Global EV Power Module Market Outlook

The total demand for EV power modules is estimated to be around US5 1,955.4 million this year (2023) in terms of value. As per the global EV power module market analysis report of FMl, it is predicted to record a robust CAGR of 24%during the forecast period. The total valuation of the market share is estimated to reach up to USS 16,805.4 million beyond of the year 2033.

EVs have become a crucial component of sustainable transportation and are seen as a method to improve energy security and cut back on GHG emissions. So during the forecast period, demand for EV power modules is anticipated to increase in tandem with the global trend toward increased EV sales. A couple of other key reasons fueling the EV power module market growth are the increasing capacity of EV manufacturers along with beneficial government efforts.

Presently, prominent EV power module companies are making investments in the creation of new technologies and expanding their manufacturing capabilities. Further, to meet the growing demand for power modules in emerging economies, they are promptly extending their business units to such regions Sony Group Corporation and Honda Motor Co, Ltd. signed an MOU in March 2022 indicating their desire to create a new partnership to work together on the production and sale of premium EVs

In all economies, there is a growing push to phase out conventional vehicles and speed up the deployment of light duty passenger EVs. Presently, several companies are offering their consumers residential charging options presenting the emerging trends in the EV power module market, Al such factors are anticipated to create a favorable market for EV power module manufacturers in the coming days.

Following international agreements and fostering e-mobility in the wake of rising urbanization, the acceptance of EVs is surging around the world. lncreasing demand for EV power modules brought on by the rising production of EVs is projected to drive the market during the forecast period

The sales of EV power modules, unfortunately, are mostly constrained by outdated and subpar recharging stations across many countries. Furthermore, the dominance of some eastern countries in electronics industries has limited the EV power module industry trends and opportunities in other regions.

Global EV Power Module Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (202:to 2033)

Based on the previous market study reports, the net valuation of the EV power module market in the year 2018 was US891.8 million. Later the popularity of e-mobility surged around the world favoring the EV components industries and OEMs. During the years between 2018 and 2022, the overall EV power module sales registered a CAGR of 15.2%. By the end of the survey period in 2022, the global EV power module market size was figured out to have reached US$ 1,570.6milion. As more and more people are opting for greener transportation, the demand for EV power modules is expected to grow remarkably in the coming days.

Regardless of a widespread decline in EV sales brought on by the pandemic-related lack of semiconductor supply, sales of EVs rose significantly in the following years. ln 2021, 3.3 million EV units were sold in China only, in comparison to 1.3million in 2020 and 1.2 million in 2019.