Audio IC and Audio Amplifier Market Revenue to Cross US$ 22,525.7 million by 2028: The Insight Partners

According to The Insight Partners 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$ 13424.55 million in 2021 and is projected to reach US$ 22,525.70 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.

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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.

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The growing preference for a connected world and need of miniaturization are propelling advancements in the audio IC and audio amplifiers market. An amplifier serves the purpose of increasing vibrations to the maximum extent of signals without affecting the frequency or any wavelength, further improving the efficiency of the audio system. Additionally, stringent government regulations related to the protection of environment and rising adoption of energy-efficient technologies would support the miniaturization of electronic gadgets, among other new trends.

Development in technologies and high disposable income of working population are also expected to contribute to the market growth. Therefore, growing trend of miniaturization would boost the demand for connected devices for application-based processors and subsystems, thereby driving the demand for Hi-Fi audio in commercial events, on-board media entertainment systems, and development of VR technology drives the growth of audio IC and audio amplifier market.

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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.

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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.

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