LONDON, Jan. 25, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the integrated circuits market, electric vehicles and autonomous vehicles have rapidly increased the demand for integrated circuits. Even in conventional cars, there is a steady increase in electronic components in recent times, which has led to a rise in integrated circuits application. Automobile manufacturers are developing autonomous vehicles with the use of high-end chips, including processors and application-specific integrated circuits. Most automotive companies need systems and sensors that can help in emissions reduction, autonomous driving, and advanced driver assistance. Even the implementation of strict government regulations for driver’s safety and security is leading to an increase in high-quality integrated circuits. Many companies are adapting to the latest and advanced integrated circuits market trends to gain a competitive edge.
For instance, an electric vehicle manufacturer, Rimac Automobili incorporated Analog Devices Inc’s precision battery management system integrated circuit in its cars, which helps in extracting the maximum energy and capacity of the batteries.
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The global integrated circuits (IC) market size grew from $360.27 billion in 2020 to $391.58 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. Integrated circuits market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The IC market size is expected to reach $468.43 billion in 2025 at a CAGR of 5%.
The increasing adoption of the Internet of Things (IoT) in electric vehicles and autonomous vehicles along with various other applications is expected to drive the integrated circuits market. ICs allow us to sense, understand, and transmit intelligent data. IoT is expected to boost the growth of the integrated circuit market due to various benefits of using analog ICs across a wide range of real-time connected devices and applications. Analog ICs have efficient power consumption features and the signals processing capabilities needed to configure an automated devices ecosystem. For instance, according to the Gartner Symposium, there will be 25 billion internet-connected devices by 2023. Each of these devices will require ICs that contain embedded technology to communicate and sense or interact with the environment. Therefore, increasing the adoption of IoT devices will increase the demand for ICs, hence it is expected to drive the market during the period.
The global integrated circuits market is segmented by product type into digital IC, analog IC, mixed-signal IC; by application into automotive, industrial, consumer electronics, IT & telecommunication, health care, aerospace & defense, others; by type into general-purpose IC, application-specific IC.
The major players covered in the global integrated circuits market are Intel Corporation, Texas Instruments, Analog Devices, STMicroelectronics, NXP, ON Semiconductor, Micron, Toshiba, Broadcom, Qualcomm, Maxim Integrated, ALBIC, Cypress, Microchip, IDT, Omron, AVX, Epson, Diodes, Infineon, NJR, Boeing, Atmel Corporation, NEC Corporation, Samsung, Taiwan Semiconductor, SK Hynix, Nvidia.
Integrated Circuits Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide integrated circuits (IC) market overviews, integrated circuits (IC) market analyze and forecast market size and growth for the whole market, integrated circuits (IC) market segments and geographies, integrated circuits (IC) market trends, integrated circuits (IC) market drivers, integrated circuits (IC) market restraints, integrated circuits (IC) market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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