Global Automotive Power Modules Market: Overview
The global automotive power modules market is likely to witness massive growth as the sales of vehicles shoot up globally. The power module plays a vital role in the minimization of power losses, improvement of battery efficiency, increasing of power density, and extension of mileage. It is regarded as an integral part of the automotive industry.
Makers of power module component and automotive original equipment manufacturers (OEM) join hands to improve vehicle performance, safety, and efficiency. They are working together to come up with power electronics for electric auxiliary components. The usage of semiconductors in power modules is vital for achieving cost competitiveness in electric vehicle applications.
In its study on global automotive power modules, Transparency Market Research provides clear view of the market. The research details all the important dynamics and critical growth strategies of the market. It offers market insight, forecasts, and profiles all the leading companies that are operating in the global automotive power modules market.
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Global Automotive Power Modules Market: Notable Developments
In terms of recent development, global automotive power modules market exhibit the following product development
- In 2019, Mitsubishi Electric Corporation announced that it would acquire the remaining shares of ICONICS, Inc., a US-based software company. ICONICS, Inc. is focused on analytics, mobile, IoT, and cloud software products for the industrial, manufacturing, and building-automation markets. The acquisition will make the company a 100% subsidiary of the Mitsubishi Electric Group.
- Knorr-Bremse AG, German manufacturer of braking systems, has successfully completed acquisition of the commercial vehicle steering business of Japan-based Hitachi Automotive Systems Ltd.
Hitachi Automotive Systems, Robert Bosch GmbH, Mitsubishi Electric Corporation, Continental AG, and Denso Corporation are some of the renowned names that adorn the global automotive power modules market.
Global Automotive Power Modules Market: Key Trends
The global automotive power modules market is likely to be driven by the following factors:
Feature-rich Automotive Power Modules to Draw Attention of Kids and Parents Alike
Demand for advanced safety features in a vehicle is what that primarily drive the global automotive power modules market. In addition to safety, enhanced convenience, plush comfort system and better battery management are essential power modules in a vehicle, especially electrical vehicles. Increased and improved for all of these are pushing forth the market globally.
Besides, escalation in demand for autonomous vehicles and in-built comfort facilities are set to drive the global automotive power modules market. Increasing adoption of intelligent power modules in passenger vehicles is further estimated to boost the growth of this market.
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Global Automotive Power Modules Market: Geographical Analysis
Geographically, the global automotive power modules market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World.
The Asia-Pacific region is estimated to account for the largest market share during the period of forecast due to expanding automotive infrastructure and increase in sales of electric vehicles across the Asia Pacific region. Besides, increased use of electrification in vehicles is estimated to escalate the demand for automotive power modules in this region.
The production of automotive power modules is estimated to be carried out majorly in China and Japan, during the period of forecast. For instance, in 2018 Japan-based Imasen Electric Industrial Co., Ltd, started production of its electric control unit for battery management system for automotive lithium-ion batteries at its Hiroshima Plant.
The imports of automotive power modules across the ASEAN countries are expected to increase over the forecast timeframe owing to the free trade agreement between China and ASEAN countries.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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- Market segments and sub-segments
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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- Market segmentation up to the second or third level
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- Reporting and evaluation of recent industry developments
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