Motor Driver IC Market is expected to reach US$ 5,589.33 Million by 2028

Adoption of Internet of Things (IoT) across Industries to Create Lucrative Business Opportunities for Market Growth during 2021–2028

According to our latest market study on “Motor Driver IC Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Motor Type, Semiconductor, and Application”. The motor driver IC market is expected to grow from US$ 3,882.57 million in 2021 to US$ 5,589.33 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.

Industry 4.0 is the most recent industrial revolution, introducing automation, big data, and artificial intelligence to plants and factories worldwide. The internet of things, or IoT, is one of the foundations of Industry 4.0. The industrial internet of things (IIoT) uses networked sensors and intelligent devices to collect data for artificial intelligence and predictive analytics on the production floor. The Internet of Things (IoT) has changed the way most industrial processes are carried out, including how items are created and distributed, how data is collected from areas that are too dangerous for human operators, and how product quality is maintained. Similarly, the IIoT has been a driving factor behind improved agricultural productivity at lower costs in the face of an ever-increasing population. According to several studies, the adoption of smart solutions driven by IoT in farm operations will expand in the near future. Studies claim that the agriculture business will witness a 20% compound annual growth rate in IoT device installation, with the number of connected devices (agricultural) reaching 225 million by 2024. As a result, the expanding influence of IoT across sectors bodes well for motor driver IC manufacturers, resulting in an increased customer base.

Similarly, each industry can be benefited from the IIoT's significant performance benefits. IIoT devices and autonomous machines are offering organizations important data as part of the future of all industrial settings. As a result of the growing IIoT, each stakeholder in the ecosystem, including motor driver IC, will see a surge in demand.

The motor drive IC market has been analyzed on the basis of type, semiconductor, application, and geography. Based on motor type, the global motor driver IC market is segmented into brushed DC motor, brushless DC motor, and stepper motor. Based on semiconductors, the motor driver IC market is bifurcated into gallium nitrate (GaN) and silicon carbide (SiC). Based on application the global motor driver IC market is segmented into manufacturing, aerospace and defense, industrial automation, consumer electronics and home appliance, healthcare, and others. Based on region, the global motor driver IC market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Impact of COVID-19 Pandemic on Motor Driver IC Market

North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting the performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak. Therefore, governments imposed several limitations on industrial, commercial, and public activities in the country to control the spread of infection. Hence, the demand for passive components has steadily declined due to the suspension of operations in numerous industries, the closing of different production units, and people's unwillingness to enter the work force. However, during the Q3 of 2020, industries started to reopen, hence once again the supply chain resumed its operation normally. Therefore, the effects of COVID-19 pandemic had weakened the North America motor driver IC market. However, the market started to experience a positive impact owing to the substantial growth in the demand for motor driver IC in the country as the end-user industries restarted their operations from Q3 of 2020.

Toshiba Corporation; Mitsubishi Electric Corporation; Texas Instrument; Allegro Microsystems; Dialog Semiconductor Plc; STMicroelectronics; ON Semiconductor; Rohm Co., Ltd.; Infineon Technologies AG; and Analog Devices, Inc. are a few major companies operating in the motor driver IC market.

Motor Driver IC Market - by Geography, 2020 and 2028 (%)

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Motor Driver IC Market Size and Groeth Report 2028

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Motor Driver IC Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Motor Type (Brushed DC Motor, Brushless DC Motor, and Stepper Motor), Semiconductor (Gallium Nitrate (GaN) and Silicon Carbide (SiC)), and Application (Automotive, Aerospace and Defense, Industrial Automation, Consumer Electronics and Home Appliances, and Healthcare)