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

Global Application-Specific Integrated Circuit (ASIC) Market to Reach US$ 34.5 Billion by 2030, Fueled by Automotive and Consumer Electronics Demand

The global Application-Specific Integrated Circuit (ASIC) market achieved a valuation of US$ 15.7 billion in 2022 and is projected to witness substantial growth, reaching US$ 34.5 billion by 2030. This growth is anticipated at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period from 2023 to 2030.

The surge in demand for both passenger cars and commercial vehicles, coupled with the accelerating trends of electrification and mechanization in the automotive industry, serves as a driving force behind the global ASIC market's expansion. Furthermore, the increasing appetite for smart devices, particularly next-generation smartphones worldwide, contributes significantly to market growth.

Notably, the consumer electronics sector is predicted to exhibit the fastest CAGR during the forecast period 2023-2030 within the global ASIC market. A key highlight is the virtual event themed 'Featuring You,' where OPPO announced the region-wide release of its revolutionary all-5G Reno5 series in March 2021. This series, comprising the Reno5 Pro 5G, Reno5 5G, and Reno5 Z smartphones, introduces new dimensions and opportunities for the global application-specific integrated circuits market.

Market Highlights:

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

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Market Dynamics:

Rising Demand for Integrated Circuits in Automotive

The global ASIC market is propelled by the rapid growth of new energy vehicles (NEVs) in domestic and international markets, coupled with the increasing demand for analogue chips in automotive electronics. China, a key player in NEV sales, recorded 299,000 units in April 2022, according to the China Association of Automobile Manufacturers (CAAM).

This growth in the automotive sector intensifies the need for integrated circuits, leading IC makers to expand production facilities and innovate solutions. For instance, GTA Semiconductor initiated a capacity expansion project in the Shanghai Pilot Free Trade Zone's Lingang Special Area in August 2022, aiming to establish additional production lines for automotive chips.

Rise in Demand for Communication Devices

The constant evolution of technologies such as smartphones, tablets, and various cloud-based applications has driven an increasing demand for faster and more pervasive personal mobile communication systems. The deployment of wireless base stations (BTS) has risen in response to this demand, acting as connection points between mobile terminals and the main wired network.

As investments in 5G escalate, the number of 5G base stations is also on the rise. China, as outlined by the Ministry of Industry and Information Technology (MIIT), plans to install 2 million 5G base stations by the end of 2022 to expand the next-generation mobile network. This surge in 5G penetration and the demand for communication devices are expected to propel the growth of the global application-specific integrated circuit market.

High Production Costs and Complex Design

Despite the promising prospects, ASIC design and production face challenges due to high upfront expenses, including design verification, prototypes, and fabrication. The intricate nature of ASIC design, especially for sophisticated designs or low-volume production, results in significant costs, acting as a barrier to entry for smaller enterprises or startups.

Moreover, the increasing complexity of ASIC design, driven by the demand for advanced functionalities and integration, presents challenges. Designing ASICs with higher transistor density, advanced structures, and power management capabilities requires specialized skills, expertise, and tools. This complexity may pose obstacles for businesses lacking these resources, potentially leading to faults, design problems, and costly re-spins or delays.

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Segment Analysis:

The global application-specific integrated circuit (ASIC) market is segmented based on type, application, end-user, and region. The increasing penetration of consumer electronics stands out as a key segment driving market growth.

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