Global Analog IC Market Predicted to Expand at a CAGR of 7.8% by 2024 end

A latest research report titled as “Global Market Study on Analog IC: High Growth Anticipated in Consumer Electronics, Wireless Communications, and Automotive Application Segments” has been recently added to the vast portfolio of Market Research Reports Search Engine (MRRSE) online research offerings. This report is a professional and in-depth analysis on the present state and future prospect for the global market. It provides valuable information to the industry insiders, potential entrants or investors. It includes an exhaustive enquiry with the reliability of logic and the comprehensiveness of contents.

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Automotive application segment is expected to register relatively higher growth rates during the forecast period, due to developments in the field of automotive safety and driver information systems.  In terms of revenue, the automotive application segment is estimated to register a CAGR of 7.7% during the forecast period. Several advanced automotive technologies that go beyond touchscreens, satellite radio, and voice-activated GPS commands are being continuously tested and improved, and are expected to be adopted in new car models, resulting in solid growth for the global analog IC market during the forecast period. Additionally, industrial, energy, and defense sectors are growing in terms of IC adoption in applications such as factory automation, solar energy, and electronic warfare systems. 

Increasing demand for driverless and smart cars is expected to boost growth of the automotive segment 

The projected strong CAGR for the automotive application segment is partly due to the fact that this segment is growing from a smaller base compared to the communications and consumer electronics segments and partly because a steady and significant increase in IC content is expected on board all new cars—luxury level to base models—throughout the forecast period.

Automotive electronics is galvanizing the semiconductor industry, especially in developed economies such as the U.S., U.K., Australia, Norway, France, and Germany along with developing economies such as BRICS, with the introduction of next-generation cars equipped with electronic components, systems, and software to enhance car safety and management systems. This is driving adoption of advanced electronics in sophisticated engine and safety controls, navigation, audio/video systems, hybrid electric drives, and LED lighting. With this, the automotive electronics application segment in the analog IC market is expected to witness significant growth during the period of assessment.

Increasing demand for driverless and smart cars is expected to generate the demand for advanced sensors over the forecast period, which is in turn driving growth of the automotive segment in the global analog IC market. Additionally, growing safety concerns and increasing government initiatives to encourage safety systems are further contributing to segment growth. Proliferation of semiconductor devices in automotive systems due to increased use of electronics for safety, navigation, fuel efficiency, emission reduction, and entertainment systems is strengthening demand in the automotive segment. 

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Automotive segment is expected to register the highest CAGR of 10.1% in the APEJ analog IC market during the projected period

In recent years, the Latin America region has emerged as a manufacturing and sales hub for automotive electronics, which is working as a catalyst for the growth of the analog IC market in the region. The automotive segment is expected to register high Y-o-Y growth rates throughout the forecast period and is expected to expand at a CAGR of 6.6% between 2016 and 2024 in Latin America. Brazil is one of the world’s largest markets for automobiles. The automotive segment in the country has been growing at a rapid pace over the last few years. In Europe, the automotive segment is expected to register high Y-o-Y growth rates throughout the forecast period and is expected to expand at a CAGR of 4.8% between 2016 and 2024. The automotive segment is anticipated to register high Y-o-Y growth rates throughout the forecast period in the APEJ analog IC market and is projected to expand at a CAGR of 10.1% between 2016 and 2024. In the MEA region, the automotive segment is likely to register high Y-o-Y growth rates throughout the forecast period and is predicted to expand at a CAGR of 7.8% between 2016 and 2024.

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