According to our latest market study on “Audio IC and Audio Amplifiers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Audio IC Type, Audio Amplifier Class, and Geography,” the market is expected to grow from US$ 13424.55 million in 2021 and is projected to reach US$ 22,525.70 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
The growing preference for a connected world and the need for miniaturization are propelling advancements in the audio IC and audio amplifiers market. An amplifier serves the purpose of increasing vibrations to the maximum extent of signals without affecting the frequency or any wavelength, further improving the efficiency of the audio system. Additionally, stringent government regulations related to the protection of the environment and rising adoption of energy-efficient technologies would support the miniaturization of electronic gadgets, among other new trends. Development in technologies and the high disposable income of the working population are also expected to contribute to market growth.
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The flourishing trend of online working and learning as well as the exponential development of the e-commerce industry is resulting in high demand for audio ICs and audio amplifiers. However, the manufacturers of these products are facing challenges in meeting the demands owing to a halt in business operations in the last few months, the decline in production of raw materials, and restrictions imposed on supply chains. Managing production with shortages in resources has limited the profitability of their operations, further leading to falling business confidence and growing panic among consumers.
Growing Popularity of AI-Based Smart Speakers Drives
Smart speakers come with voice command recognition and virtual assistance, enabled with Bluetooth and Wi-Fi connectivity options, which aid hands-free activation and interactive abilities such as music playback, voice interaction, day-to-day activity listing, news streaming, and weather forecast. The AI assistance and connectivity technologies allow users to control their home automation devices via smart speakers. The growing trend of AI-enabled smart speakers is driving the audio IC and audio amplifier market. The rise in preference for smart homes with luxurious entertainment systems, escalating demand for smart speakers with display features, and high inclination toward multifunctional devices, all coupled with rising per capita income of populations globally are among the key factors driving the sales of AI-based smart speakers, which is fueling the audio IC and audio amplifier market growth.
Impact of COVID-19 Pandemic on Audio IC and Audio Amplifier Market
The COVID-19 pandemic has disturbed economic progress and disrupted supply chains in many countries. It has hampered the performances of industries such as energy, aviation, food & beverages, chemicals, retail and e-commerce, and travel and tourism. The decline in raw material supply from various manufacturers across North America, Europe, and the Asia Pacific, due to the downsizing of production and trade activities, is limiting the audio IC and audio amplifiers market growth. Moreover, the audio IC and audio amplifier market players are facing challenges in meeting the demand owing to a halt in business operations in the last few months, a decline in production of various components, as well as restrictions on the supply chain. However, the market has started regaining pace since 2021, with the demand- and supply-sides resuming their operations.
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Some of the companies competing in the Audio IC and Audio Amplifier market are
IC Audio GmbH
ICEpower A/S
Infineon Technologies AG
Maxim Integrated
NXP Semiconductors N.V.
Renesas Electronics Corporation
Semiconductor Components Industries, LLC
STMicroelectronics
Texas Instruments Incorporated
Toshiba Corporation
Segmentation
The audio IC and audio amplifiers market is segmented on the basis of audio IC type and audio amplifier class. The market, by audio IC type, is segmented into A/D converter IC, processor IC, amplifier IC, D/A converter IC, and others. On the basis of audio amplifier class, the market is segmented into Class A/B, Class D, Class G, and Class H.
Regional Framework
The global Audio IC and audio amplifiers market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East, and Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. Continuous technological innovations in home audio systems, the increasing popularity of high-performance home theaters, and rigorous investments by several governments in the development of smart cities are among the major factors bolstering the demand for smart electronic products, including audio and video equipment. Europe has a matured consumer electronic industry, backed by a highly developed technology sector and connectivity infrastructure. As a part of their circular economy strategy, which revolves around recirculating products and materials for utilizing them optimally along with minimizing the wastage, the recycling of used electronic products is further fueling the growth of the consumer electronics industry. Moreover, the elevating adoption of smart and wireless infrastructure with rising demand for high-fidelity (Hi-Fi) audio systems at commercial venues is another factor boosting the demand for audio ICs and amplifiers.
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