The global Audio IC market size was US$ 27.1 billion in 2021. The global Audio IC market is forecast to grow to US$ 49.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Over the forecast period, the global audio IC market is expected to grow significantly due to the rising demand for efficient consumer electronics devices. In addition, the development of new energy-efficient audio devices with improved user experience will benefit the overall audio IC market during the study period. For instance, Noveto Systems, an Israel-based tech company, unveiled its futuristic audio technology in 2020. The technology enables users to have a wireless experience by listening to music without the need for headphones. The technology works on the 3D sensing module to locate the ear and offer an enhanced experience to the listeners. Such advancements are expected to benefit the global audio IC market during the forecast period.
The soaring demand for onboard media entertainment systems will also contribute to the growth of the audio IC market. In addition, the introduction of new energy-efficient audio devices will escalate the growth of the audio IC market during the study period.
The rising number of music & movie enthusiasts is expected to push the demand for new developments in the coming years. On the contrary, technological issues related to the integration of audio devices may limit the growth of the market.
COVID-19 Impact Analysis
The demand for consumer electronics fell drastically due to the wake of the pandemic. During the COVID-19 pandemic, the market witnessed major loss due to fluctuations in consumer purchasing power. In addition, the focus of the population significantly shifted to health. As a result, the audio IC market witnessed various challenges.
Regional Analysis
Asia Pacific is the fastest-growing region in the Audio IC market due to its high population base and large consumer electronics industry. Furthermore, increasing disposable income and the rising interest of the population in music and movies are driving the growth of this regional market.
Following the Asia Pacific, Europe is the fastest-growing region, owing to an increase in market-related business activities such as acquisitions, mergers, and agreements, which fuels the market's growth. Infineon Technologies, for example, acquired Merus Audio, a start-up that developed energy-efficient integrated audio amplifier solutions, in February 2018. This acquisition strengthened Infineon Technologies' speaker amplifier product portfolio. Such strategies are likely to lead the market towards growth during the study period.
Competitors in the Market
Market Segmentation
The global Audio IC market segmentation focuses on IC Type, Application, and Region.
By IC Type Outlook
By Application Outlook
By Regional Outlook
