Automotive PMIC Demand on the Rise with Expanding ADAS and Electric Vehicle Markets
The Global Power Management Integrated Circuit (PMIC) market was valued at US$ 32.9 billion in 2022, and it is anticipated to grow at a compound annual growth rate (CAGR) of 6.3% between 2023 and 2031, reaching an estimated value of US$ 56.2 billion by the end of 2031. Growth drivers include increasing demand from the automotive sector and a surge in the use of portable devices, particularly smartphones and tablets.
Key Factors Driving Market Growth
Expansion in the Automotive Sector
The automotive sector has become a significant driver of the PMIC market. PMICs are integral to numerous automotive applications, including electric vehicles (EVs), Advanced Driver Assistance Systems (ADAS), autonomous driving technologies, and battery management systems (BMS). As automakers continue to focus on vehicle safety and enhanced performance, the need for advanced power management solutions is increasing.
Advanced Driver Assistance Systems (ADAS) are particularly noteworthy, as these systems are rapidly being integrated into vehicles. According to projections by the Highway Loss Data Institute, by 2026, two ADAS systems will be installed in half of all registered vehicles, with rear cameras and rear parking sensors becoming widespread. This expansion is expected to bolster the demand for PMICs in the automotive sector, providing reliable power management for these critical systems.
Portable Devices on the Rise
PMICs are essential components in portable devices such as smartphones, tablets, media players, and laptops, where efficient power management is crucial for enhancing battery life. The rise in the number of portable devices worldwide is driving the growth of the PMIC market. According to the Cisco Mobile Visual Networking Index, mobile-connected devices reached 11.6 billion by 2021, with smartphones accounting for over 50% of global devices. This trend is expected to continue, boosting the demand for PMICs.
Market Segmentation Insights
Voltage Regulators Dominating the Market
Voltage regulators, a key product type in the PMIC market, accounted for 31.2% of the market share in 2022 and are expected to grow at a CAGR of 6.6%. These regulators are crucial in ensuring the stable power supply needed in applications ranging from consumer electronics to automotive and IT sectors.
Consumer Electronics Sector Leading
In 2022, the consumer electronics sector accounted for 32.4% of the market, driven by rising demand for smartphones, home appliances, and other electronic devices. As electronics manufacturing surges in regions like India, the consumer electronics sector is set to remain a key market driver.
Regional Analysis
Asia Pacific held the largest share of the PMIC market in 2022, accounting for 36.9% of global revenue, due to the presence of a large number of end-use industries. North America followed closely with 29.8%, supported by rapid industrialization and automotive growth.
Key Players
Prominent players in the global PMIC market include Analog Devices, Inc., Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors, Renesas Electronics Corporation, and Texas Instruments, Inc. These companies continue to focus on R&D, product development, and strategic partnerships to enhance their market presence and deliver advanced power management solutions across industries.