Report : North America 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)
Voltage Regulators Segment to dominate North America Power Management IC Market during 2020–2028
According to a new market research study on “North America 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$ 12,439.66 million by 2028 from US$ 8,389.24 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The report provides trends prevailing in the North America power management IC market along with the drivers and restraints pertaining to the market growth. Growing sales of consumer electronics products, surging inclination towards electric vehicles, and raising demand for battery powered devices are the major factor driving the growth of the North America power management IC market. However, confined availability of GaN IC devices hinders the growth of North America power management IC market.
The continuous growth in the number of virus-infected patients compelled government authorities to impose stringent lockdowns across the U.S. and other regions for the first three quarters of 2020. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of automotive, electronics & semiconductor and retail sectors. Moreover, the social or physical distancing measures put limitations on the operations of logistics and other service providers. Owing to the COVID-19 infection, lower-income and old buyers seemed to be less optimistic towards expenditure on non-essentials and their spending declined by around 9 percent in 2020 as compared to 2019. This impacted the sales of various consumer electronics products such as smart watches, wearable, fitness trackers etc. In the United States, assembly plant closures affected the market from supply side. However, during the Q3 of 2020, the industries started to open, hence once again the supply chain resumed its operations. Therefore, the effects of COVID-19 pandemic had weakened the North America's power management IC market; however, the market experienced positive impact as the demand for power management IC started growing in the US as the end user industries started their operations from Q3 of 2020.
The North America 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 US and Canada. In 2020, the US held the largest share in the market, and Canada 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 North America 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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