Commercial vehicles are generally considered high fuel consuming vehicles. In recent years, demand for power-efficient vehicles has increased, owing to rise in freight transport across the world. The need of the hour is highly secured and efficient power distribution. Furthermore, intelligent power distribution modules will be used in all commercial vehicles in the years to follow. Manufacturers in the power distribution module market are deploying their resources to develop high-power voltage solutions for commercial vehicles. This is in accordance with the ban on diesel-powered vehicles in certain countries, which will further drive the market for efficient intelligent power distribution modules in commercial vehicles.
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Furthermore, restructuring of the commercial vehicle industry with respect to efficient and eco-friendly power sources is boosting demand for power distribution modules. High potential markets such as India, Africa, and China are revamping their commercial vehicle architecture. This is due to increased usage of public transport by people and demand from automobile manufacturers for efficient transport vehicles.
The global power distribution module market is projected to create an absolute $ opportunity of more than US$ 3.8 Bn, and is anticipated to surpass a valuation of US$ 8 Bn by the end of 2030.
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Key Takeaways from Power Distribution Module Market Study
- By product type, sealed power distribution modules are set to hold a share-wide market dominance with over 66% of the total market value by the end of the forecast period.
- Intelligent power distribution modules are projected to expand at a value CAGR of 7.5%, and be valued 2X more than off-shore by the end of 2030.
- Sales through collaborations with OEMs are poised to expand at a CAGR of 7%, gaining 170 BPS over the course of 2020-2030.
- The power distribution module market in Europe is expected to progress at a CAGR of 6.5%, whereas, North America is projected to be valued 10X times Latin America, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
- The outbreak of COVID-19 has impacted demand in the global automotive industry and other associated products, as a result of nation-wide lockdowns, which have had a significant effect on production and supply chains. This has resulted in short-term decline in the sales of power distribution modules across North America, Europe, and East Asia.
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“Integration of smart devices in commercial vehicles will provide an opportunity for the power distribution module market during the forecast period”, says a Fact.MR analyst.
Key Players to Focus on Product Innovation
Globally established players in the power distribution module market are Leoni AG, TE Connectivity, Sumitomo Wiring Systems Ltd, Lear Corporation, Littlefuse Inc., Eaton Corporation, and Curtis Wright
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Key players in the market are continuously focusing on product innovation to gain market share and create a USP in this highly competitive market. In the recent past, the power distribution module market has seen numerous innovations. For instance, GEP power products launched a new DC power distribution module for commercial vehicle application, in 2020. This new product is an upgrade from the previous product for better handling of high voltages with a compact design.
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