The global motor driver IC market is expected to grow from US$ 3,882.57 million in 2021 to US$ 5,589.33 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.

Electric vehicle adoption is expanding worldwide, and sales of electric and hybrid vehicles will increase significantly during the projected period. This growth can be attributed to the strict emission limits and increase in battery density. ADAS capabilities, which were previously only available in high-end luxury automobiles, are now available in entry-level models. Furthermore, all newly produced automobiles in the US will be equipped with an automatic braking system, a lane departure warning system, and a parking assistance system starting in 2020. Looking at the future scope of motor driver ICs in the automotive, many industrial manufacturers have jumped into the market. Companies are offering an exclusive range of motor drivers for the automotive industry. For instance, ST offers a wide range of motor control ICs that are well-suited for the harshest automotive environments, covering the needs of brushed DC motors, stepper motors, and brushless DC motors across a wide range of voltage and current ratings. As a result, the motor driver IC market will have plenty of opportunities as the demand for electric and autonomous vehicles grows.

Furthermore, semiconductor firms are lobbying electric vehicle manufacturers to abandon standard silicon chips in favor of materials to improve vehicle efficiency while also easing customer concerns. Choosing the appropriate technology has never been more important than now, as the auto industry faces its most significant shift in almost a century. Manufacturers worldwide are rushing to eliminate internal combustion engines, and even gasoline-powered icons like Ford's Mustang and GMC's Hummer are receiving battery-powered versions. Hence, due to the shift, the automotive industry is likely to be the go-to market for motor driver IC manufacturers.

The COVID-19 pandemic had an influence on the motor driver IC business, leading to the closure of many factories, problems in supply chain, and obstacles in international trade. Several automakers have lowered their manufacturing capacity in early 2020 due to rising semiconductor shortages and reducing market potential for motor driver IC. However, the motor driver IC market gained momentum in Q3 of 2020 due to the ease of lockdown measures across the world, which led the market to witness positive outcomes at the end of 2020.

Toshiba Corporation; Mitsubishi Electric Corporation; Texas Instrument; Allegro Microsystems; Dialog Semiconductor Plc; STMicroelectronics; ON Semiconductor; Rohm Co., Ltd.; Infineon Technologies AG; and Analog Devices are a few key companies operating in the motor driver IC market. The report comprises secondary research work on other companies that hold a significant market share.

The overall motor driver IC market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the motor driver IC market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the motor driver IC market.