According to a new market report pertaining to the power management integrated circuit (PMIC) market, published by Transparency Market Research, the global PMIC market is expected to reach US$ 56.48 Bn by 2026, expanding at a CAGR of 4.6% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of 5.5% through 2026.
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Increasing usage of smart devices driving the global PMIC market
High smartphone penetration in the last few years has made smartphones and other smart mobile devices very common in the developing and developed countries. Furthermore, 4G internet services have also become reasonable and widely available to smartphone users globally. PMICs are employed for simplification of design and extending battery life in smartphones and other smart portable devices. Therefore, the rising trend of smartphones and other smart devices is estimated to be directly proportional to the expansion of the PMIC market.