Market Insights
“The EV power module market size was US$4.6 billion in 2025 and is likely to grow at a strong CAGR of 10.3% in the long run to reach US$8.9 billion in 2031”.
Market Dynamics
Introduction
The EV power module is a vital component in electric vehicles, playing a central role in converting and managing electric power between the battery and the motor to ensure optimal performance and efficiency. It typically consists of advanced semiconductor devices such as IGBTs (Insulated Gate Bipolar Transistors) or MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors), which enable high-speed switching and precise control over power flow. These modules are critical for the functioning of key systems like traction inverters, DC-DC converters, and onboard chargers.
With the global shift to electric mobility, demand for compact, high-efficiency EV power modules is rising. These modules handle high voltage and current with minimal loss, aided by technologies like SiC and double-sided cooling. By reducing system size and weight, they enable longer ranges and faster charging, making them essential to next-gen EV innovation.
Market Drivers
- The exponential growth in battery electric vehicles (BEVs) and plug-in HEV electric vehicles (PHEVs) is directly boosting demand for advanced power electronics, especially power modules.
- Automakers are increasingly adopting SiC-based power modules due to their higher efficiency, reduced switching losses, and improved thermal performance.
- Stringent global emission regulations and government incentives are accelerating the shift from internal combustion engines to electric drivetrains, driving power module adoption.
- The push for longer driving ranges and faster charging is increasing demand for high-performance and thermally efficient power modules.
- Advancements in wide-bandgap semiconductors (SiC, GaN) are enabling more compact, reliable, and energy-efficient power module designs.
Market Challenges
- Semiconductor shortages and limited manufacturing capacity can disrupt power module supply, delaying EV production timelines.
- High cost of wide-bandgap materials like silicon carbide (SiC) and gallium nitride (GaN) increases the overall cost of power modules, affecting affordability.
- Thermal management complexities in compact, high-power designs pose reliability and safety risks if not properly addressed.
Recent Product Launch:
A considerable number of strategic alliances, including M&As, JVs, etc., have been performed over the past few years:
- In March 2024, Infineon Technologies introduced its next-generation CoolSiC™ HEV Discrete Module for electric vehicles, designed to deliver superior energy efficiency, enhanced power density, and extended lifecycle performance, addressing the growing demand for high-performance EV power electronics.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High-Growth Opportunity
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Propulsion-Type Analysis
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BEV and HEV
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BEVs hold a larger market share and are expected to remain the dominant and faster-growing segment.
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Vehicle-Type Analysis
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LV and M&HCV
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LV is anticipated to contribute a larger share of the EV power module market.
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Application-Type Analysis
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Inverter, On-Board Charger, and DC-DC Converter
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Inverters hold the largest share, while on-board chargers are projected to grow rapidly with EV expansion.
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Technology-Type Analysis
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IGBT, SiC, and GaN
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IGBT remains the dominant technology due to cost-effectiveness and maturity
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Voltage-Type Analysis
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Less than 750V and 750V to 1200V
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The 750V to 1200V segment is anticipated to grow faster with demand for high-voltage EV architectures.
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Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is the dominant region, while North America is the fastest-growing.
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By Propulsion Type
“BEV is likely to remain the larger and faster-growing propulsion type of the market during the forecast period.”
The EV power module market is segmented into BEVs and HEVs. The global shift toward full electrification, regulatory support, and OEM strategies that increasingly favor BEVs over HEVs. BEVs require high-capacity power modules to support fully electric propulsion, fueling demand for advanced, high-voltage systems. In contrast, HEVs rely on smaller modules due to their limited electric range and shared powertrain with internal combustion engines, resulting in comparatively lower demand for power modules.
By Vehicle Type
“LV is likely to remain the larger and faster-growing vehicle type of the market during the forecast period.”
The EV power module market is segmented into LV and M&HCV. Light vehicles are expected to account for a larger share of the market, primarily due to the significantly higher production and sales volumes of passenger EVs worldwide. Rapid electrification of LV portfolios by major automakers is driving widespread integration of power modules in compact and mid-size EVs. Moreover, the faster adoption of BEVs in the passenger segment—supported by urban mobility trends and government incentives—continues to fuel demand in this category.
By Application Type
“Inverter is expected to remain the largest application type, whereas on-board charger is likely to experience the fastest growth during the forecast period.”
The market is segmented into inverter, on-board charger, and DC-DC converter. Inverters hold the largest share of the market, as they are essential for converting DC power from the battery into AC power to drive the electric motor, making them a critical component in every electric vehicle. On the other hand, on-board chargers are projected to witness rapid growth, driven by the expanding EV market and rising demand for efficient, fast, and reliable charging solutions. As charging infrastructure advances and consumer expectations for shorter charging times increase, on-board chargers are becoming increasingly vital, fueling their market expansion.
By Technology Type
“IGBT is likely to remain the dominant technology of the market over the next five years.”
The market is segmented into IGBT, SiC, and GaN. IGBT remains the dominant technology due to its cost-effectiveness, proven reliability, and widespread adoption in existing EV designs. Its technological maturity and established manufacturing processes make it the preferred choice for many automakers, despite emerging alternatives like SiC and GaN gaining traction.
As EV system voltages increase, SiC is expected to gain popularity due to its superior efficiency and high-temperature performance in high-voltage applications. Meanwhile, GaN is in the emerging stage, offering advantages in compactness and high-frequency switching, but is currently limited to lower-voltage segments and niche applications.
Regional Analysis
“The Asia-Pacific is expected to be the dominant region, whereas North America will be the fastest-growing region.”
In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and RoW. Asia-Pacific is expected to be the dominant region due to its large-scale EV manufacturing, supportive government policies, and strong consumer demand, especially in countries like China, Japan, and South Korea. Meanwhile, North America is projected to be the fastest-growing region, driven by increasing EV adoption, expanding charging infrastructure, and growing investments in electric mobility technologies.
Key Players
The market is highly concentrated, with over 30 players globally. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. Some of the major players provide a complete range of services. The following are the key players in the EV power module market.
Here is the list of the Top Players (Based on Dominance)
- Infenion Technologies
- OnSemi
- BYD Co., Ltd.
- Fuji Electrical Co., Ltd.
- STMicroelectronics
ote: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Please write to us at [email protected]
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The EV power module market is segmented into the following categories.
EV Power Module Market, by Propulsion Type
- BEV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- HEV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Power Module Market, by Vehicle Type
- LV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- M&HCV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Power Module Market, by Application Type
- Inverter (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- On-Board Charger (ON-BOARD CHARGER) (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- DC-DC Converter (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Power Module Market, by Technology Type
- IGBT (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- SiC (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- GaN (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Power Module Market, by Voltage Type
- Less than 750V (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- 750V to 1200V (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
EV Power Module Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of the Europe)
- Asia-Pacific (Country Analysis: Japan, China, South Korea, India, and Rest of the Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s EV power module market realities and future market possibilities for the forecast period.
- The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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