DUBLIN–(BUSINESS WIRE)–The “Motor Driver IC Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Motor Type (Brushed DC Motor, Brushless DC Motor, and Stepper Motor), Semiconductor (Gallium Nitrate (GaN) and Silicon Carbide (SiC)), and Application” report has been added to ResearchAndMarkets.com’s offering.
The global motor driver IC market is expected to grow from US$ 3,882.57 million in 2021 to US$ 5,589.33 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.
Electric vehicle adoption is expanding worldwide, and sales of electric and hybrid vehicles will increase significantly during the projected period. This growth can be attributed to the strict emission limits and increase in battery density. ADAS capabilities, which were previously only available in high-end luxury automobiles, are now available in entry-level models.
Furthermore, all newly produced automobiles in the US will be equipped with an automatic braking system, a lane departure warning system, and a parking assistance system starting in 2020. Looking at the future scope of motor driver ICs in the automotive, many industrial manufacturers have jumped into the market. Companies are offering an exclusive range of motor drivers for the automotive industry. For instance, ST offers a wide range of motor control ICs that are well-suited for the harshest automotive environments, covering the needs of brushed DC motors, stepper motors, and brushless DC motors across a wide range of voltage and current ratings. As a result, the motor driver IC market will have plenty of opportunities as the demand for electric and autonomous vehicles grows.
Furthermore, semiconductor firms are lobbying electric vehicle manufacturers to abandon standard silicon chips in favor of materials to improve vehicle efficiency while also easing customer concerns. Choosing the appropriate technology has never been more important than now, as the auto industry faces its most significant shift in almost a century. Manufacturers worldwide are rushing to eliminate internal combustion engines, and even gasoline-powered icons like Ford’s Mustang and GMC’s Hummer are receiving battery-powered versions. Hence, due to the shift, the automotive industry is likely to be the go-to market for motor driver IC manufacturers.
The COVID-19 pandemic had an influence on the motor driver IC business, leading to the closure of many factories, problems in supply chain, and obstacles in international trade. Several automakers have lowered their manufacturing capacity in early 2020 due to rising semiconductor shortages and reducing market potential for motor driver IC. However, the motor driver IC market gained momentum in Q3 of 2020 due to the ease of lockdown measures across the world, which led the market to witness positive outcomes at the end of 2020.
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- Growing Production of Consumer Electronics
- Increasing Adoption of Internet of Things (IoT) across Industries
- Accuracy over High Current Range
- Growing Automotive Industry and Rising Adoption of Electric Vehicles
- Emergence of GaN ICs
- Allegro Microsystems
- Dialog Semiconductor PLC,
- Mitsubishi Electric Corporation
- ON Semiconductor
- Rohm Co Ltd,
- Analog Devices
- Texas Instruments
- Toshiba Corporation
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