Power management integrated circuits (PMICs) are used to manage power requirements and to deliver efficient power sequencing and distribution in different electronic devices. They are equipped with various functions such as voltage regulators, battery chargers, LED drivers and voltage references. By providing steady power supply, PMICs help improve the overall system performance as well as life of electronic devices. They are commonly used in smartphones, tablets, laptops, set-top boxes and other portable electronic devices to distribute and manage power coming from the battery.
The global power management ICs market is estimated to be valued at US$ 47999.97 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the power management ICs market is the increasing demand for robust and efficient power solutions to support advanced functionalities in smartphones and other portable devices. This has propelled vendors to develop sophisticated PMICs with premium power management capabilities. Another major trend is the emerging usage of PMICs in automotive sector for applications such as battery management, infotainment and advanced driver-assistance systems (ADAS). This presents significant growth opportunities for players operating in the market. Enhanced integration levels and miniaturization of chips with advanced packaging technologies is also an important trend shaping the power management ICs industry.
Threat of new entrants: The threat of new entrants is moderate as the power management ICs market requires extensive R&D and manufacturing capabilities which require high initial investments.
Bargaining power of buyers: The bargaining power of buyers is moderate to low as there are many established players offering various solutions tailored to buyers needs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have the bargaining power however switching costs are low.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives that can provide the functionalities that power management ICs offer.
Competitive rivalry: The competitive rivalry is high among the top players to gain higher market share through innovations, expanded product portfolio and geographic expansion.
The Global Power Management Ics Market Share is expected to witness high growth. The market size is projected to reach US$ 47999.97 Bn by 2024 from US$ 28000 Bn in 2019, registering a CAGR of 7.5% during the forecast period.
Regional analysis: The Asia Pacific region currently dominates the power management ICs market and is expected to continue its dominance during the forecast period. This can be attributed to wide manufacturing base of consumer electronics in countries like China, Taiwan and presence of key players. Countries like China, South Korea and Japan are major contributors to the regional market growth.
Key players: Key players operating in the power management ICs market are Amcor Limited, Westrock Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation. The key players are focusing on developing innovative solutions and expanding their operations globally to gain higher market share.