EV Power Module Market to Reach US$ 16,805.4 Million by 2033 with a 24% CAGR

According to FMI’s study of the global EV power module market demand, the industries are anticipated to expand at a healthy CAGR of 24% on average. Consequently, by the end of the forecast period, the EV module market share’s entire worth might reach up to US$ 16,805.4 million. Back in the year 2022, the overall value of all EV power modules was around US$ 1,570.6 million. For this year 2023, FMI predicts the value to be around US$ 1,955.4 million.

As a result, the widespread adoption of EVs is anticipated to boost industries supplying components for electric vehicles on a worldwide scale. Moreover, rising public spending on the construction of a global charging network is also anticipated to encourage the selling of EV power modules.

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Key Takeaways

  • The United States is the leading region for the global EV power module market and contributes 10.1% of the revenue generated globally. 
  • In Asia Pacific, China is projected to grow remarkably in sales of EV power modules produced in the country. It is further projected to witness an annual growth rate of 21.3% during the forecast years
  • Contrastingly, India is predicted to register a higher CAGR of 25.4% in demand for EV power modules through 2033.

Competitive Landscape

Continental AG, Robert Bosch GmbH, Denso Corporation, Hitachi Automotive Systems Ltd., Mitsubishi Electric Corporation, STMicroelectronics, ON Semiconductor, Infineon Technologies, Toshiba Corporation, NXP Semiconductors among others are some of the key players in the global EV power module market.

To get an advantage over rival businesses, EV power module suppliers are growing their operations by involving in strategic investments.

Recent Developments

  • ICONICS Inc., which is a software development company, reported in 2019 that Mitsubishi Electric Corporation acquired its shares. ICONICS Inc. concentrates on software solutions for the technological, processing, and construction of automation industries that include analytics, mobility, IoT, and cloud. The firm, based in the United States, become a fully owned subsidiary of the Mitsubishi Electric Group after the purchase.
  • In August 2018, FCA disclosed that its Toledo Machining Plant located in Ohio produced EV power modules for the 2020 Jeep Wrangler PHEV. This production line may include integrated multipurpose chargers that include an onboard charger with a DC-AC converter. By 2022, FCA plans to offer more than 30 EV models, including the Jeep Wrangler plug-in hybrid EV, with electrified options.
  • Robert Bosch GmbH unveiled a new power module for small vehicles in September 2022 that combines an electric motor and an integrated inverter. Mostly with help of a new type of semiconductor, the Company has decreased power loss by 20%, enabling an inverter performance of 97% and extended range.
  • Continental said in March 2021 that it has created a high-power power module for Jaguar Land Rover, comprising a microcontroller and a DC-AC inverter technology solution that is specially tailored to the needs of sporty, performance-oriented EVs. According to claims of Continental AG, the power electronics module can carry a large amount of electric current — up to 650 Ampere.
  • Hitachi Astemo Ltd. stated in December 2021 that its inverter was selected for use in Geely Automobile Holdings Limited’s “Leishen Hi-X” HEV powertrain design. It has a pure water-cooled, both-side cooling power module that is compact in size and powerful in performance.

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Key Segments

By Vehicle Technology:

  • Battery Electric Vehicles (BEV)
  • Hybrid Electric Vehicles (HEV)
  • Plug-in Hybrid Electric Vehicles (PEV)
  • Fuel Cell Electric Vehicles (FCEV)

By Vehicle Type:

  • Two-wheelers
  • Passenger Cars
  • Commercial Vehicles
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and the Pacific
  • The Middle East and Africa (MEA)


Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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