Worldwide Automotive Power Electronics market will grow from USD 4.44 Billion of 2018 to USD 5.59 Billion before the finish of 2023 with a CAGR estimation of 4.68%. While the market size of Automotive Power Electronics showcase is considered and determined from 2018 to 2023 thinking about 2017 as the base year of the Automotive Power Electronics market investigate ponder. Asia-Pacific, Automotive Power Electronics in North America, Latin America and Automotive Power Electronics in Europe will be the main having positive development in coming five years of the Automotive Power Electronics industry. The raising interest for Automotive Power Electronics market showcase from colossal ventures, new businesses, and end-client shoppers have stirred the development of Automotive Power Electronics industry over recent years.
Europe recorded humble surge in the worldwide Automotive Power Electronics market over recent years yet at the same time, hold on the second position while Automotive Power Electronics market in Asia-Pacific will hold the better position and is relied upon to hoist with CAGR of 4.68% with figure period from 2018 to 2023. Different locales that are convoluted and contribute a superior offer of Automotive Power Electronics industry incorporates North America, Latin America, The Center East and Africa.
APAC – The New Emerging Market
Whereas, MarketandMarkets report cites that Asia-Pacific will witness a rapid vehicle electrification propelling the growth of the automotive power electronics market in the Asia-Pacific region
The demand for technologically advanced cars has also witnessed a boost recently in the Asia-Pacific region with the convergence of the ICT sector, the automotive sector, and the transportation sector. This has resulted in the emergence of the advanced vehicle ecosystem. Upcoming safety regulations would increase the installation of automotive safety technologies in passenger cars. The emergence of driving assistance technologies has incentivized the OEMs to opt for efficient power electronic components to satisfy the ongoing market requirement. Thus, the increasing use of technologically advanced cars is expected to push the need for power electronics in cars in the Asia-Pacific market.