The Europe Automotive Power Modules Market would witness market growth of 17.8% CAGR during the forecast period (2023-2030).
The market revolves around developing, manufacturing, and deploying sophisticated electronic modules that serve as the nerve centre for a vehicle's intricate electrical and electronic systems. These modules are pivotal in governing diverse aspects of vehicular operations, ranging from powertrain control and engine management to electric power steering and advanced driver assistance systems. They are the electronic brains behind the mechanical brawn, orchestrating a symphony of functions to deliver optimal performance, efficiency, and safety.
The relentless pursuit of environmental sustainability has become a defining force propelling the market forward. In response to international obligations to decrease emissions and improve fuel economy, these modules facilitate the shift from conventional internal combustion engines to hybrid and electric propulsion systems. The market has become a hotbed of innovation, fostering the development of sophisticated battery management systems and power electronics that form the backbone of the electric vehicle revolution.
The uptrend in electric and plug-in hybrid vehicle adoption in Portugal reflects a shifting automotive landscape toward sustainable and electrified mobility. As the industry embraces electric and plug-in hybrid technologies, the market is poised to benefit significantly. As per the ITA, Portugal experienced a notable upswing in the sale of electric vehicles (EVs) in January 2023, totalling 2,405 units. This figure includes plug-in hybrid vehicles as well as entirely electric vehicles. The EV sales experienced a substantial surge of 69.3%, resulting in a noteworthy market share of 15.4%. The surge in demand for EVs in Europe necessitates a parallel rise in the need for advanced power modules, crucial components for managing electrical power in electric vehicles. Therefore, the rising production of EVs in the region is driving the growth of the market.
The Germany market dominated the Europe Automotive Power Modules Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $917 Million by 2030. The UK market is exhibiting a CAGR of 16.8% during (2023 - 2030). Additionally, The France market would experience a CAGR of 18.9% during (2023 - 2030).
Free Valuable Insights: The Global Automotive Power Modules Market will Hit USD 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Type
By Vehicle Type
By Propulsion Type
By Application
By Country
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