According to the new market research report "Application Processor Market by Device Type (Mobile Phones, PC Tablets, Smart Wearables, and Automotive ADAS & Infotainment Systems), Core Type (Octa-core, Hexa-core, Quad-core, Dual-core, and Single-core), Industry, and Geography - Global Forecast to 2023", the application processor market is expected to be worth USD 29.0 billion by 2018 and reach USD 38.2 billion by 2023, at a CAGR of 5.63% from 2018 to 2023. The growth of this market can be attributed to the high demand for application processors from the consumer electronics industry for use in devices such as mobile phones and PC tablets.
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Octa-core segment to hold largest share of application processor market in 2018
By core type, octa-core segment leads the application processor market. Mobile phones account for a major share of the application processor market. As octa-core application processors are the most commonly used processors in mobile phones, the dominant position of mobile phone applications also award octa-core application processors the leading position in the overall application processor market.
Market for automotive industry to grow at high CAGR during forecast period
The application processor market for the automotive industry is expected to witness high growth during the forecast period. Europe and APAC are the 2 major regions generating high demand for application processors for use in the automotive industry. In the automotive 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 for the automotive industry.
APAC expected to hold largest share of application processor market in 2018
APAC is expected to hold the largest share of the application processor market in 2018. China, India, and Vietnam are the key countries contributing to the growth of the application processor market in APAC. North America is expected to account for the second-largest share of the application processor market throughout the forecast period. The US currently accounts for the largest share of the application processor market in North America, followed by Mexico and Canada.
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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).