Portland, OR, April 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global audio IC market generated $27.72 billion in 2019, and is expected to generate $45.57 billion by 2027, witnessing a CAGR of 7.09% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional landscape, and competitive scenario.
Rise in adoption of consumer electronics devices, development of innovative energy-efficient audio devices for enhanced user experience, and surge in implementation of wireless and smart infrastructure drive the growth of the global audio IC market. However, rise in demand for audio system on chip (SoC) and technical faults and issues regarding integration of audio devices restrain the market growth. Contrarily, demand for on-board media entertainment systems and advancement in VR technology is projected to present new opportunities in the next few years.
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Covid-19 Scenario:
- Production activities of audio ICs have been hampered due to lockdown implemented in different countries. In addition, challenges such as lack of workforce and supply chain disruptions occurred. Companies operating in Asia-Pacific and European regions suffered a major loss.
- The demand for audio ICs from application industries such as automotive, headphones, smart homes, and others reduced significantly due to stoppage of daily production activities.
- During the post-lockdown, production processes for audio ICs are expected to get back on track. In addition, the demand would grow steadily as operations in application industries begin.
The report offers detailed segmentation of the global audio IC market based on IC type, application, and region.
Based on IC type, the audio DSP segment contributed to the highest share in 2019, holding more than two-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the audio codecs segment is expected to grow at the highest CAGR of 8.8% from 2020 to 2027.
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Based on application, the mobile phones segment accounted for the highest market share in 2019, contributing to nearly half of the global audio IC market, and is projected to maintain its lead position during the forecast period. However, the smart home & IoT devices segment is expected to witness the largest CAGR of 9.2% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest share in 2019, holding more than one-third of the total market share, and is projected to maintain its dominance in terms of revenue during the forecast period. In addition, this region is estimated to portray the fastest CAGR of 8.0% from 2020 to 2027.
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Leading players of the global audio IC market analyzed in the research include Analog Devices Inc., NXP Semiconductors, Cirrus Logic, Maxim Integrated, STMicroelectronics, Texas Instruments, ROHM CO. LTD., Toshiba Corporation, ON Semiconductors, and Infineon.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.