Application-Specific Integrated Circuit (ASIC) Market Size Share 2023-2030

Global Application-Specific Integrated Circuit (ASIC) Market Surges to US$ 15.7 Billion in 2022, Anticipated to Reach US$ 34.5 Billion by 2030 with a CAGR of 8.3%

[City, Date] - The global Application-Specific Integrated Circuit (ASIC) market exhibited remarkable growth, reaching a valuation of US$ 15.7 billion in 2022 and is poised for further expansion, targeting US$ 34.5 billion by the year 2030, propelled by a robust Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period from 2023 to 2030.

The escalation of demand for passenger cars and commercial vehicles, coupled with the increasing trend of electrification and mechanization within the automotive industry, stands as a pivotal force driving the global ASIC market's ascent. Simultaneously, the surge in demand for smart devices, particularly the next-generation smartphones worldwide, plays a significant role in propelling market growth.

Foreseeing the fastest CAGR within the global ASIC market during the forecast period of 2023-2030, the consumer electronics sector is poised to witness substantial development. In a milestone virtual event themed 'Featuring You,' OPPO's introduction of the revolutionary all-5G Reno5 series in March 2021, including the Reno5 Pro 5G, Reno5 5G, and Reno5 Z smartphones, opens new avenues of opportunity for the global ASIC market.

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Market Summary

Metrics:

CAGR: 8.3%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered: Type, Application, End-User, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Asia-Pacific
Largest Region: Asia-Pacific
Report Insights Covered:

Competitive Landscape Analysis
Company Profile Analysis
Market Size, Share, Growth, Demand
Recent Developments
Mergers and Acquisitions
New End-User Type Launches
Growth Strategies
Revenue Analysis
Porter's Analysis
Pricing Analysis
Regulatory Analysis
Supply-Chain Analysis
Other Key Insights
Market Dynamics

Rising Demand for Integrated Circuits in Automotive:
The global ASIC market receives a significant boost from the rapid growth of new energy vehicles (NEVs) in domestic and international markets, alongside the increasing demand for analogue chips in automotive electronics. China's remarkable statistics, with 299,000 new energy vehicles sold in April 2022, underscore the escalating need for integrated circuits in the automotive sector.

Rise in Demand for Communication Devices:
The proliferation of technologies like smartphones and tablets, coupled with the rise of 5G, propels the demand for communication devices. As China plans to install 2 million 5G base stations by the end of 2022, the global ASIC market is poised to benefit from the increasing 5G penetration and the demand for communication devices.

High Production Costs and Complex Design:
While ASIC design offers significant advantages, including increased performance and efficiency, the high upfront expenses and complex design pose challenges. The complexity of designing ASICs with advanced functionalities and integration demands specialized skills, expertise, and tools, serving as a barrier to entry for smaller enterprises.

Segment Analysis

Global ASIC Market Segmentation:

Type
Application
End-User
Region
Increasing Penetration of Consumer Electronics:
The consumer electronics segment is expected to account for approximately 20.2% of the global ASIC market during the forecast period. With the growing demand for innovative consumer electronics and the widespread acceptance of smartphones in entertainment and gaming, the industry anticipates rapid growth.

Geographical Share

Price Drop and Growing Demand for Smartphones in Asia-Pacific:
Asia-Pacific commands over a third of the global ASIC market in 2022, driven by factors such as the increasing popularity of low-cost smartphones and declining service plan costs. Notably, China reported approximately 116 mobile phone subscriptions per one hundred citizens in 2021, contributing significantly to the region's market share.

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Market Key Players

Major Global Players Include:

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Honeywell International Inc.
Infineon Technologies AG
Intel Corporation
Marvell
Maxim Integrated
Omnivision
Qualcomm Technologies, Inc.
Renesas Electronics Corporation
STMicroelectronics

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