Product ID: SQMIG25A2114
Report ID:
SQMIG25A2114 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
65 |
Figures:
75
In 2022, Asia Pacific dominated the global automotive power management ICs (PMICs) market in terms of revenue share. This can be attributed to the flourishing automotive industry in the region, particularly in China where the new energy vehicle sector is leading the market for battery electric vehicles. The increasing demand for electric cars in the region has also contributed significantly to the growth of the market, with global electric car sales expected to reach almost seven million units in 2022.
North America is projected to register a faster growth rate in revenue over the forecast period. Advancements in the automotive industry in this region are expected to drive market growth, particularly with the rise of electric mobility in key North American countries. The United States is expected to dominate the market share in this region due to the presence of major automobile OEMs and supportive government initiatives and policies, including infrastructure and electric vehicle regulations. The increasing demand for safety and comfort features in automobiles, such as ADAS technologies, is also contributing to the growth of the market in North America. The preference of younger generations for premium automobiles is also expected to provide lucrative opportunities for the market.
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Product ID: SQMIG25A2114