The automotive power electronics market is projected to grow from $ 3.8 billion in 2020 to $4.7 billion by 2025, at a CAGR of 4.7 per cent as per a report by MarketsandMarkets. The report said that increasing electronics content inside the vehicle for the operation of specific vehicle applications and government mandates related to carbon emissions and vehicle safety are crucial factors that will fuel the market growth. Developments in the power converters of the electric vehicle is also another factor that will drive the automotive power electronics market.
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