Report : Audio IC and Audio Amplifier Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Audio IC Type (A/D Converter IC, Processor IC, Amplifier IC, D/A Converter IC, Others) and Audio Amplifier Class (Class A/B, Class D, Class G, Class H)
Growing Efforts in Development of Smart Infrastructure to Provide Opportunities for Audio IC and Audio Amplifiers Market during 2021–2028
According to our latest market study on “Audio IC and Audio Amplifiers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Audio IC Type, Audio Amplifier Class and Geography,” the market is expected to grow from US$ 13424.5 million in 2021 and is projected to reach US$ 22,525.7 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
The global audio IC and audio amplifiers market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. Continuous technological innovations in home audio systems, increasing popularity of high-performance home theaters, and rigorous investments by several governments in the development of smart cities are among the major factors bolstering the demand for smart electronic products, including audio and video equipment. Europe has a matured consumer electronic industry, backed by highly developed technology sector and connectivity infrastructure. As a part of their circular economy strategy, which revolves around recirculating products and materials for utilizing them optimally along with minimizing the wastage, the recycling of used electronic products is further fueling the growth of the consumer electronic industry. Moreover, the elevating adoption of smart and wireless infrastructure with a rising demand for high-fidelity (Hi-Fi) audio systems at commercial venues is another factor boosting the demand for the audio ICs and amplifiers.
The audio IC and audio amplifiers market is segmented on the basis of audio IC type and audio amplifier class. The market, by audio IC type, is segmented into A/D converter IC, processor IC, amplifier IC, D/A converter IC, and others. On the basis of audio amplifier class, the market is segmented into Class A/B, Class D, Class G, and Class H. On the basis of geography, the market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, Italy, UK, Russia, and Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and Rest of APAC), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of MEA), and South and Central America (Brazil, Argentina, and Rest of SAM).
Impact of COVID-19 Pandemic on Audio IC and Audio Amplifiers Market
According to World Health Organization (WHO), the US, Brazil, India, Russia, South Africa, Spain, the UK, Germany, and France, among others, are a few of the worst-affected countries due to the COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide, and the economy took the worst hit in 2020, and the similar impact is likely to be seen in 2021 as well. The Pandemic is creating challenges for medical institutions, healthcare, manufacturing unit, commercial office premises, shopping complexes, and airports worldwide.
The flourishing trend of online working and learning as well as the exponential development of the e-commerce industry is resulting in high demand for audio ICs and audio amplifiers. However, the manufacturers of these products are facing challenges in meeting the demands owing to halt in business operations in last few months, decline in production of raw materials, and restrictions imposed on supply chains. Managing production with shortages in resources has limited the profitability of their operations, further leading to falling business confidence and growing panic among consumers.
Maxim Integrated; INFINEON TECHNOLOGIES AG; NXP Semiconductors; Cirrus Logic, Inc.; ICEpower a/S; Renesas Electronics Corporation; Semiconductor Components Industries, LLC; STMicroelectronics N.V.; Texas Instruments Incorporated; Toshiba Corporation; and ESS Technology, Inc. are among the major companies operating in the audio IC and audio amplifiers market.