The RFIC market was USD 24.1 billion in 2023, which will rise to USD 49.2 billion, powering at an 11% compound annual growth rate, by 2030.
The growth of this industry is mainly because of the surging demand for higher-bandwidth radio communications. Furthermore, the increasing requirement for consumer electronics has boosted the production of RFICs over the last few years.
The developments in the detection ability, coupled with a decline in the package size and average cost of RFICs, have resulted in their high adoption in consumer electronics.
The transceiver category, on the basis of product, is leading the industry. The enhancement of IoT, coupled with the increasing accessibility of internet services in Brazil, the U.S., India, and China, has been driving the sales of connected devices.
The Wi-Fi category, on the basis of technology, is likely to propel at a substantial compound annual growth rate, in the years to come. This will be because of the rising utilization of online search, video sharing, social networking, and e-commerce applications in Europe, North America, and APAC.
The consumer electronics category, on the basis of end user, was the largest contributor to the RFIC market. Every consumer electronics, be it laptops, tablets, PDAs, or smartphones, allows communications over the air or over the wire. This makes RFICs important for these devices, which is the key aspect boosting this category expansion.
The near-field communication (NFC) category is likely to observe substantial progression in the years to come. This is primarily because of the expanding utilization of RFIC chips in mobile phones.
APAC is leading the industry, primarily because it is the largest maker of such components. In addition, even the end-use goods, such as laptops, smartphones, and smart home appliances like fridges, washing machines, and air conditioners.
In addition, this region is also home to a large manufacturing base for vehicles, which are progressively being combined with internet connectivity.
North America is also a significant contributor to the industry, and it is likely to propel at a substantial rate in the years to come. Due to the high count of electronics businesses in the region, the need for RFIC technology will increase as internet consumption continues to increase and supply chain management develops.
It is because of the rise in the requirement for radio communications with higher-bandwidth, the RFIC industry will continue to advance in the years to come.
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