PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1499744
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1499744
Asia Pacific Automotive PCB Market is valued at approximately USD 3.48 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 7.60% over the forecast period 2024-2032. Automotive PCBs are circuit boards specifically engineered for use in automotive electronic systems. These printed circuit boards are designed to endure the harsh conditions within a vehicle, such as temperature fluctuations, vibrations, and potential exposure to moisture and chemicals. Furthermore, rising vehicle electrification is gaining attention towards the Asia Pacific Automotive PCB Market. Governments across the Asia Pacific region is implementing stringent regulations and incentives to promote vehicle electrification as part of efforts to reduce greenhouse gas emissions, combat air pollution, and enhance energy security. This includes subsidies, tax incentives, and mandates for electric vehicle adoption, which stimulate demand for Automotive PCBs optimized for electric and hybrid vehicles.
The Asia Pacific Automotive PCB Market is driven by a growing rate of urbanization and growing consumer demand for safety and connectivity features across the region. Urbanization often exacerbates environmental issues such as air pollution, greenhouse gas emissions, and noise pollution. To address these concerns, governments in the Asia Pacific region are implementing stringent regulations and incentives to promote the adoption of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs), which have lower emissions compared to traditional internal combustion engine vehicles. In addition, Advanced safety technologies, such as Advanced Driver Assistance Systems (ADAS), collision avoidance systems, lane departure warnings, and automatic emergency braking, rely heavily on electronic components and sensors, which are integrated into vehicles using Automotive PCBs. As consumers prioritize safety features, there is a corresponding increase in the demand for Automotive PCBs capable of supporting these functionalities. However, high expense related to Automotive PCB and absence of standardization within automotive industry is going to impede the overall demand for the market during the forecast period 2024-2032.
The key Countries considered for the Asia Pacific Automotive PCB market study includes China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. In 2023, China was the largest regional market in terms of revenue owing to factors such as increasing automotive production across the region. The Chinese government provides substantial support and incentives to the automotive industry to stimulate production, innovation, and technology development. This includes subsidies, tax incentives, research grants, and infrastructure investments aimed at promoting the development and adoption of electric vehicles, Advanced Driver Assistance Systems (ADAS), and connected vehicles. Government support for automotive electrification and technological advancements drives the demand for Automotive PCBs, as vehicles incorporate more sophisticated electronic systems and features. Furthermore, the market in India, on the other hand, is expected to grow at the fastest rate over the forecast period.