Power Management IC Market Size, Trends and Growth Analysis by 2027

The power management integrated circuit (PMIC) market is projected to grow significantly, reaching an estimated US$ 55,042.7 million by 2028, up from US$ 37,772.0 million in 2021. This growth represents a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028.

This market is divided into several regions, including North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. PMICs play a crucial role in managing the direction and flow of electrical power, and they are widely utilized across various sectors such as telecommunications, consumer electronics, and the automotive industry. The increasing global demand for consumer electronics and home appliances is expected to further fuel the need for integrated PMICs, high-power PMICs, and monolithic PMICs.

The automotive sector is a significant driver of the PMIC market. Technologies such as advanced driver assistance systems (ADAS), vehicle infotainment, navigation systems, battery management, telematics, and automotive clusters require efficient power management solutions. Government initiatives, including subsidies, incentives, and tax breaks, are enhancing the sales of electric vehicles (EVs) worldwide. These supportive measures, along with strict emission regulations, are accelerating the adoption of electric vehicles and the corresponding demand for power management ICs. Furthermore, the rapid evolution of Internet of Things (IoT) technology is expected to lead to a significant increase in connected devices in the near future.

The global PMIC market is categorized based on product type and end-use applications. In terms of product type, the market includes voltage regulators, motor control, battery management, multi-channel ICs, and other related products. When considering end-use, the market is segmented into consumer electronics, automotive, healthcare, IT & telecom, industrial, and various other sectors.

The adoption of electric vehicles is witnessing remarkable growth globally. In the first half of 2021, sales of electric vehicles surged by nearly 160% (approximately 2.5 million units) in the leading automotive markets of the US, China, and Europe compared to the previous year. This surge accounted for about 25% of new sales in the global automotive sector. Effective power management is essential for enhancing the efficiency of devices, whether they are ultra-low-power wireless sensor networks or high-voltage power converters used in vehicles. As a result, manufacturers are increasingly producing customized power management integrated circuits to meet specific needs.

In India, the Ministry of Road, Transport, and Highways has proposed a draft notification that exempts owners of battery-operated vehicles from fees associated with renewing or issuing registration certificates. Additionally, stringent emission regulations in European nations are significantly boosting the demand for electric vehicles. Consequently, various policies, guidelines, incentives, and subsidies are promoting the sales of electric vehicles globally. PMICs are extensively utilized in numerous automotive applications, including ADAS, infotainment systems, battery management, navigation, telematics, and automotive clusters. Therefore, the rising sales of electric vehicles are driving the demand for highly integrated system PMICs capable of handling up to 8.5 A and high-power PMICs used in quad-core processors that can manage up to 12 A.

Key players in the global power management IC market include NXP Semiconductors, Analog Devices, Inc., INFINEON TECHNOLOGIES AG, ROHM CO., LTD., Microchip Technology Inc., Vishay Intertechnology, Inc., Renesas Electronics Corporation, STMicroelectronics, Texas Instruments Incorporated, and Qorvo, Inc.. These companies are at the forefront of innovation and development in the power management IC sector, contributing to the market's growth and evolution.