Audio IC Market Research Report - Global Forecast till 2030

Impact of COVID-19 on the Audio ICs Market

An audio IC is a chip that is used as an audio amplifier, audio processor, subsystem, and MEMS microphone. Audio ICs include audio converters, audio DSPs, audio amplifiers, and audio processors. The key factors responsible for the growth of the market are the increasing demand for professional audio & smart home devices as well as the demand for energy-efficient audio ICs. However, the electronics industry across the globe has been profoundly impacted due to the COVID-19 pandemic. The spread of COVID-19 has resulted in lockdowns being imposed to contain the spread of the pandemic. The slowdown in the production of smart home devices owing to the temporary closure of manufacturing facilities is decreasing the use of Audio ICs, which in turn is hindering the growth of the market. Companies such as STMicroelectronics, Texas Instruments Incorporated, and NXP Semiconductors, offer a wide range of audio ICs for use in various wearable and consumer electronics devices. However, the halt in the production of smartphones, tablets, laptops, and computers, which are used to control smart devices and appliances installed in smart homes, has impacted the smart homes market, which in turn, is hindering the growth of the Audio ICs market.

According to MRF analysis, the North America region holds the largest market share owing to the rising demand for consumer electronics devices such as smartphones, computers, and tablets, as well as increasing advancements in technology. The audio IC manufacturers in the region are investing heavily in the automotive industry, which is expected to fuel the demand for Audio ICs over the forecast period. The market is expected to grow significantly post the lockdown period.

The estimated worldwide operational stock of Industrial Robots between 2015 and 2020

Impact Analysis