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.