As per the market assessment report titled ‘Motor Driver IC Market Size By Type (Brushed Motor Driver IC, Brushless Motor Driver IC, Stepper Motor Driver IC), By Maximum Supply Voltage (Below 12 V, 12 V - 24 V, 24 V - 48 V, Above 48 V), By Application (Automotive, Industrial, Consumer Electronics & Home Appliances, Medical & Healthcare Devices), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, motor driver IC market is estimated to garner strong returns over the forecast period 2021-2027.

Concrete evidence opines that proliferation of hybrid and electric vehicles, and growing inclination toward industrial automation and IoT in developing economies are augmenting global motor driver IC market growth. Besides, escalating product adoption in UAVs and drones, as well as in the healthcare industry is adding considerable momentum to the industry expansion.

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For the unversed, motor driver IC is a kind of an integrated circuit chip that acts as a communication channel between microprocessors in robots and their motors.

Elaborating on the market restraints, technical difficulties associated motor driver ICs may threaten progress in the forthcoming years.

Speaking of segmentation, in terms of maximum supply voltage, the 12V sub-segment is slated to record a CAGR of 4% during the analysis timeframe. This can be attributed to high utilization of 12 V supply in battery powered consumer electronics and medical devices.

From the application perspective, motor driver IC market from the medical and healthcare devices sub-segment is expected to reach a sizable valuation, with a CAGR of more than 3% through 2027. This is creditable to mounting product utilization in medical devices such as oxygen concentrators, blood analyzers, and X-ray machines.

Geographically, the Latin America is expected to accrue substantial revenue, with a CAGR of 2.5% throughout the analysis period. Government initiatives that facilitate industrial and processing sector expansion are stimulating the regional industry expansion.

With respect to the competitive landscape, HM Semiconductors, Diodes Inc., Asahi Kasei Microdevices Corporation, Allegro MicroSystems Inc., Panasonic Corporation, Dialog Semiconductor PLC, STMicroelectronics, Texas Instruments Inc., Melexis, Toshiba Electronic Devices and Storage Corporation, and Infineon Technologies AG are the major players influencing global motor driver IC industry trends.

Prominent players are executing various strategies such as collaborations & partnerships, and mergers & acquisitions to improve their presence in this business sphere. For instance, Allegro MicroSystems Inc. in August 2020 acquired 3D imaging and advanced photonic technology company Voxtel Inc. to expand its product portfolio.