According to Fact.MR, a market research and competitive intelligence provider, the global Motor Driver IC market is likely at US$ 732.2 million in 2022 and is expected to expand at a CAGR of 7.9% during the forecast years of 2022-2032. The market is expected to grow due to a surge in demand for the consumer electronics industry used in households.
In robotics, motor driver ICs are frequently used to connect microcontrollers to DC motors. They are commonly utilized in automation since they are a crucial part of autonomous robot motion control. They can also be found in settings that are more typical, such as office appliances and automotive electronics. DC motors can be used in goods like electronic goods, the automotive industry, ATM Machines, and many other appliances.
The market is about to witness significant growth in the coming years due to increased automation and digitalization. The rising adoption of internet of things (IoT) devices results in the advancement of the telecom and semiconductor industry, leading to an increase in demand for motor driver IC.
Owing to technological developments in the internet of things, raised demand for motor driver IC due to its wide supply voltage range is expected to witness significant growth over the coming years.
Key Takeaways from Market Study
· The global Motor Driver IC market is projected to grow 7.9% and reach US$ 1,567.3 million by 2032.
· The market witnessed 3.9% CAGR between 2017 and 2021.
· The Motor Driver IC dominates the market with US$ 732.2 million valuations in 2022.
· North America dominated the market with 23.4% market share in 2021.
· South Asia and East Asia are likely to represent 17.9% and 22.5% market share in 2022, respectively.
· Based on region, demand for Motor Driver IC is expected to increase at CAGRs of 5.4% and 7.5%, respectively, in Europe and South Asia during 2022-2032.
“Advanced smart home devices provide a route to scaling Motor Driver IC sales creating consistency in demand,” says a Fact.MR analyst.
The emerging technology of internet of things has made more human centric technology which ensure improved mechanism and better security for home, office, vehicles etc. To meet the client requirement, lot of research and development have been done around manufacturing smart and wireless switch to target the consumer who prefers stylish look for their house which can also be connected to smart phones and can be taken care of the premises in the absence.
The high penetration of smartphones and smart devices have led lead the market gain traction. The motor driver IC provides wireless connection which give home 100% safety features, easy installation and are environment friendly.
The study predicted that in 2021, there were 258 million smart homes around the world. While United States is the biggest smart automation market in comparison to other countries, wherein millennials are ready to pay 20% or more for smart homes and thus generate opportunities for motor driver IC market.