PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1475832
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1475832
Global Automotive Power Distribution Module Market is valued at approximately USD 6.99 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 3.87% over the forecast period 2023-2030. The Automotive Power Distribution Module is an essential component within a vehicle's electrical system responsible for managing and distributing electrical power to various subsystems and components. It acts as a centralized hub that receives power from the vehicle's battery and distributes it to different electrical loads, such as lights, motors, sensors, and electronic control units (ECUs). The Automotive Power Distribution Module market is expanding because of factors such as the rising number of electric vehicles and increasing demand for autonomous vehicles. As a result, the demand for Automotive Power Distribution Module has progressively increased in the international market during the forecast period 2023-2030.
Electric vehicles typically have more complex power systems compared to traditional internal combustion engine vehicles. They incorporate high-voltage battery packs, multiple electric motors, inverters, and various auxiliary systems. This complexity necessitates advanced power distribution modules that can handle higher voltages, currents, and diverse power requirements. Manufacturers of automotive PDMs benefit from this increased complexity as they provide solutions tailored to the specific needs of electric vehicles. According to the International Energy Agency, the proportion of electric cars in overall sales has surged drastically in the United States. It has escalated from approximately 4% in 2020 and increased up to 14% by 2022. Furthermore, China emerged as a dominant force in the global electric car market, accounting for nearly 60% of all new electric car registrations worldwide in 2022. Remarkably, the share of electric cars within China's domestic car sales surged to 29% in 2022, a significant leap from 16% in the previous year. This achievement surpassed the national target set for 2025, which aimed for a 20% sales share of new energy vehicles (NEVs), demonstrating China's rapid advancement in adopting sustainable transportation technologies ahead of schedule. Another important factor that drives the Automotive Power Distribution Module market is the increasing demand for autonomous vehicles. Autonomous vehicles require sophisticated electronic systems to handle various functions such as sensing, processing, and actuation. This complexity leads to an increased demand for power distribution modules capable of managing and distributing electrical power efficiently to various components within the vehicle. PDMs play a crucial role in organizing and distributing power effectively, ensuring optimal performance of the vehicle's electrical systems. In addition, as per Gitnux organization, it is anticipated that autonomous vehicles could account for up to 15% of global new car sales by the year 2030 and the global autonomous vehicle market size is projected to reach USD 556.67 billion by 2026. Moreover, the rising focus on vehicle electrification and technological advancement with the Automotive Power Distribution Module is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, stringent regulatory compliance and high initial development cost of automotive power distribution module is going to impede overall market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Automotive Power Distribution Module Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising demand for autonomous vehicles in the region. Autonomous vehicles incorporate a wide array of advanced features such as advanced driver-assistance systems (ADAS), connectivity solutions, and in-vehicle entertainment systems. These features require robust power distribution solutions to ensure seamless integration and operation. Automotive PDMs that offer compatibility with these advanced features and support future scalability are in high demand to meet the evolving requirements of autonomous vehicle manufacturers. The Insurance Institute for Highway Safety anticipates a significant presence of self-driving vehicles on U.S. roads in the coming years. By 2025, they project the number to reach 3.5 million, with further growth to 4.5 million by 2030. The region's dominant performance is anticipated to propel the overall demand for Automotive Power Distribution Module. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as the increasing number of electric vehicles in the region. Electric vehicles strive for higher energy efficiency and reduced weight to extend driving range and enhance performance. Automotive PDMs contribute to these objectives by optimizing power distribution, minimizing energy losses, and integrating lightweight materials and compact designs.
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable