Automotive Power Modules sector has improved significantly. The key factor driving the market's performance is the increasing adoption of electric vehicles. Furthermore, factors such as the need for environmentally friendly transportation, pollution reduction, rising energy prices, a paradigm shift in the mobility industry, and the excellent utilization of automotive power modules in electric and hybrid vehicles are expected to positively impact market growth in the coming years.

Challenges:
In the automotive sector, the cost is a major consideration, and power modules must be cost-effective in order to be extensively adopted. However, the research and production of high-performance power modules utilizing modern technology can be costly. Manufacturers must strike a compromise between cost reduction and supplying dependable and efficient power modules. Furthermore, automotive power modules must survive the extreme operating conditions found within automobiles, such as vibrations, shocks, and temperature fluctuations.

Regional Trends:
Asia Pacific Automotive Power Modules Market is anticipated to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The Asia Pacific area is a major hub for car production, with key contributors including China, Japan, South Korea, and India. The increasing demand for vehicles in this region, driven by population expansion, rising disposable income, and urbanization, fuels the demand for automotive power modules to support these vehicles' electrical systems. Several Asian Pacific countries have adopted regulations and incentives to encourage the use of electric vehicles and reduce pollution. Subsidies, tax breaks, and charging infrastructure development are examples of these policies.

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Recent Developments:
• In May 2019, Mitsubishi Electric Corporation announced the acquisition of the remaining shares of ICONICS Inc., a software firm based in the United States. ICONICS Inc. specializes in analytics, mobile, Internet of Things (IoT), and cloud applications for the industrial, manufacturing, and building-automation markets. The acquisition will turn the company into a wholly-owned subsidiary of the Mitsubishi Electric Group.

Segmentation of Automotive Power Modules Market-
By Modules Type-
• Intelligent Power Module (IPM)
• Power Integrated Module (PIM)

By Vehicle Type-
• Passenger Cars
• Commercial Vehicle

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.