Press release
EV Power Module Market to Reach US$8.9 Billion by 2031, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm, has launched a report on the global market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more. This report covers the EV power module market size, forecast through 2031, detailed segmentation across propulsion, vehicle type, application, technology, and voltage types, and regional performance. It offers strategic insights for manufacturers, suppliers, OEMs, and investors evaluating opportunities in electric vehicle power electronics.
Request a free sample report: https://www.stratviewresearch.com/Request-Sample/4583/ev-power-module-market.html#form
Market Statistics
• Market size: US$4.6 billion in 2025
• Forecast value: US$8.9 billion by 2031
• CAGR: 10.3% during 2025-2031
• Forecast period: 2025-2031
• Base year: 2025
• Total number of segments: 5
• Tables & figures: 100+
• Country-Level Market Assessment: 20 countries
Market Segmentation
By Propulsion Type
• BEV
• HEV
By Vehicle Type
• LV
• M&HCV
By Application Type
• Inverter
• On-Board Charger
• DC-DC Converter
By Technology Type
• IGBT
• SiC
• GaN
By Voltage Type
• Less than 750V
• 750V to 1200V
Segment Analysis
In propulsion type, BEVs are both the dominant and fastest-growing segment. BEVs require high-capacity, high-performance power modules to support fully electric propulsion, driving greater adoption of advanced modules relative to HEVs that rely on smaller electric systems. This trend influences OEM sourcing strategies toward high-voltage module designs.
Under vehicle type, LV (light vehicles) holds the largest and fastest-growing share due to higher production volumes and accelerating electrification of passenger cars globally, increasing demand for compact, efficient power modules in urban and personal vehicle segments.
For application type, inverters are dominant, as they convert DC battery power to AC for electric motors - a core function in every EV. On-board chargers are the fastest growing, driven by rising emphasis on efficient and fast charging capabilities, expanding charging infrastructure, and consumer expectations for reduced downtime.
Within technology type, IGBT remains the dominant technology owing to its cost-effectiveness, reliability, and established manufacturing processes, although SiC is gaining attention for high-voltage applications. This shapes R&D and investment priorities toward broadening SiC module portfolios.
In voltage type, 750V to 1200V systems are the fastest growing, reflecting automaker trends toward higher-voltage architectures to enhance efficiency, reduce current levels, and enable faster charging - prompting suppliers to scale high-voltage module production.
Regional Insights
The Asia-Pacific region is the dominant market, supported by large-scale EV manufacturing, robust OEM ecosystems, and strong government incentives for EV adoption and local supply chain development. This region's structural advantages sustain lead demand and attract investments in advanced power module production.
North America is the fastest-growing region, driven by accelerating EV adoption rates, expanding charging infrastructure, and growing investments from both incumbent automakers and new EV entrants, catalyzing demand for next-generation power modules.
Market Drivers
• Rapid BEV adoption structural increases demand for high-performance power modules as automakers shift to fully electric drivetrains.
• OEM acceptance of SiC technology improves efficiency and supports high-voltage systems, driving module upgrades.
• Stringent global emissions regulations accelerate EV integration, boosting power electronics demand.
• Need for longer driving ranges and faster charging elevates demand for thermally efficient modules.
• Advancements in wide-bandgap semiconductors (SiC, GaN) enable compact, efficient designs sought by EV makers.
Top Companies in the Market
• Infineon Technologies
• OnSemi
• BYD Co., Ltd.
• Fuji Electrical Co., Ltd.
• STMicroelectronics
FAQs
1.What is the projected size of the global EV power module market by 2031 ?
The market is forecast to reach US$8.9 billion by 2031, driven by expanded EV production and demand for high-efficiency power electronics.
2.What CAGR is the EV power module market expected to achieve ?
It is expected to grow at a CAGR of 10.3% from 2025 to 2031, reflecting strong structural growth in electric mobility.
3.Which region currently dominates the EV power module market ?
Asia-Pacific dominates due to large EV manufacturing bases, supportive policy frameworks, and strong consumer demand for electric vehicles.
4.Why are on-board chargers seen as a fast-growing segment ?
On-board chargers are expanding rapidly due to increased EV sales, the need for efficient onboard charging infrastructure, and consumer expectations for reduced charging times.
5.Who are the key players in the EV power module market ?
Leading manufacturers include Infineon Technologies, OnSemi, BYD, Fuji Electrical, and STMicroelectronics, competing on technology, efficiency, and regional reach.
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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