Battery Management is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028

According to a new market research study on “Asia Pacific Power Management IC Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and End-Use,” is expected to reach US$ 21,081.37 million by 2028 from US$ 14,992.81 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific power management IC market along with the drivers and restraints pertaining to the market growth. Up-lifting demand for battery powered devices, deployment of next-generation 5G network, and surging sales of consumer electronics products are the major factor driving the growth of the Asia Pacific power management IC market. However, short availability of GaN IC devices hinders the growth of Asia Pacific power management IC market.

Several economies in the Asia Pacific region experienced a sharp decline in their GDP in 2020 due to sudden closedown of majority of economic activities across the country. As per the to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major countries such as India, China, Australia, and Japan, which are also experiencing inflation. India is the worst-hit country by the pandemic in this region. The limitations imposed by governments to control the spread of COVID-19 during initial time frame of the outbreak in the mentioned countries affect the production process due to restriction of limited workforce. Automotive and consumer electronics are the key sectors which contribute towards the growth of power management IC market in the region. Due to job loss or salary cut, buying capacity of the consumer reduced considerably. This impacted the sales of television sets, washing machines, air conditioners and other electronic appliances. According to Automobile Industry Associations, Indian automotive industry suffered daily loss of US$ 31,164 million approximately during 2020. However, as the economies re-opened and industries began their operations, the demand for power management ICs from various end users has started to grow gradually. India is the country where record count of vaccinations is take place. Also, with ease in earlier restrictions, companies is able to work with higher capacity.

The Asia Pacific power management IC market is segmented on the basis of product type, end-use, and country. Based on product type, the market is segmented into voltage regulators, motor control, battery management, multi-channel ICs, and others and others. In 2020, voltage regulators segment held the largest share in the market, battery management is expected to be the fastest growing segment during the forecast period. Based on end-use, the market is segmented into automotive, consumer electronics, IT and telecom, healthcare, industrial, and others. In 2020, consumer electronics segment held the largest share in the market, automotive is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into China, Japan, Taiwan, South Korea, and Rest of APAC. In 2020, China held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

NXP Semiconductors; Analog Devices, Inc.; INFINEON TECHNOLOGIES AG; ROHM CO., LTD.; Microchip Technology Inc.; Vishay Intertechnology, Inc.; Renesas Electronics Corporation; STMicroelectronics; Texas Instruments Incorporated; and Qorvo, Inc. are among the leading companies in the Asia Pacific power management IC market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Renesas Electronics Corporation has launched the RAA215300 PMIC, which is optimized to complement Renesas’ RZ/V2L and RZ/G2L microprocessors that are designed for AI-enabled applications.

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