New York , March 20, 2024 (GLOBE NEWSWIRE) -- The global application specific integrated circuit market size is slated to expand at 6% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 32 billion by the end of 2036, up from a revenue of USD 17 billion in the year 2023. The major element to influences the growth in market revenue is the growing demand for automotive. Around 74 million units of automotive were sold all across the globe in the year 2023. This indicates an increase as compared to units sold in the year 2022 which was over 66 million. Therefore, the demand for application-specific integrated circuits is set to rise since the deployment of electronics in automotive is growing.
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Additionally, the demand for consumer electronics such as smartphones is also experiencing a significant rise in its adoption. Currently, in the globe, approximately 5 billion smartphones are in use and is predicted to grow more in the future. Hence, the market demand for application specific integrated circuits is projected to rise to optimize performance of the smartphones.
Application-Specific Integrated Circuit Market: Key Takeaways
- The Asia Pacific region’s market to gather the highest share in the market.
- The consumer electronics segment to capture the largest market share.
- The market in North America to experience significant growth.
Surging Disposable Income to Boost the Growth of the Global Application-Specific Integrated Circuit Market
The disposable income along with expenditure per household in the globe was estimated to rise by over 3% in the year 2022. As a result, people’s spending on various applications such as automotive, electronics, and others is poised to rise. Furthermore, the standard of living of the people has improved notably in the globe which is making them spend more on commodities with excellent features and quality. Therefore, owing to this the demand for application-specific integrated circuits is predicted to rise.
Application-Specific Integrated Circuit Industry: Regional Overview
The global application specific integrated circuit market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Urban Population to Drive the Market Expansion in Asia Pacific
The Asia Pacific market for application specific integrated circuits is poised to generate the highest market share of over 30% over the forecast period. The major factor in encouraging the market expansion in this region is the growing urban population. For instance, over 2.2 billion people are estimated to be living in Asia’s urban region. This indicates that approximately 54% of the world’s urban population is residing in Asia. This number is predicted to rise by more than 50% by 2050. With the growing urban population, the demand for commodities is also predicted to rise which might further encourage market expansion in this region.
Rising Healthcare Spending to Encourage Market Growth in North America
The North American market for application specific integrated circuits is predicted to have notable growth in the market over the coming years. This growth of the market is poised to be influenced by rising healthcare expenditure. For instance, healthcare spending in the US rose by 4.1 percent in 2022, further reaching USD 4.5 trillion or USD 13,493 per person. Hence, various advancements and launches of different devices are growing in the healthcare sector in this region. As a result, the deployment of application-specific integrated circuits is also projected to grow in this region.
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Application Specific Integrated Circuit Segmentation by End User
- Consumer Electronics
- Automotive
- Telecommunication
- Healthcare
- Aerospace
- Media & Entertainment
- Industrial
The consumer electronics segment is poised to generate the highest market share of about 35% over the coming years. This growth of the segment is predicted to be encouraged by rising demand for laptops on account of the growing adoption of the internet. In 2022, from about 4 billion people using the internet, over 66% of the population utilize laptops to access it.
Application Specific Integrated Circuit Segmentation by Type
- Full Custom ASIC
- Semi-Custom ASIC
- Programmable ASIC
The semi-custom ASIC segment is predicted to generate the largest market share of over 45% over the forecast period. The main element to dominates the segment share is the growing population. Population in the globe is surging at a rate of over 0.90% per year in 2024. As a result, the market for application specific integrated circuits is predicted to rise.
Application Specific Integrated Circuit Segmentation by Application
- Wireless Communication
- Inferencing Application
- Acceleration & Storage
- Video & Broadcast
- Process & Quality Control
- Security & Surveillance
- Electrical Distribution
A few of the well-known market leaders in the global application specific integrated circuit market that are profiled by Research Nester are Intel Corporation, Faraday Technology Corporation, Infineon Technologies AG, ASIX Electronics, OmniVision Technologies, Inc., Semiconductor Industries, LLC, Tekmos Inc., Marvell, IC'Alps, Samsung Electronics Components, and others.
Recent Development in the Market
- The introduction of a unique ASIC offering was stated by Marvell which is predicted to address the stringent necessities of next-generation 5G carriers, enterprise, cloud data centers, and automotive applications.
- A France-based ASIC designer and supplier, IC’Alps launched a dedicated website for application-specific integrated circuits. Using this website, the company is set to offer ASIC content, news, use cases, and others.
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