The Asia Pacific Automotive Power Modules Market would witness market growth of 19.0% CAGR during the forecast period (2023-2030).
The rise of autonomous driving highlights the crucial role of automotive power modules. These modules analyze vast data from sensors, cameras, and other sources, facilitating real-time smart decision-making for seamless integration of advanced driver assistance features. As vehicles evolve into interconnected smart devices on wheels, the market is at the forefront of integrating artificial intelligence, machine learning, and advanced sensor technologies, redefining the driving experience. The convergence of electronics and automotive engineering is a prevailing theme within the market.
The market is witnessing a paradigm shift where power modules are not merely functional components but integral contributors to the creation of intelligent, connected, and adaptive vehicles. As electric vehicles evolve, there is a trend toward higher voltage systems to improve efficiency and reduce energy losses. High-voltage power modules capable of handling increased power levels are becoming more prevalent, contributing to advancements in EV technology. Adopting wide-bandgap semiconductors, such as silicon carbide (SiC) and gallium nitride (GaN), is an emerging trend in power modules.
The dynamic landscape in India's automotive sector, particularly in electric vehicles, signals substantial opportunities for the market. As India pursues the electrification of its automotive fleet, the demand for advanced power modules to support EV technologies is expected to experience significant growth. According to the National Investment Promotion & Facilitation Agency, there is a projected industry size of $50 billion for financing electric vehicles (EVs) in India by 2030. This amount represents approximately 80% of the current size of India's retail vehicle finance industry, valued at $60 billion. Within the broader context of the Indian automobile industry, passenger cars hold a market share of 17.4%, with a predominant focus on small and midsized cars. Hence, the rising production and increasing government spending in the industry are driving the growth of the market.
The China market dominated the Asia Pacific Automotive Power Modules Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,926.9 Million by 2030. The Japan market is registering a CAGR of 18.2% during (2023 - 2030). Additionally, The Taiwan market would showcase a CAGR of 20.1% during (2023 - 2030).
Free Valuable Insights: The Global Automotive Power Modules Market is Predict to reach $ 16.1 Billion by 2030, at a CAGR of 18. 6%
Based on Type, the market is segmented into Si IGBTs and SiC MOSFETs. Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Propulsion Type, the market is segmented into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV). Based on Application, the market is segmented into Traction Inverter, DC-DC Converter and On-Board Charger. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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