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Motor Driver ICs is projected to reach US$ 1.58 billion by 2034

04-16-2024 02:38 PM CET | IT, New Media & Software

Press release from: Fact.MR

Motor Driver IC Market

Motor Driver IC Market

The global motor driver IC market is poised to reach US$ 831.8 million in 2024. Over the assessment period (2024 to 2034), worldwide demand for motor driver integrated circuits is projected to exhibit a 6.6% CAGR (compound annual growth rate), resulting in a market size of US$ 1.58 billion by the end of 2034.

Increasing automation of industrial procedures along with the increasing use of robots in numerous sectors, such as healthcare, logistics, manufacturing, etc., require precise control of motors. Effective motor driver ICs offer the necessary power management and control functionalities for these applications.

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Further, a transition to electric vehicles is stimulated by rising concerns related to environmental sustainability and the depletion of fossil fuels. Electric vehicles (EVs) rely on motor driver ICs for controlling certain electric motors, including the ones used in power steering, HVAC systems, and propulsion systems.

The proliferation of consumer electronics, such as wearable devices, drones, tablets, smartphones, etc., is set to increase the demand for efficient and compact motor control solutions. Motor driver ICs are utilized in these devices for tasks, including camera autofocus, lens positioning, and vibration feedback.

North America is anticipated to account for 31.5% of the motor driver IC market share by 2034.
Sales of motor driver ICs in Japan are projected to rise at a CAGR of 7.9% from 2024 to 2034.
Revenue from the sales of brushless DC motors is projected to rise at a CAGR of 6.2% and reach US$ 788.1 million by the end of 2034.

The rising inclination toward energy-efficient appliances and smart homes is set to contribute to the demand for motor driver ICs in several devices, including air conditioners, refrigerators, vacuum cleaners, and washing machines. They enable precise control of motors, improve overall performance, and reduce energy consumption.

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The shift toward renewable energy sources, such as solar panels, wind turbines, etc., needs sophisticated motor control solutions for the optimization of energy conversion as well as grid integration. Motor driver ICs are used in these renewable energy systems to control the direction and speed of motors driving generators and similar components.

Top Key Players are
Texas Instruments
Mitsubishi Electric Corporation
Toshiba Corporation
Allegro Microsystems
STMicroelectronics
Dialog Semiconductor PLC
ON Semiconductor
Fairchild Semiconductor
Rohm Co. Ltd.
Maim Integrates
Semtech Corporation
Maxim Integrated

Market Segmentations
By Motor Type: Brushed, Brushless, Stepper
By Isolation: Magnetic, Captive, Optical
By Mode of Attachment: On-Chip, Discrete
By Supply Voltage: Below 24 V, 24 to 48 V, >48 V
By Application: Automotive, Aerospace & Defense, Industrial Automation, Consumer Electronics, Healthcare
By Region: North America, Europe, East Asia, Latin America, Middle East & Africa, South Asia & Oceania

Read More - https://www.whatech.com/og/markets-research/it/736183-demand-for-the-motor-driver-ic-would-increase-due-to-advancements-in-semiconductor-technology-according-to-a-new-research-report

Competitive Landscape
Prominent manufacturers of motor driver ICs are increasing their production capacities. They want to expand their capabilities to strengthen their product portfolio and ensure a global presence. Companies are trying to reach their respective targeted groups with new product development, effectively managing supply chain systems, and offering quality products.

About Fact.MR
Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range - from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we'll be an able research partner.

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E-Mail: sales@factmr.com

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