Report : Europe Power Management IC Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Voltage Regulators, Motor Control, Battery Management, Multi-Channel ICs, and Others) and End-Use (Consumer Electronics, Automotive, Healthcare, IT and Telecom, Industrial, and Others)
Consumer Electronics Segment to dominate Europe Power Management IC Market during 2020–2028
According to a new market research study on “Europe 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$ 17,503.59 million by 2028 from US$ 11,342.18 million in 2021. The market is estimated to grow at a CAGR of 6.4% from 2021 to 2028. The report provides trends prevailing in the Europe power management IC market along with the drivers and restraints pertaining to the market growth. Raising inclination towards electric vehicles, elevating sales of consumer electronics products, and deployment of next-generation 5G network are the major factor driving the growth of the Europe power management IC market. However, restricted availability of GaN IC devices hinders the growth of Europe power management IC market.
The impact of COVID-19 differed from country to country across the Europe region as selected countries experienced an increase in the number of recorded cases and subsequently attracted strict and more extended lockdown periods or social isolation. Germany, Italy, United Kingdom, Russia, and France are the countries that were most affected by various restrictions and limitations. The European automotive industry was severely hit and experienced a decline of over 20 percent in overall automotive production due to stringent supply chain disruption caused by imposed lockdowns. The automotive industry is one of the largest market for power management ICs. However, with the increasing demand for electric vehicles in the region, the outlook post COVID for the automotive industry seems to be favorable. With decreased income level, buyers opted to purchase necessities such as household goods and groceries instead of non-essential, big-ticket purchases like home theatres and LCD TVs. Other sectors that deploy power management ICs such as electric/electronics, manufacturing & construction, telecommunication network, also experienced a weak demand. COVID-19 has compelled manufacturers to streamline their production processes to tackle the unexpected disruption and resolve uncertain challenges like physical distancing. Considering increasing vaccination drives, demand is expected to recover by the end of 2022 with companies investing in making operations more productive and efficient.
The Europe 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 the Germany, France, Italy, the UK, Russia, and Rest of Europe. In 2020, Germany held the largest share in the market, and France is 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 Europe 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, Texas Instruments Incorporated is constructing a new plant in Richardson, where it is going to produce PMICs for various industry verticals. These PMICs would be available through retailers like Mouser and Arrow.
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