New York, NY -- (SBWire) -- 10/24/2017 --Automotive application segment is expected to register relatively high CAGR of 7.7% during the forecast period

Automotive application segment is expected to register relatively higher growth rates during the forecast period, due to developments in the field of automotive safety and driver information systems. In terms of revenue, the automotive application segment is estimated to register a CAGR of 7.7% during the forecast period. Several advanced automotive technologies that go beyond touchscreens, satellite radio, and voice-activated GPS commands are being continuously tested and improved, and are expected to be adopted in new car models, resulting in solid growth for the global analog IC market during the forecast period. Additionally, industrial, energy, and defense sectors are growing in terms of IC adoption in applications such as factory automation, solar energy, and electronic warfare systems.

Increasing demand for driverless and smart cars is expected to boost growth of the automotive segment

The projected strong CAGR for the automotive application segment is partly due to the fact that this segment is growing from a smaller base compared to the communications and consumer electronics segments and partly because a steady and significant increase in IC content is expected on board all new cars—luxury level to base models—throughout the forecast period.

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Automotive electronics is galvanizing the semiconductor industry, especially in developed economies such as the U.S., U.K., Australia, Norway, France, and Germany along with developing economies such as BRICS, with the introduction of next-generation cars equipped with electronic components, systems, and software to enhance car safety and management systems. This is driving adoption of advanced electronics in sophisticated engine and safety controls, navigation, audio/video systems, hybrid electric drives, and LED lighting. With this, the automotive electronics application segment in the analog IC market is expected to witness significant growth during the period of assessment.

A recent report published by Persistence Market Research projects that, the global market for analog IC products, which was valued at US$ 48.73 billion in 2016, will soar steadily at 6.2% CAGR to reach US$ 79.06 billion by the end of 2024.

Texas Instruments, Inc. is being observed as the largest manufacturer of analog IC products in the world. Along with Infineon Technologies AG, STMicroelectronics NV, Analog Devices Inc., and Skywork Solutions, Inc., these companies will continue to communally account for 40% share of global analog IC market revenues through 2024. NXP Semiconductors NV is also known for offering performance-based analog IC products. US-based ON Semiconductor Corporation is also a leading player in the global analog IC market, owing to its credibility for catering to applications such as power management and logic & timing. Qualcomm Technologies, Inc., Maxim Integrated Products, Inc., and Renesas Electronics Corporation are also prominent manufacturers of analog IC products, profiled in this report.

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Asia-Pacific – Fastest-Growing Analog IC Market

In terms of regional growth, global analog IC market will witness utmost dominance from Asia-Pacific (APAC) countries. By the end of 2024, revenue from every other analog IC product that will be sold in the world will be accounted by the APAC region. In the projected period, the APAC analog IC market is anticipated to surpass US$ 40 billion valuation. North America will be the second-most dominant region, but is likely to incur revenue growth at less than 5% CAGR. In 2017 & beyond, Latin America, Europe and the Middle East & Africa will collectively account for less than 25% of global analog IC revenues.

General purpose IC products & services are presently in demand from multiple industrial verticals. With time, analog IC will be designed according to the application it serves. While general purpose IC products accounted for 40% revenue share in 2016, global analog IC revenues emanating from sales of such products are ordained to experience decline. Corresponding to the dip in sales of general purpose IC products, industrial demands for analog IC products will be veering towards application-specific IC products. The report has projected that by 2024-end, revenues originating from global sales of app-specific IC products & services will be moving towards the US$ 50 billion yardstick. Soaring at nearly 7% CAGR, application-specific IC products will be accounting over 60% value share of global analog IC market by the end of assessment period.