LED Driver IC Market Insights:
The global LED driver IC market is growing rapidly, witnessing the growing demand across end-user applications. Besides, the rising use of LED driver ICs in automotive infotainment systems substantiates the market growth. The rising demand for energy-efficient electronic devices that can support ongoing government initiatives for energy-saving drives the LED driver IC market growth.
Advances in remote sensing technologies and automotive displays propel sales in the market. With the spurring growth in the automotive and consumer electronics industries, the market demand is expected to escalate further. Market Research Future (MRFR) confirms that the global LED driver IC market is poised to grow from USD 3,785.89 MN in 2022 to USD 26,576.23 MN by 2032, with a 21.0% CAGR throughout the forecast period (2023-2032).
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Key Players:
are the notable vendors in the LED Driver IC market.
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LED Driver IC Market Regional Analysis:
North America dominates the global LED driver IC market due to rising technology advancements and increasing demand for consumer electronics devices. Besides, the increasing use of LED driver ICs in automotive, industrial, and advanced high-side lighting applications substantiates the region’s market share. The strong presence of notable LED driver IC manufacturers, such as Texas Instruments and Analog Devices, plays a crucial role in market development.
Increasing adoption and implementation of smart electronic devices across the industry verticals increase the LED driver IC market size. The US holds the key share in the regional market due to its rapidly growing audio devices market. Also, the burgeoning automotive industry in the region fuels the demand for LED driver ICs. The North American LED driver IC market will dominate throughout the estimated period.
LED Driver IC Market Segmentation:
The report is segmented into types, applications, and regions. The type segment is sub-segmented into buck-boost, current sink, inductor less (charge pump), and step-down (buck) LED driver ICs, among others. The application segment is sub-segmented into consumer electronics, healthcare, IT & ITES, automotive, telecommunication, government, and others. By region, the LED driver IC market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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LED driver IC is the best solution to provide full protection to automotive and industrial LED lighting applications. Considering the increasing demand for automotive, industrial, and advanced high-side lighting applications, manufacturers are focusing on developing tailor-made LED driver ICs for automotive applications. These ICs eliminate the risk of voltage spikes or overtemperature; therefore, they are increasingly used inside a car with harsh automotive conditions.
In recent years, the proliferation of ADAS (Advanced Driver Assistance Systems) and expanding car infotainment functionality have prompted the need for higher-resolution vehicle displays with improved visibility. LED drivers with the local dimming function can turn off the backlight in dark areas, while the LCD improves display screen performance and reduce power consumption.
The increasing use of ADAS and other safety systems to notify vehicle drivers about the operation and surrounding environment substantiates the LED driver IC market shares. Miniaturization of components, alongside the rapid developments in connected devices and IoT technology, has facilitated the integration of LED driver ICs in many industrial applications.
The miniaturization of components that has increased the demand for integrated power for application-specific processors and subsystems boosts market sales. Conversely, the high cost required for intricate LED driver IC design is the key factor that impedes market growth. Nevertheless, the rising need for low-energy consumption, high-performance solutions with high-power density would support the market growth throughout the assessment period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.