The motor driver IC market is projected to grow substantially by 2027 on account of surging demand for hybrid and electric vehicles across the globe.
A motor driver IC refers to a type of integrated circuit chip that serves as a bridge between microprocessors in robots and the robot's motors. It is widely used to operate motors in autonomous robots/systems. Increasing inclination of developing nations towards industrial automation and IoT has driven product demand in recent years.
In addition, widespread application of motor driver ICs in drones and unmanned aerial vehicles (UAVs) has augmented industry uptake worldwide. Furthermore, industry players have been employing profitable strategies to gain a competitive edge in evolving marketplaces, which has positively impacted the overall business landscape.
For instance, in August 2020, Allegro Microsystems, a key provider of semiconductor technology, announced the acquisition of Voxtel, Inc., a leading company specializing in 3D imaging and advanced photonic technology. The deal combined Allegro's innovative product portfolio of regulators, current sensors, motor drivers, and position sensors with Voxtel's advanced photonics to provide critical semiconductor components to transmit and receive blocks of automotive LiDAR systems and enhance automotive safety systems.
The motor driver IC market has been segregated on the basis of application, type, maximum supply voltage, and region. In terms of maximum supply voltage, the market has further been categorized into below 12 V, 12 V - 24 V, 24 V - 48 V, and above 48 V.
The below 12 V sub-segment is expected to progress at a CAGR of around 4.0% over the analysis period. Extensive adoption of below 12 V supply voltage in battery-powered consumer electronics and portable medical devices is likely to boost segmental growth over the forthcoming years.
With respect to application, the motor driver IC market has been bifurcated into medical & healthcare devices, automotive, consumer electronics & home appliances, industrial, and others. The medical & healthcare devices sub-segment is speculated to amass sizable gains by 2027, expanding at a CAGR of more than 3% through the assessment period. Increasing utilization of motor driver ICs in medical devices, such as computerized blood analyzers, oxygen concentrators, X-ray machines, and others, is set to bolster market growth in the coming time period.
From the regional point of view, the Latin America motor driver IC market is poised to gain considerable traction by 2027, registering almost 2.5% CAGR over the study timeline. Rising government initiatives to accelerate the industrial manufacturing and processing sector in the region are slated to foster market expansion through the review period.