LED Driver IC Market: Market Overview
Over the last two decades, electronic technology has made impressive progress. Today’s electronic displays make use of a wide variety of active display drivers (a driver is basically a semiconductor integrated circuit). The LED driver IC market is one of the greatly increasing markets, due to the increasing demand for LED lights, low power consumption electronic goods, and increasing demand for touch-enabled displays in consumer electronics and devices. Moreover, the increasing adoption of energy-efficient lighting systems in households as well as outdoor and traffic lightings is fueling the growth of the LED driver IC market. The global demand for electronic devices, coupled with efficient lighting solutions are key growth factors of the LED driver IC market.
Furthermore, the global LED driver IC market is benefitted from the rising sales of LED TVs and LED lighting systems in developing and developed economies. An LED driver IC is an essential component of electronic devices and lightning systems. In addition to this, the increasing number of smartphones on a global scale is the key growth factor of the LED driver IC market.
LED Driver IC Market: Drivers and Challenges
The major growth drivers of the LED Driver IC market include the rise in the demand for energy-efficient electronic products, growing demand for high power density, and increase in various industrial applications. Furthermore, the increasing demand for energy-efficient lighting and high-quality picture images, coupled with several energy-saving government initiatives taken to ban conventional halogen bulbs are expected to propel the growth of the global LED driver IC market during the forecast period. In addition, the increase in usage of consumer electronic devices is projected to drive the growth of the LED driver IC market, globally.
Major challenges of the LED driver IC market are higher costs and thickness of device displays in comparison to other modules. The LED driver IC market is expected to experience a shrink and fluctuation in growth rates because of the higher number of tracks that are required in case of an LED driver IC in comparison to other types of modules. In addition to this, worldwide financial uncertainty and macroeconomic situations such as currency exchange rates and economic difficulties are some of the major factors which are hindering the growth of the LED driver IC market.
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LED Driver IC Market: Segmentation
The global LED driver IC market can be segmented as:
LED Driver IC Market Segmentation by Product Type:
Due to the increasing demand for consumer electronic goods and increasing demand from several industries, the step-down (buck) LED driver IC sub-segment is expected to experience more than 8.5% CAGR during the forecast period.
LED Driver IC Market Segmentation by Application:
The consumer electronics sub-segment is expected to experience high growth in the global LED driver IC market, due to the increasing demand for energy-efficient consumer electronic goods. Moreover, with the rising deployment of LED driver ICs in autonomous vehicles, the automotive sub-segment is expected to experience a high CAGR in the global LED driver IC market.
Some of the major players in global LED driver IC market include Samsung Electronics Co., Ltd., LG Display Co., Ltd., Analog Devices, ON Semiconductor, Toshiba Corporation, Texas Instruments, Inc., Seiko Epson Corporation, SEOUL Semiconductors, Renesas electronic corporation, Western digital, Mitsubishi Electric Corporation, and other manufacturers of LED driver ICs.
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Presently, the LED driver IC market in North America has shown significant growth rate, due to increasing advancements in public infrastructure. Due to the growing demand for energy-efficient electronic devices, coupled with technological advancements in the region, the LED driver IC market in North America is projected to experience a high growth CAGR. Asia Pacific (APEC) is holding the largest market share in the LED driver IC market, due the increasing demand from various industries and government initiatives taken to ban conventional halogen bulbs. Moreover, Europe is the fastest growing market for LED driver ICs, due to an increase in the usageof consumer electronics devices. The demand for LED driver ICs has risen dramatically over the past 12 months, globally. The use of LED instruments in various industries in these regions are pushing the growth of the LED driver IC market.