iCrowdNewswire Jan 14, 2021 8:00 AM ET
Among the vertical segments – consumer elctronics, automotive, government and defense, and others; the market for consumer electronics segment is expected to have highest market share throughout the forecast period. The RFIC chips also have a potential market in the automotive industry. The vehicle-to-vehicle connection, security technologies and automated driving technology, all comprise of RFIC based electronic devices. The concept of autonomous vehicles, such as smart cars, connected cars and driverless cars is gaining ground and thus, the application of RFIC is expected to grow in the future. The automotive segment is expected to grow with the highest CAGR.
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The key players in the RFIC market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— Qualcomm Technologies Inc. (US), Cree, Inc. (US), Silicon Laboratories (US), Infineon Technologies AG (Germany), STMicroelectronics (Switzerland), Qorvo, Inc. (US), OctoTech Inc. (US), Peak RF (UK), Skyworks Solutions Inc. (US), Analog Devices, Inc. (US), NXP Semiconductors (US), Broadcom Inc. (US). The key strategies adopted by most of the players are partnerships and agreements, collaborations, and new product releases.
Apart from the companies mentioned above, other companies from APAC are the key players in this market. These include Samsung Electronics Co (South Korea), Renesas Electronics Corporation (Japan), Kangxi Communication Technology Co. Ltd. (China) and others.
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The global RFIC market is expected to grow at a CAGR of 10.4% during the forecast period. The geographical analysis of RFIC market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
North America holds the largest market share and is expected to continue this dominance during the forecast period. North America has one of the most highly developed Consumer electronics and semiconductor sectors in countries like the US and Canada, and thus has greater adoption of RFIC. Further to this, APAC closely following North America in terms of revenue generation considering APAC to be advancing in terms of technology and its adoption. Also, APAC has large customer base and rapidly growing electronics and semiconductor industry. In the past few years, the RFIC market has experienced a high growth. Various RFIC manufacturers are present in Japan and China, which boost the market share. China is expected to grow at the highest CAGR in APAC region while Japan is projected to show single digit growth rate during the forecast period. The market size of APAC is estimated to grow at the highest CAGR from 2018-2023, followed by Europe.
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