“Growing penetration of smart home devices will enhance the market growth”
The global optocoupler IC market is expanding significantly, anticipated to surge at a CAGR of 5.9% during the estimated period from 2023 to 2030, starting from US$ 2.05 Bn in 2021.
The optocoupler IC market is majorly driven by the rapid increase in the adoption of electric vehicles worldwide and the growing penetration of smart home devices. In 2021, the global smart home market was valued at around US$ 80 Bn and expected to grow with a CAGR of approximately 15% in years to come. The rapid growth of the smart home market will surge the demand for the optocoupler IC market during the forecast period. The growing penetration of various smart devices such as home healthcare, smart speaker, smart kitchen, security control, and others will also help the market to grow significantly in years to come.
Wide application of optocoupler IC in the industrial, as well as the automotive industry, is another factor driving the market growth. Rising investments worldwide for advanced technology innovations such as autonomous vehicles, industrial robots, and others will enhance the market growth in upcoming years. The growing need for faster communication systems and increasing demand for high-end automobiles is also helping the market to grow significantly. Therefore, the market will show substantial growth throughout the forecast period.
“Growing consumer electronics market will spur revenue growth”
The consumer electronics segment has a substantial share in the market in 2021. Rapidly growing adoption of smart consumer electronic devices is the major factor for the substantial share of the segment. The global consumer electronics market is growing yearly at a rate of around 5.8%. Growth of the consumer electronics market in the emerging nations such as India, China, Indonesia and others will also enhance the segment growth.
“Rising adoption of electric vehicles will boost the revenue growth”
The automotive segment will be the fastest growing segment during the forecast period. The segment will show the fastest growth owing to the rapid adoption of electric vehicles worldwide. The global electric vehicles market was esteemed at nearly US$ 120.0 Bn in 2018 and is anticipated to grow with a CAGR of more than 16% in years to come. According to a recent report, electric vehicle sales have grown more than 60% to reach over 2 Mn units globally in 2018. Rising penetration of electric vehicles in Asia Pacific region will also boost the market revenue.
“Rising technological advancements will enhance the market in North America”
North America dominates the market in 2021 and contributed to nearly 1/3rd of the global revenue share in the same year. North America has the highest share owing to rising technological advancements, adoption of electric vehicles and growing demand for smart consumer electronic devices. The U.S is the largest contributor with more than 80% market share in the North America optocoupler IC market. Growing investments for adoption of electric vehicles and the presence of major market players (such as Broadcom, Inc., Vishay Intertechnology, Inc., Standex Electronics, Inc. and others) are the major factors for the dominance of the U.S.
“Growing penetration of electric vehicles and consumer electronics will boost the market growth in Asia Pacific”
The Asia Pacific segment is expected to be the fastest growing segment owing to rapidly growing consumer electronics and electronic vehicles market in the region. China leads the electric vehicles market with nearly 50% market share in 2018 with 1.1 Mn units. Rapidly growing consumer spending ratio and rising investments in the region for the adoption of technologically advanced products are some other factors responsible for the fastest growth of the region.
"New product with advanced technology will be the key strategy by market players"
The launch of the new product with advanced technological innovations will be the major key strategy for major market players. Mergers & acquisitions with different players will be another strategy during the forecast period.
Key Industry Development:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Optocoupler IC market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
