(EMAILWIRE.COM, July 22, 2020 ) 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 account for largest market share during forecast period
APAC is expected to account for the largest share of application processor market during the forecast period. The market in this region is also expected to witness a significant growth during 2018-2023. High adoption of application processors in China has led to the dominant market position (in terms of share) of APAC. This is due to the presence of manufacturing plants of a number of leading consumer electronics companies in China. Apple (US), Lenovo (Hong Kong), Huawei (China), Samsung Electronics (South Korea), and OPPO (China) are some of such players.

Key players in the application processor market include Apple (US), Samsung Electronics (South Korea), Qualcomm (US), MediaTek (Taiwan), NXP Semiconductors (Netherlands), Texas Instruments (US), NVIDIA (US), and HiSilicon Technologies (China). Being one of the veteran players in the market, Qualcomm is a well-known and trusted company. It offers various application processors and is further enhancing its product portfolio by launching products. For bringing new products to the market, Qualcomm spends significantly on R&D. Besides product launches, partnerships and agreements were other key strategies adopted by the company to strengthen its position in the market. Qualcomm’s expansive geographic presence, with 175 offices located worldwide, is another factor helping it attain a prominent position in the market.

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