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Analog IC Market Size to Record a CAGR of 6.2% by 2024

08-10-2017 12:10 PM CET | IT, New Media & Software

Press release from: Persistence Market Research Pvt. Ltd

Surge in demand for smart and driverless cars will fuel demand for advanced sensors, which will fuel growth of the automotive sector in the analog IC market in the coming years. In addition, various developed automotive technology, which goes beyond satellite radio, voice-activated GPS commands and touchscreens are constantly examined and incorporated in new car models. Such factors have resulted in robust growth of the global analog IC market in the coming years. The global analog IC market is expected to grow at 7.7% CAGR in this span of next eight years.

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Imposition of various regulations and initiatives taken by the government in various countries in order to encourage safety systems will contribute towards growth of the market in the coming years. In addition, growing concerns among drivers regarding safety and security further propels growth of automotive sector in the analog IC market globally.

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Moreover, due to an upsurge in demand for navigation, safety, emission reduction, fuel efficiency and entertainment systems in the automotive sector has led to proliferation of semiconductor devices. Additionally, analog IC products further witnesses escalating demand in communication industry attributed to the integral role of connecting multiple devices. Furthermore, due to high use of analog IC products during production of multimedia purpose devices, the global industry of consumer electronics will account for over one-third of the revenue share in the global analog IC market in the coming years.

The application-specific IC services and products among other products will account for over 60% of the revenue share in the global analog IC market in the coming years. Whereas, general purpose IC products among other types of products, held revenue share of 40% in 2016. Moreover, North America will account for second largest dominating region and will witness revenue growth at a CAGR less than 5% in the span of next eight years.

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Latin America automotive sector will grow at a relatively high Y-o-Y growth rate in the span of next eight years. In addition, the automotive sector will grow at 6.6% CAGR in the coming years in Latin America. Whereas, the APEJ analog IC market will grow at 10.1% CAGR in the coming years, and exhibit relatively high Y-o-Y growth rate in the span of next eight years. However, the automotive sector in MEA will grow at 7.8% CAGR, and exhibit relatively high growth rates in the coming years.

About Us

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.

To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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