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India Auto PCB Market Growing on Rising Vehicle Production, Electrification
February 13, 2019 | Globe NewswireEstimated reading time: Less than a minute
India's automotive printed circuit board (PCB) market stood at $6.7 billion in 2018, and is projected to grow at a compound annual growth rate (CAGR) of 13% to reach $16 billion by 2024, on the back of rising vehicle production and increasing application of electronic components in automotive industry, according to a new report by TechSci Research.
The changing government vehicle norms towards vehicle safety standards along with rising cases of road accidents is further positively influencing India’s automotive PCB market.
Moreover, growing penetration of Internet of Things in automotive industry and surging demand for electric vehicles is anticipated to fuel growth in the country’s automotive PCB market in the coming years.
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