Automotive Power Electronics Market Size, Share, Growth Analysis, By Device(power IC, and module & discrete), By Application(ADAS & safety, body control & comfort, infotainment, telematics), By Region - Industry Forecast 2024-2031

China, South Korea, and Japan dominate the automotive power electronics market in the Asia Pacific region. This is thanks to the significant car production and rising adoption of advanced electronics in these countries. The governments of these nations have acknowledged the potential for growth in the automotive industry and have implemented various measures to attract major automakers to their domestic markets. Several prominent European and American car manufacturers, like Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US), have also moved their production facilities to emerging economies in the region. Additionally, the Asia Pacific region boasts top semiconductor suppliers, ensuring easy access to power electronic components.

Prominent players in the automotive power electronics market, such as Robert Bosch (Germany) and Continental (Germany), have established production facilities throughout the region. Despite a decline in vehicle sales due to the COVID-19 pandemic, the implementation of safety regulations will undoubtedly drive the adoption of power electronics features in upcoming vehicles. For example, China has already mandated the use of tire pressure monitoring systems (TPMS) in vehicles since 2019 and is currently considering making automatic emergency braking systems a requirement. Additionally, the Chinese government has implemented various measures to stimulate economic recovery, including promoting domestic consumption, supporting the development of new energy vehicles, and implementing monetary and fiscal policies. As a result, the automotive industry is expected to experience significant growth during the forecast period.