The total demand for EV power modules is estimated to be around USD 1,955.4 million this year (2023) in terms of value. As per the global EV power module market analysis report of FMI, it is predicted to record a robust CAGR of 24% during the forecast period.
The total valuation of the market share is estimated to reach up to USD 16,805.4 million by end of the year 2033.
EVs have become a crucial component of sustainable transportation and are seen as a method to improve energy security and cut back on GHG emissions. So during the forecast period, demand for EV power modules is anticipated to increase in tandem with the global trend toward increased EV sales. A couple of other key reasons fueling the EV power module market growth are the increasing capacity of EV manufacturers along with beneficial government efforts.
Presently, prominent EV power module companies are making investments in the creation of new technologies and expanding their manufacturing capabilities. Further, to meet the growing demand for power modules in emerging economies, they are promptly extending their business units to such regions. Sony Group Corporation and Honda Motor Co., Ltd. signed an MOU in March 2022 indicating their desire to create a new partnership to work together on the production and sale of premium BEVs.
In all economies, there is a growing push to phase out conventional ICE vehicles and speed up the deployment of light-duty passenger EVs. Presently, several companies are offering their consumers residential charging options presenting the emerging trends in the EV power module market. All such factors are anticipated to create a favorable market for EV power module manufacturers in the coming days.
Following international agreements and fostering e-mobility in the wake of rising urbanization, the acceptance of EVs is surging around the world. Increasing demand for EV power modules brought on by the rising production of EVs is projected to drive the market during the forecast period.
The sales of EV power modules, unfortunately, are mostly constrained by outdated and subpar recharging stations across many countries. Furthermore, the dominance of some eastern countries in electronics industries has limited the EV power module industry trends and opportunities in other regions.
| Attributes | Details |
|---|---|
| EV Power Module Market Share (2022) | USD 1,570.6 million |
| EV Power Module Market Size Value (2023) | USD 1,955.4 million |
| EV Power Module Market Size Value (2033) | USD 16,805.4 million |
| EV Power Module Market Growth Rate (2023 to 2033) | 24% |
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Based on the previous market study reports, the net valuation of the EV power module market in the year 2018 was USD 891.8 million. Later the popularity of e-mobility surged around the world favoring the EV components industries and OEMs. During the years between 2018 and 2022, the overall EV power module sales registered a CAGR of 15.2%. By the end of the survey period in 2022, the global EV power module market size was figured out to have reached USD 1,570.6 million.
As more and more people are opting for greener transportation, the demand for EV power modules is expected to grow remarkably in the coming days.
Regardless of a widespread decline in EV sales brought on by the pandemic-related lack of semiconductor supply, sales of EVs rose significantly in the following years. In 2021, 3.3 million EV units were sold in China only, in comparison to 1.3 million in 2020 and 1.2 million in 2019.
Based on different types of technologies deployed for the production of power modules for EVs by industries, IGBT is the most prominent one. In 2022 and the preceding years, the IGBT technology segment contributed 73.4% of the total revenue generated.
Principal Consultant
Being one of the leading manufacturers and consumers of electric vehicles, the United States dominates the global market for EV components including power modules. As per the market report prepared by FMI, the United States holds a market share of 10.1% of EV power trains sold globally.
In recent years, some of the leading manufacturers of EV power modules operating in the country have invested substantially in research and development to launch better products. Moreover, such activities have presented the market players with better market positions and brand recognition earlier.
Germany remains the leading manufacturer of electric automotive and its components, including EV power modules in the European Union. In the previous year 2022, the net worth of all EV power modules produced and sold by German was nearly USD 150 million. With the effort of OEMS for EV power modules present in Germany the overall valuation of the regional market is expected to reach USD 1,612 million by 2033.
The EV power module market statistics place Germany in second place in terms of value. The fact that Germany registers more demand for EV power modules than any other region in the world is reflected in its higher market share. Germany committed USD 6.1 billion in October 2022 to expand the nation's network of charging infrastructure further boosting the demand for EV power modules.
On the other hand, FMI recorded a surprising rise in demand for EV power modules in the United Kingdom in previous years. Moreover, numbers hint at a faster development of the EV power module market at an annual growth rate of 19.6% during the forecast years.
The Timisoara EV components factory's recent expansion was finished by Continental AG in November 2022. The corporation spent USD 40 million on a production site that may increase the nation's capability for producing electric car parts.
The global EV power module market is currently being dominated by Asia Pacific nations, with Germany, the United States, and Japan following. In China, the market for EVs is expanding quickly which has rendered the sales of EV power modules an annual growth rate of 21.3%.
Meanwhile, under the presence of many leading EV companies in the country, Japan is a remarkable market for EV power modules. Japan intends next-generation cars to make up 50 to 70% of new vehicle sales by 2030, with BEVs, PHEVs, and HEVs making up the remaining 20 to 40%.
Japan plans to install 150,000 modern charging stations around the country by 2030 creating higher opportunities for domestic EV power module market players. Another Japanese leasing corporation named Orix said in September 2022 that it is planning to deploy electric car charging stations all around the nation.
Together with Ubiden, the business may construct over 50,000 charging stations by 2025. Such developments are poised to strengthen the Japan EV power module market further and the overall valuation is expected to reach USD 302 million by 2033.
To reduce emissions, GoI has launched several efforts to encourage the production and acceptance of EVs in India. According to the market report of FMI, India is anticipated to witness a year-on-year growth rate of 25.4% through 2033. The regional EV power module market is getting further boosted by the higher investment of foreign EV manufacturers in the country.
One of the leading developing auto markets, Toyota Kirloskar Motors, ley its hand on to bring India's first FCEV in March 2022, as part of its efforts to hasten the transition to sustainable transportation. Toyota is planning to explore its FCEV Mirai for Indian traffic in collaboration with the country's International Centre for Automotive Technology.
Important automakers in India are also engaged in research and development efforts that may have a favorable effect on the expansion of the EV power module market. For example, Suzuki Motors declared in March 2022 that it may invest USD 1,04,400 million to build a new electric vehicle and components factory.
Robert Bosch GmbH, Denso Corporation, Continental AG, Hitachi Automotive Systems Ltd., and Mitsubishi Electric Corporation, are a few of the key players having a majority of the market share for EV power modules. By participating in joint ventures and establishing new facilities, these corporations are increasing their market share to meet the need for power module production.
Robert Bosch GmbH unveiled a new type of electric motor and inverter designed specifically for CVs in October 2021. This new 230 e-motor may be used in conjunction with Bosch's cutting-edge Sic inverter to reduce energy waste and extend the mileage of electric vehicles.
Robert Bosch, Porsche, and Fraunhofer Center for Reliability and Micro integration (Fraunhofer IZM) in Berlin launched a new initiative in May 2021. They are working together to improve the efficiency of power inverters in automobiles to extend the driving range of EVs.
Toyota Group of Japan announced intentions to spend USD 624 million in India to produce parts for electric vehicles in May 2022. In addition to different tests, a system was created by AVL List GmbH in August 2022 to test inverters independently of the e-motor and EV battery.
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The market is estimated to reach USD 16,805.4 million by 2033.
The growth potential of the EV power module market is 24% CAGR through 2033.
Adoption of advanced technologies is expected to be the key trend in the market.
The growth potential of the India market is 25.4% CAGR through 2033.
Continental AG, Robert Bosch GmbH, and Denso Corporation are key market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Technology 5.1. Full Hybrid Vehicle 5.2. Plug-in Hybrid Vehicle 5.3. Battery Electric Vehicle 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 6.1. Passenger Cars 6.2. Commercial Vehicles 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Continental AG 15.2. Robert Bosch GmbH 15.3. Denso Corporation 15.4. Hitachi Automotive Systems Ltd 15.5. Mitsubishi Electric Corporation 15.6. STMicroelectronics 15.7. ON Semiconductor 15.8. Infineon Technologies 15.9. Toshiba Corporation 15.10. NXP Semiconductors 16. Assumptions & Acronyms Used 17. Research Methodology
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EV Power Module Market
