Market Trends of Global Application Specific Consumer Analog Integrated Circuit Industry
This section covers the major market trends shaping the Application Specific Consumer Analog Integrated Circuit Market according to our research experts:
The Increasing Penetration of Consumer Electronics Would boost the Market Growth
- With the rapidly increasing demand for advanced consumer electronics, coupled with the high adoption of smartphones in the entertainment and gaming sector, the industry is anticipated to witness a significant growth rate during the forecast period. The surging demand for devices such as phablet has also played a crucial role in the demand for the next-generation smartphones across the nations.
- Analog integrated circuits and reference designs enable users to create next-generation smartphone designs. From industry power management and battery management technology to new smart amp technology that provides perfect sound quality, analog, and embedded products will provide customers get to market faster.
- For instance, in May 2021, Motorola announced a partnership with Guru Wireless to introduce remote wireless charging technology for smartphones to eliminate the need for consumers to use charging cables ad charging pads. Furthermore, the wrist Smartphone is also expected to gain more traction as users do not have to use another connected device such as the smartwatch to perform various tasks such as quick class, and navigation, among others. For instance, Nubia Alpha offers a 4-inch wrist smartphone with an OLED display for consumers to pass voice commands, text, call, and navigate, among others, without the hassle of carrying a separate smartphone and a connected smartwatch for quick accessibility.
- The 5G technology is expected to act as one of the major factors providing the OEMs with opportunities to expand their market presence, thereby fostering growth in the future. According to a study by Ericsson, the global 5G subscriptions are expected to reach 3.5 billion by 2026, and the global demand and investment in technology and infrastructure are also expected to gain traction. Such trends are expected to act as major drivers for the growth of the smartphone market in the future.
- In March 2021, at a virtual event themed 'Featuring You,' OPPO announced the regional launch of its new, first-ever, all-5G Reno5 series comprising Reno5 Pro 5G, Reno5 5G, and Reno5 Z smartphones. It is equipped to deliver significantly good portrait videography and photography and superior video quality to capture every memory. Such product developments may create an opportunity for the studied market.
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The Asia-Pacific Region is Expected to Witness a High Market Growth
- The economic conditions of Asia-Pacific have improved as a result of rapid urbanization and industrialization. India, China, and South Korea, a few rapidly growing economies in the region, exhibited a significant improvement in their economies and overall GDP growth in the past decade. This has resulted in a surge in spending on high-end goods and advanced technology.
- The proliferation of low-cost smartphone devices and dropping service plan costs are two key reasons driving consumer electronics market growth, especially smartphone adoption across the Asia Pacific. For instance, according to the Ministry of Industry and Information Technology, In 2021, there were around 116 mobile phone subscriptions per one hundred inhabitants in China, an increase from 112 mobile phone subscriptions per one hundred inhabitants in 2020.
- Further, according to The Mobile Economy Asia Pacific 2021, published by The Mobile Economy Asia Pacific 2021, By the end of 2020, 1.6 billion people subscribed to mobile services, representing nearly 60% of the region's population. There would be almost 200 million new subscribers by 2025, taking the total number of subscribers to 1.8 billion (62% of the region's population). Much of the growth is predicted to come from South Asia, with India accounting for more than half of new subscribers by 2025.
- Further, due to the advent of digitization, several countries in the Asia Pacific are witnessing a spike in demand for smart devices. The existence of multiple high-performance smart TV manufacturers in the region, such as Samsung Electronics and Sony Corporation, is accelerating their adoption. These companies are launching new smart TVs in the Asia Pacific in response to the rising demand in the region.
- For instance, in August 2021, Huawei launched its biggest smart TV yet in China. The 98-inch LCD Ultra HD 4K (3840 x 2160 pixels) display comes with a 120Hz refresh rate, AiMaxCinema support, and DCI-P3 color gamut. In the audio department, it offers support for DTS and Dolby dual decoding. Such developments provide lucrative opportunities for the proliferation of the studied market. Simultaneously, an increase in demand for cameras and wearables in the region is also driving the demand for the studied market.
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Global Application Specific Consumer Analog Integrated Circuit Report Snapshots
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- Global Application Specific Consumer Analog Integrated Circuit Market Trends
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