The Latin America, Middle East and Africa Automotive Power Modules Market would witness market growth of 22.1% CAGR during the forecast period (2023-2030).
The trend towards integrating power electronics into fewer and more compact modules is gaining traction. Integrated power modules simplify the design and manufacturing process, reduce overall system complexity, and enhance the reliability of automotive power electronics. Advanced thermal management solutions are becoming crucial with the increasing power density in automotive power modules. Emerging trends include using innovative cooling technologies and materials to manage heat effectively, ensuring the longevity and reliability of power modules.
Electrification trends are extending beyond passenger cars to include commercial vehicles, buses, and other modes of transportation. The expansion presents prospects for customized power modules to fulfil the distinct demands of various vehicle classifications. Innovations in materials and packaging technologies are impacting the design of power modules. Advances in packaging materials, such as advanced ceramics, and novel manufacturing techniques contribute to improved thermal performance and reliability. Moreover, with the increasing connectivity in vehicles, there is a growing focus on cybersecurity in power electronics.
Saudi Arabia significantly influences the regional automotive industry, presenting opportunities for the market as the country maintains its position as a major player in vehicle sales and the demand for these modules. According to the International Trade Administration (ITA), in 2020, Saudi Arabia played a dominant role in the automotive landscape of the gulf cooperation council (GCC) and the broader Middle East/North Africa (MENA) region, accounting for nearly 52% of the vehicles sold in the GCC and 35% in the region. The total number of vehicles sold in Saudi Arabia in 2020 was 436,000. Projections indicate that sales are expected to rebound, reaching 543,000 units by 2025. According to this forecast, the electric vehicles sector is anticipated to comprise approximately 32,000 units by 2025. In conclusion, the growing prevalence of EVs and the high production of automobiles drive the market's growth.
The Brazil market dominated the LAMEA Automotive Power Modules Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $331.8 Million by 2030. The Argentina market is showcasing a CAGR of 22.7% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 21.4% during (2023 - 2030).
Free Valuable Insights: The Worldwide Automotive Power Modules Market is Projected to reach 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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