June 14, 2024

Power Management ICs Market is expected to be Flourished by Increasing Demand for Consumer Electronics

Power Management IC refers to integrated circuits that regulate electric current and voltage in a circuit. These ICs are used to manage power requirements and to stabilize voltage levels in various digital and electronic devices. They are widely used in automotive equipment, home appliances, mobile phones, notebooks, LED lighting, notebooks and other portable devices. Power management ICs help in reducing power consumption, improving system power efficiency, and lowering system power costs.

The global Power Management ICs market is estimated to be valued at US$ 47999.97 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The global Power Management ICs market is primarily driven by the rising demand for consumer electronics such as smartphones, tablets, laptops, set-top boxes, game consoles, and others. Power management ICs play a vital role in optimizing power consumption and minimizing power loss in various portable consumer electronics devices. They help improve battery life and enable fast charging in mobile devices. Furthermore, the growing adoption of LED lighting and electric vehicles is also augmenting the demand for power management ICs. Power management ICs are used to control and distribute voltage in automotive systems and charging infrastructure for electric vehicles. The increasing focus on energy conservation and the need for more efficient power utilization is further propelling the Power Management ICs market growth.

Market Dynamics:

Increasing demand for consumer electronics: The rapidly growing consumer electronics industry is one of the major drivers augmenting the Power Management ICs market growth. The surging sales of smartphones, tablets, laptops, and other portable devices have created an immense need for power management ICs that can optimize power usage, improve battery life, enable fast charging, and reduce energy consumption in these devices. According to global industry analysts, the worldwide smartphone sales reached nearly 1.5 billion units in 2020 and are expected to cross 2 billion units by 2025. This rising consumption of mobile devices is directly contributing to the market growth of power management ICs.

Optimizing power consumption in electronic devices: Power management ICs play a vital role in optimizing power consumption, minimizing power losses, and improving power efficiency in various electronic devices such as smartphones, laptops, smart home appliances, wearables, industrial equipment, and automotive systems. They help regulate voltages supply to different components within a device. Power management ICs enable load sharing, power sequencing, voltage regulation, and power distribution needed for stable power supply in electronic circuits.

Segment Analysis

The global power management ICs market is dominated by the automotive sub-segment. The rising demand for advanced driver-assistance systems and growing adoption of electric vehicles presents growth opportunities for power management ICs in the automotive industry. Power management ICs are extensively used in automotive applications for battery management, voltage regulation, and monitoring of automotive electronics components. They play a vital role in optimizing power efficiency of automotive systems as well as enhance safety.

PEST Analysis

Political: Stable automotive manufacturing policies and investments in advanced vehicle technologies by governments worldwide are promoting the demand for power management ICs.

Economic: Rising disposable incomes and growing demand for consumer electronics are fueling the sales of power management ICs across regions. Additionally, investments in electric vehicles production support the market growth.

Social: Increasing health awareness and focus on environmental sustainability are boosting the adoption of electric vehicles, thereby augmenting the power management ICs market.

Technological: Advancements in battery technologies to improve energy efficiency and management are presenting new growth opportunities. Developments in integrated power management solutions are also propelling the market.

Key Takeaways

The Global Power Management Ics Market Share is expected to witness high growth over the forecast period driven by the expanding automotive and consumer electronics industries. The global Power Management ICs market is estimated to be valued at US$ 47999.97 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Regional analysis

The Asia Pacific region is projected to remain the dominant as well as the fastest growing regional market for power management ICs during the forecast period. Countries such as China, Japan, India, and South Korea are witnessing rapid industrialization and experiencing substantial growth in the electronics and automotive industries. This presents considerable growth opportunities for power management ICs manufacturers in the region.

Key players

Key players operating in the power management ICs market are Amcor Limited, Westrock Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group S.A, Ball Corporation, Crown Holdings, Inc., DS Smith Plc, Genpak LLC, and International Paper Company.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it