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Global RF Transceiver Market Overview
The global RF transceiver market reached $9.8 billion in 2018 and is poised to register a CAGR of 11.6% during 2019-2024. Factors including 5G technology expansion, the massive adoption of smartphones, increasing penetration of IoT and automation, and growth of technology-intense industries such as manufacturing, telecommunication, automobile, aerospace, and defense are expected to boost RF transceiver market.
On the basis of application, the RF transceivers market has been categorized into mobile devices, embedded modules, routers, and add-on cards. The market for mobile devices category held the largest share; and is further projected to register the fastest CAGR, during the forecast period. With the growing population across the globe and rising dependence on mobile communication technology, the market exhibited proliferation of mobile devices and increased adoption of 3G-4G networks.
For instance, as per the Indian Cellular Association (ICA), the production of mobile phones increased from 3 million devices in 2014 to 11 million devices in the year 2017, in India. Majorly, as a result of the mobile-first approach for several social media applications, any-time-access to the internet, and online retailing, banking, and gaming are the factors leading to enormous growth in mobile devices manufacturing and adoption among consumers across the globe.
The RF transceiver market on the basis of vertical has been categorized into consumer electronics, telecommunications, cable/broadcasting, aerospace, military and defense, and healthcare. Among these, the market for the consumer electronics category held the largest share in the RF transceiver market in 2018; and the market for the category is also expected to demonstrate the fastest growth over the forecast period.
The persistent growth of smartphones, tablets, laptops, gaming consoles, surveillance systems, and networking equipment, among others, coupled with rapid infrastructural developments is catalyzing the RF transceiver market in the consumer electronics category. Additionally, the telecommunications category is also projected to display spurring growth during 2019-2024.
APAC has been one of the largest consumers of RF transceivers during the historic period. Massive growth in consumer electronics and telecommunications industry, with vast adoption of smartphones, along with increasing consumer spending is leading to an upsurge in the APAC market. Besides, the rapid adoption of wireless communication devices, emerging IoT technology, automated means of marketing and socializing, video streaming, and digitalization, along with several other factors are resulting in the noticeable market growth in the region. Building security systems, smart farming, smart utility meters, tracking systems, home automation, and commercial satellite imaging, are some of the few application areas that are gaining traction in the region signifing considerable potential for RF transceiver market players.
RF Transceiver Market Dynamics
Growing demand for mobile devices is a major factor driving the RF transceiver market. The increasing adoption of smartphones is fueled by fast 3G/4G LTE multimode connectivity, advanced multimedia features and enhanced location awareness capabilities offered by smartphones. The largest demand for smartphones is observed in Asia-Pacific (APAC), followed by Europe and Latin America (LATAM). With rising internet penetration and increasing digitalization, demand for smartphones is increasing across the globe.
Moreover, with the upcoming roll-out of 5G networks in the coming years, demand for smartphones is expected to increase over the forecast period. Additionally, another factor driving the sales of mobile devices includes increasing industrialization and rising disposable incomes of the populace in countries such as China and India. For instance, in China, disposable income increased by around 7.5% from 2017 to 2018. With the rising disposable income of the populace and increasing adoption of digital services, the demand for smartphones would increase over the forecast period and drive the RF transceiver market growth.
Increasing demand for wideband transceivers is a growing trend in the RF transceiver market. Due to increasing technological advancements and increasing demand for reliable, seamless and secure communications, there is a high demand for wideband transceivers. Wideband transceivers offer simpler designs and offer long-range wireless connectivity. For instance, in 2018, Analog Devices Inc. launched its wideband RF transceiver. With this transceiver, the company aims to accelerate the deployment of 5G and sustain 2G/3G/4G coverage. Hence, increasing demand for wideband transceivers is a key trend observed in the RF transceiver market.
RF Transceiver Market Competitive Landscape
The RF transceiver market players are increasingly focusing on strategic partnerships, mergers, and alliances to gain market foothold. For instance, MediaTek Inc. is focusing on strategic alliances with original equipment manufacturers (OEMs) of the smartphone to increase the number of customers. Also, for instance, Broadcom Inc. is strategically focusing on new product launches to increase its product portfolio.
Some of the key players operating in the RF transceiver market include Qualcomm Incorporated, Broadcom Inc., STMicroelectronics N.V., MediaTek Inc., Semtech Corporation, Analog Devices Inc., Texas Instruments Incorporated, Infineon Technologies AG, Silicon Motion Technology Corporation, and GCT Semiconductor, Inc.