The NXP Semiconductors i.MX53 line of applications processors includes the MCIMX537CVP8C2. These processors are targeted towards a wide range of applications including automotive infotainment and telematics, readers, home and industrial automation, and patient monitoring systems. When designing an application circuit, keep the following factors in mind: 

1. Power Supply: The MCIMX537CVP8C2 operates at multiple supply voltages, including 1.2V for the core, 2.5V/3.3V for the DDR interface, and 3.3V for I/O. Each supply pin should be properly decoupled using appropriate capacitors near the power pins. 

2. Clock Source: The MCIMX537CVP8C2 requires a reference clock signal for operation. This can be provided by connecting a 24 MHz crystal oscillator to the TALI and ITALY pins. 

3. DDR Memory: The MCIMX537CVP8C2 supports DDR2 and DDR3 memory. The DDR pins (DMX, Disc, DRAM_Sick, etc.) should be properly connected to the DDR memory module according to the guidelines in the processor's data sheet and reference manual.

4. Flash Memory: The processor supports several types of flash memory including NAND and NOR flash, as well as eMMC. The interface pins (HIM_DAX, HIM_AXX, etc.) can be used for NOR flash, while the NAND flash and eMMC can be connected to the PMI interface (PMI_DX, PMI_Ray, etc.). 

5. I/O Interfaces: The MCIMX537CVP8C2 supports a variety of I/O interfaces such as PART, SPI, I2C, USB, Ethernet, etc. These can be connected to various peripherals as needed in your application. 

6. Boot Configuration: The boot configuration pins (BOOT_CFG) can be set to configure the boot mode of the processor, such as booting from flash memory, PART, or USB. 

7. Reset Circuit: A reset circuit can be connected to the POR_B pin to reset the processor when needed. This usually consists of a push button and a capacitor. 

8. Thermal Management: As with any high-performance processor, proper thermal management should be considered. Heat sinks or fans might be used for this. 

9. Debug Interface: The JTAG interface (JTAG_MOD, JTAG_TDI, JTAG_TO, etc.) can be used for debugging and programming the processor. 

Always refer to the MCIMX537CVP8C2 data sheet, reference manual, and hardware development guide provided by NXP for a comprehensive understanding of how to design an application circuit using this processor. NXP also provides evaluation boards and reference designs which can serve as a good starting point for your own design.