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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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.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on: Market Segments Market Dynamics Market Size Supply & Demand Current Trends/Issues/Challenges Competition & Companies involved Technology Value Chain
Regional analysis includes: North America (U.S., Canada) Latin America (Mexico. Brazil) Western Europe (Germany, Italy, France, U.K, Spain) Eastern Europe (Poland, Russia) Asia Pacific (China, India, ASEAN, Australia & New Zealand) Japan Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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