Report : Power Management IC Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Voltage Regulators, Motor Control, Battery Management, Multi-Channel ICs, and Others) and End Use (Consumer Electronics, Automotive, Healthcare, IT & Telecom, Industrial, and Others)
According to our latest market study on “Power Management IC Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, End Use, and Geography,” the market is expected to grow from US$ 37,772.1 million in 2021 and is projected to reach US$ 55,042.7 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028.
The global power management IC market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. The demand for consumer electronics and home appliances is growing substantially. In mobile phones, a power management integrated circuit (PMIC) handles most power-supply needs and other blocks, such as audio or interface. Smartphone shipments across the world are estimated to be around 1.48 billion units by 2023. Therefore, the growing demand for mobile phones enhances the requirement for cellular phone power management ICs. Texas Instruments Incorporated and Analog Devices, Inc. offer high-quality PMICs for various mobile phones.
Due to the COVID-19 pandemic, many companies allowed their employees to work from home. Also, educational, fitness, and dance classes were conducted via online platforms. All such developments increased the need for laptops and personal computers globally. The unit shipments of the PC vendor Lenovo were above 19 million units across the globe in the third quarter of 2021. The rising number of shipments drives the requirement for monolithic PMICs used in laptops. Increasing utility of power management ICs in application/multimedia processors and sub-systems is another market driving factor.
The global power management IC market is segmented into product type and end use. Based on product type, the market is segmented into voltage regulators, motor control, battery management, multi-channel ICs, and others. Based on end use, the market is categorized into consumer electronics, automotive, healthcare, IT & telecom, industrial, and others. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, Taiwan, South Korea, Japan, and the Rest of APAC), Middle East & Africa (South Africa, Israel, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).
The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic of COVID-19. The COVID-19 outbreak disrupted various industries, such as healthcare, manufacturing, energy & power, aerospace & defense, construction, automotive & transportation, consumer electronics, telecom and networking, and many others, in 2020. This led to a significant decline in revenues for various companies. The implementation of containment measures such as trade bans, travel restrictions, workforce limitation at workplaces has impacted manufacturing, supply, and sales of various businesses, including power management ICs. However, with growing vaccination drives, the business is returning to its normal state. The continuous growth in COVID-19 patients compelled government authorities to impose stringent lockdowns across the US and other regions for the first three quarters of 2020. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the automotive, electronics & semiconductors, and retail sectors. Moreover, the social or physical distancing measures limited the operations of logistics and other service providers.
NXP Semiconductors; Analog Devices, Inc.; Infineon Technologies AG; Rohm Co., Ltd.; Microchip Technology Inc.; Vishay Intertechnology, Inc.; Renesas Electronics Corporation; STMicroelectronics; Texas Instruments Incorporated; and Qorvo, Inc. are among the major companies operating in the power management IC market.