Europe Power Management IC Market to Grow at a CAGR of 6.4% to reach US$ 17,503.59 Million from 2021 to 2028

The power management IC market in Europe is expected to grow from US$ 11,342.18 million in 2021 to US$ 17,503.59 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028.

The adoption of electric vehicles is growing tremendously across the region. Sales of electric vehicles (EVs) have increased in the Europe markets. The Power management plays a significant role with respect to the efficiency of the device, be it an ultra-low-power wireless sensor network or automotive high-voltage power converter. With a rise in requirement for proper power management, companies are looking at manufacturing customized power management integrated chips. The stringent emission norms in European countries are driving the demand for electric vehicles to a notable extent. Thus, respective policies, norms, incentives, and subsidies promote the sales of electric vehicles across the region. A PMIC is widely used in various automotive applications, such as ADAS, infotainment, battery management, navigation, telematics, and automotive cluster. Thus, rising sales for electric vehicles drive the demand for highly integrated system PMIC for applications requiring up to 8.5 A and high power PMIC used in quad-core processors up to 12 A. The automotive sector is a major contributor in the growth of the power management IC market across the region.

The impact of COVID-19 differed from country to country across the Europe region as selected countries experienced an increase in the number of recorded cases and subsequently attracted strict and more extended lockdown periods or social isolation. Germany, Italy, United Kingdom, Russia, and France are the countries that were most affected by various restrictions and limitations. The European automotive industry was severely hit and experienced a decline of over 20 percent in overall automotive production due to stringent supply chain disruption caused by imposed lockdowns. The automotive industry is one of the largest market for power management ICs. However, with the increasing demand for electric vehicles in the region, the outlook post COVID for the automotive industry seems to be favorable. With decreased income level, buyers opted to purchase necessities such as household goods and groceries instead of non-essential, big-ticket purchases like home theatres and LCD TVs. Other sectors that deploy power management ICs such as electric/electronics, manufacturing & construction, telecommunication network, also experienced a weak demand. COVID-19 has compelled manufacturers to streamline their production processes to tackle the unexpected disruption and resolve uncertain challenges like physical distancing. Considering increasing vaccination drives, demand is expected to recover by the end of 2022 with companies investing in making operations more productive and efficient.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe power management IC market. The Europe power management IC market is expected to grow at a good CAGR during the forecast period.

Europe Power Management IC Market Revenue and Forecast to 2028 (US$ Million) 

 

Europe Power Management IC Market Segmentation

Europe Power Management IC Market – By Product Type

• Voltage Regulators
• Motor Control
• Battery Management
• Multi-Channel ICs
• Others

Europe Power Management IC Market – By End-Use

• Automotive
• Consumer Electronics
• IT and Telecom
• Healthcare
• Industrial
• Others

Europe Power Management IC Market – By Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe

Europe Power Management IC Market – Companies Mentioned

• NXP Semiconductors
• Analog Devices, Inc.
• INFINEON TECHNOLOGIES AG
• ROHM CO., LTD.
• Microchip Technology Inc.
• Vishay Intertechnology, Inc.
• Renesas Electronics Corporation
• STMicroelectronics
• Texas Instruments Incorporated
• Qorvo, Inc.

Europe Power Management IC Report Scope