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Application Processor Market Projected to reach $38.2 billion by 2023
sagarkan   12/14/2018 2:45:31 AM

The application processor market is expected to be valued at USD 29.0 billion in 2018 and is likely to reach USD 38.2 billion by 2023, at a CAGR of 5.63% during the forecast period. High demand for application processors from the consumer electronics industry is one of the major factors driving the growth of the market. Moreover, these processors are also increasingly being used in the automotive industry in automotive infotainment systems and ADAS systems; this factor is also expected to considerably boost the growth of the said market in the coming years.

Among all core types, the market for dual-core application processors is expected to grow at the highest rate from 2018 to 2023. Demand for smart wearables and automotive ADAS and infotainment devices are on rise; these devices being the main application areas of dual-core application processors, accelerate the growth of the dual-core application processor market. Besides, growing adoption of dual-core application processors in 4G supporting feature phones is also impacting the said market positively.

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The application processor market for smart wearables is expected to witness significant growth during the forecast period. The growing demand for smart wearables, especially for smartwatches, is boosting the growth of the said market. Rising concern among consumers toward increasing productivity and fitness is one of the prime factors accelerating the demand for smartwatches.

The application processor market for the automotive industry is expected to grow at a high rate during 2018-2023. In this industry, automotive ADAS and automotive infotainment systems are the primary application areas of application processors. Rising demand for ADAS is one of the main factors boosting the growth of the application processor market in the automotive industry.

Among all regions, the application processor market in APAC is expected to grow at the highest rate during the forecast period. The consumer electronics industry is the major demand generator for application processors in this region. This is due to the presence of manufacturing units of a number of leading mobile phone, PC tablet, e-reader, and smart watch manufactures in APAC. For serving the needs of the customers in the APAC, key market players have their sales and distribution units located in this region. Besides, many application processor manufacturing companies can be seen launching new products for growing in this competitive market.

A few major players operating in the application processor market are Apple (US), Samsung Electronics (South Korea), Qualcomm (US), MediaTek (Taiwan), NXP Semiconductors (Netherlands), Texas Instruments (US), NVIDIA (US), Toshiba (Japan), and HiSilicon Technologies (China).

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