The Semiconductors Market in Vietnam will grow by USD 6.16 bn during 2020-2024, according toTechnavio
Technavio has been monitoring the semiconductors market in Vietnam and reports it is poised to grow by USD 6.16 billion during 2020-2024, progressing at a CAGR of almost 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Broadcom Inc., Hitachi Ltd., Intel Corp., NXP Semiconductors NV, Qualcomm Inc., Samsung Electronics Co. Ltd., SK Hynix Inc., STMicroelectronics NV, Texas Instruments Inc., and Toshiba Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The growing demand for high processing power for mobile and other computing devices contributes to the growth of the semiconductors market in the consumer electronics segment. The demand for consumer electronics is high due to the availability of low-cost labor and favorable investment incentives.
Market growth in this segment will be slower than the growth of the market in the automotive and communications segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the semiconductors market size in Vietnam.
Semiconductors Market in Vietnam: Segmentation by Device
PMICs are used in applications in industries such as automotive and consumer electronics. Moreover, PMICs are available at reduced cost and aid in reducing board size constraints. They also offer better reliability and more functional design. Additionally, PMICs often extend the battery life of devices, along with reducing the need for big and high capacity batteries, which, in turn, supports in reducing the size of devices.
Market growth in this segment will be slower than the growth of the market in the microchips segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the semiconductors market share in Vietnam.
Semiconductors Market in Vietnam: Key Drivers and Trends
The growth in the use of IoT is one of the major drivers for the growth of the semiconductors market in Vietnam as it allows the transfer of data over a network without requiring human-to-computer or human-to-human interaction. Moreover, smart devices and connected devices are embedded with software, electronic components, and sensors with computer network connection capability, which enable them to collect and transmit data. IoT devices require ultra-low-power processors which increases their performance. Therefore, the increase in the power efficiency enhances the battery life of devices, which is important for mobile computing devices such as notebooks, ultra-portables, and wearables. Additionally, IoT devices also require ICs which ensures that the microprocessor or microcontrollers start in the same condition, which protects the device. Hence, the increasing use of IoT in Vietnam will lead to the growth of the semiconductors market in the country during the forecast period.
- Smart home technology, also referred to as home automation, provides comfort, convenience, security and energy efficiency by allowing the home owners to control smart devices through a networked device of an application on their smartphones.
- Smart home systems and devices that operate together by sharing consumer usage data and automate actions based on the users’ preferences.
- Smart home systems are connected to cameras, sensors, and control systems, where technology is used for allocating services and managing and transferring information.
- As these appliances and devices require semiconductors to function, the adoption of this technology will subsequently drive the demand for semiconductors.
- During 2020-2024, the market will grow at a CAGR of almost 19%.