The North America Automotive Power Modules Market would witness market growth of 18.1% CAGR during the forecast period (2023-2030).
Automotive power modules are electronic devices or systems designed to control and manage the electrical power within a vehicle. These modules integrate advanced semiconductor technologies and electronic components to regulate various functions, enhance performance, and optimize energy efficiency in automotive systems. They play a crucial role in ensuring the proper functioning of key vehicle components, including the powertrain, engine, transmission, and other electrical systems.
It may include microcontrollers, sensors, actuators, power semiconductors, and communication interfaces. These modules are responsible for tasks such as power distribution, energy conversion, and the control of different vehicle functions. As electric and hybrid vehicles have increased, as have smart technologies and advanced driver assistance systems, the intricacy of these modules has escalated substantially. With the increasing complexity of modern vehicles, the market is at the forefront of innovation, addressing challenges related to vehicle electrification, autonomous driving, connectivity, and overall system integration.
The rising sales of automobiles underscores the U.S.'s significant presence in the international automotive industry, with implications for various segments, including the market. According to the International Trade Administration (ITA), in 2020, the United States recorded light vehicle sales totalling 14.5 million units, establishing itself as the world's second-largest vehicle sales and production. Additionally, electric vehicle registrations reached an all-time high of 26,018 units in the first quarter of 2022, representing 7.7% of the total unit registrations for that period. Around 75% of the newly registered electric vehicles were battery electric vehicles (BEVs) during this period of increased demand. Thus, the surge in the sales of EVs and the high production of automobiles are propelling the growth of the market.
The US market dominated the North America Automotive Power Modules Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,098.8 Million by 2030. The Canada market is experiencing a CAGR of 20.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 19.7% during (2023 - 2030).
Free Valuable Insights: The Automotive Power Modules Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
By Type
By Vehicle Type
By Propulsion Type
By Application
By Country
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