Audio IC Market to Witness Upsurge in Growth During the Forecast Period by 2030

Posted on 2022-10-12 by Jatin Dahiya in Advertising // 0 Comments

Oklahoma, Perkins, 2022-Oct-12 — /EPR Network/ —

Description

According to the Market Statsville Group (MSG), the global audio IC market size was valued at USD 29.8 billion in 2021 and is projected to reach USD 51.5 billion by 2030, registering a CAGR of 7.1% during the forecast period. The global audio IC market is anticipated to witness significant growth over the period of forecast. Factors such as increased adoption of consumer electronics devices and the development of new energy-efficient audio devices with enhanced user experience drives the growth of the audio IC market. In addition, the rising penetration of wireless and smart infrastructure and surge in demand for HiFi audio in commercial events fuel the market’s growth during the forecast period. However, the increase in demand for Audio SoC and technical faults and issues associated with the integration of audio devices is a major restraint to the global audio IC industry. In addition, the rise in demand for on-board media entertainment systems and the development of VR technology is expected to create opportunities for the audio IC industry.

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The global effect of the COVID-19 outbreak is impacting the production process of several industries in the audio IC market. As the government of different provinces has already announced a total lockdown and the temporary shutdown of businesses, trades, and organizations, the overall production process is adversely affected, thus, hindering the overall audio IC market globally.

Global Audio IC Market Definition

Audio IC is an electronic device used as an audio processor, MEMS microphone, audio amplifier, and subsystems. The various types of audio ICs include audio amplifiers, audio converters, audio DSPs, and audio processors.

Global Audio IC Market Dynamics

Drivers: Development of new energy-efficient audio devices with enhanced user experience

Significant growth in the music & movies industry has pushed audio technology to become a technically advanced system. The sector observes the reliability of wireless technology and improvements to reduce connectivity and cabling. In addition, there is a rise in demand for smaller, lighter, and more powerful components to reduce costs related to shipping, storage, and setup time for large audio systems. For instance, in November 2020, Noveto Systems, an Israel-based tech company, developed a futuristic audio technology that allows listeners to listen to wireless music without headphones. This technology uses a 3D sensing module from a speaker to track and locate the position of the ear to send audio via ultrasonic waves. Such advancements are projected to significantly contribute to the audio IC market’s growth.

Restraints: Technological issues related to the integration of audio devices

Numerous technical issues are encountered while integrating audio devices, which cause releasing of no or distorted sounds and humming sounds from speakers, lack of treble or bass in music, and high-volume audio. These issues are generally caused if the audio IC is defective, improper, or cables are not connected properly.

In addition, sometimes audio systems can be more complicated to understand due to settings and wires. Such issues in audio systems can lead to bad user experiences, hence, hampering the growth of the audio IC market.

Opportunities: Development of VR technology

Augmented reality (AR) is a system that offers features such as real-time interaction, the combination of real & virtual worlds, and accurate 3D registration of virtual & real objects. However, virtual reality (VR) includes the use of computer technology to create a simulated environment. Development and proliferation of AR/VR devices and the need for audio ICs to create optimal sound quality in an AR/VR headset for an immersive experience drive growth of the market. For instance, Class-D amplifiers are rapidly being adopted to ensure surround sound in AR/VR headsets.

Scope of the Global Audio IC Market

The study categorizes the audio IC market based on IC type, and application at the regional and global levels.

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By IC Type Outlook (Sales, USD Million, 2017–2030)

Audio Amplifier
Audio DSP
Audio Codecs
Microphone IC

By Application Outlook (Sales, USD Million, 2017–2030)

Computer & Tablets
Phones
Headphones
Home Entertainment Systems
Automotive
Smart Home & IoT devices
Wearables
Others

By Region Outlook (Sales, USD Million, 2017–2030)

North America
- US
- Canada
- Mexico
Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- the Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- the Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
South America
- Brazil
- Argentina
- Colombia
- Rest of South America
The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA

The Audio CODEC segment is projected to account for the largest market share, by IC type

On the basis of IC type, the audio IC market is divided into an audio amplifier, audio DSP, audio CODEC, and MEMS microphones. The audio codecs segment was the highest contributor to the market, with 41.5% of the global audio IC market share. Audio CODEC (coder/decoder) is an audio IC that encodes analog audio to digital signals and decodes digital signal back into analog. These are audio data converters with both an analog-to-digital converter (ADC) and a digital-to-analog converter (DAC).

The audio CODEC segment is expected to grow during the forecast period, owing to a rise in demand for energy-efficient audio systems. In addition, an increase in the adoption of smartphones also propels the market growth. Moreover, IoT-enabled devices integrated with artificial intelligence are estimated to revolutionize the audio CODEC market outlook. Hence, owing to the factors mentioned above, the audio IC market is expected to witness a steep growth in the future.

Asia Pacific accounts for the highest CAGR during the forecast period

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Region-wise, the audio IC market is analyzed across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is the fastest-growing region with a CAGR of 8.0% during the forecast period. The audio IC market in Asia-Pacific is analyzed across China, India, Japan, South Korea, and the Rest of Asia-Pacific.

After the Asia Pacific, Europe is the fastest-growing region, registering a CAGR of 6.7% during the forecast period. An increase in the number of market-related business activities, such as acquisitions, mergers, and agreements across Europe, fuels the market’s growth. For instance, in February 2018, Infineon Technologies acquired Merus Audio, a start-up that created energy-efficient integrated audio amplifier solutions. This acquisition strengthened the speaker amplifier product portfolio of Infineon Technologies. On the other hand, NXP Semiconductor, headquartered in Eindhoven, Netherlands, signed a cooperation agreement with Chang’an, a Chinese state-owned automobile manufacturer. Through this agreement, Chang’an was projected to upgrade its systems using NXP’s products, such as CAN transceivers, power management ICs, and speaker amplifiers.

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Key Market Players in the Global Audio IC

The global audio IC market is highly competitive, owing to the strong presence of existing vendors. Audio IC technology vendors with extensive technical and financial resources are expected to gain a competitive advantage over their competitors by meeting the market demands. With more technological innovations, product extensions, and different strategies adopted by key vendors, the competitive environment in this market is expected to become even more intense.