The total demand for EV power modules is estimated to be around US$ 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 US$ 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The sales of EV power modules, unfortunately, are mostly constrained by outdated and subpar recharging stations across many countries.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) | US$ 1,570.6 million |
| EV Power Module Market Size Value (2023) | US$ 1,955.4 million |
| EV Power Module Market Size Value (2033) | US$ 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 US$ 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 US$ 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.
IGBT is the Most Preferred Technology by the EV Power Module Manufacturers
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 US$ 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 US$ 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 US$ 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 US$ 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 US$ 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 US$ 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 US$ 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 US$ 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 | EV Power Module Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Technology
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Technology, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Technology, 2023 to 2033
5.3.1. Full Hybrid Vehicle
5.3.2. Plug-in Hybrid Vehicle
5.3.3. Battery Electric Vehicle
5.4. Y-o-Y Growth Trend Analysis By Vehicle Technology, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Vehicle Technology, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2023 to 2033
6.3.1. Passenger Cars
6.3.2. Commercial Vehicles
6.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Vehicle Technology
8.2.3. By Vehicle Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Vehicle Technology
8.3.3. By Vehicle Type
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Vehicle Technology
9.2.3. By Vehicle Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Vehicle Technology
9.3.3. By Vehicle Type
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Vehicle Technology
10.2.3. By Vehicle Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Vehicle Technology
10.3.3. By Vehicle Type
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Singapore
11.2.1.5. Thailand
11.2.1.6. Indonesia
11.2.1.7. Australia
11.2.1.8. New Zealand
11.2.1.9. Rest of Asia Pacific
11.2.2. By Vehicle Technology
11.2.3. By Vehicle Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Vehicle Technology
11.3.3. By Vehicle Type
11.4. Key Takeaways
12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of MEA
12.2.2. By Vehicle Technology
12.2.3. By Vehicle Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Vehicle Technology
12.3.3. By Vehicle Type
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. USA
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2022
13.1.2.1. By Vehicle Technology
13.1.2.2. By Vehicle Type
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2022
13.2.2.1. By Vehicle Technology
13.2.2.2. By Vehicle Type
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2022
13.3.2.1. By Vehicle Technology
13.3.2.2. By Vehicle Type
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2022
13.4.2.1. By Vehicle Technology
13.4.2.2. By Vehicle Type
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2022
13.5.2.1. By Vehicle Technology
13.5.2.2. By Vehicle Type
13.6. United kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2022
13.6.2.1. By Vehicle Technology
13.6.2.2. By Vehicle Type
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2022
13.7.2.1. By Vehicle Technology
13.7.2.2. By Vehicle Type
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2022
13.8.2.1. By Vehicle Technology
13.8.2.2. By Vehicle Type
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2022
13.9.2.1. By Vehicle Technology
13.9.2.2. By Vehicle Type
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2022
13.10.2.1. By Vehicle Technology
13.10.2.2. By Vehicle Type
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2022
13.11.2.1. By Vehicle Technology
13.11.2.2. By Vehicle Type
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2022
13.12.2.1. By Vehicle Technology
13.12.2.2. By Vehicle Type
13.13. Singapore
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2022
13.13.2.1. By Vehicle Technology
13.13.2.2. By Vehicle Type
13.14. Thailand
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2022
13.14.2.1. By Vehicle Technology
13.14.2.2. By Vehicle Type
13.15. Indonesia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2022
13.15.2.1. By Vehicle Technology
13.15.2.2. By Vehicle Type
13.16. Australia
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2022
13.16.2.1. By Vehicle Technology
13.16.2.2. By Vehicle Type
13.17. New Zealand
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2022
13.17.2.1. By Vehicle Technology
13.17.2.2. By Vehicle Type
13.18. GCC Countries
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2022
13.18.2.1. By Vehicle Technology
13.18.2.2. By Vehicle Type
13.19. South Africa
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2022
13.19.2.1. By Vehicle Technology
13.19.2.2. By Vehicle Type
13.20. Israel
13.20.1. Pricing Analysis
13.20.2. Market Share Analysis, 2022
13.20.2.1. By Vehicle Technology
13.20.2.2. By Vehicle Type
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Vehicle Technology
14.3.3. By Vehicle Type
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Continental AG
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Robert Bosch GmbH
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Denso Corporation
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Hitachi Automotive Systems Ltd
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Mitsubishi Electric Corporation
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. STMicroelectronics
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. ON Semiconductor
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Infineon Technologies
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Toshiba Corporation
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. NXP Semiconductors
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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