In August 2022, Renesas Electronics Corporation, a leading semiconductor solutions provider, launched a new generation of Silicon IGBTs featuring a compact design and lower power losses. These AE5-generation IGBTs, produced at the company's Naka facility in Japan, are optimized for use in next-generation electric vehicle (EV) inverters. Regional Market Overview And Growth Insights: The Asia Pacific market held the largest revenue share in 2024, supported by a robust automotive manufacturing ecosystem, rapid electrification of vehicles, and favorable government initiatives encouraging clean mobility. Countries such as China, Japan, South Korea, and India are at the forefront of EV production and investments in advanced semiconductor technologies. According to the International Energy Agency (IEA), China sold over 11 million electric cars in 2024-exceeding the global sales recorded just two years earlier-with one in every ten cars on its roads now electric.