Rapid development in the automotive sector, rise in trend of working
through automated machines & equipment, and broadening scope of electronic
products and technology drive the growth of the global microcontroller market.
On the other hand, chances for operational failure in extreme climatic
conditions restrain the growth to some extent. However, high demand for
electric and hybrid vehicles is expected to create lucrative opportunities for
the key players in the industry.
According
to the report, the global microcontroller industry was estimated at $16.49 billion in 2019, and is expected to hit $42.19 billion by 2027,
registering a CAGR of 11.5% from 2020 to 2027.
COVID-19 impact-
- COVID-19 has
impacted the global microcontroller market badly. The lockdown across the
world has led to a significant decline in the manufacturing of office
machinery, power tools, home appliances, and remote controls. Also,
disruptions in the supply chain has aggravated the cause yet more.
- However, the
government bodies in various regions are coming up with several
relaxations on the current regulations. With this, the market is expected
to retrieve its position very soon.
The 32 bit microcontroller segment to dominate by
2027-
Based
on product type, the 32 bit microcontroller segment accounted for more than
two-fifths of the global microcontroller market revenue in 2019, and is
expected to rule the roost by 2027. The same segment is also anticipated to portray
the fastest CAGR of 12.5% throughout the forecast period. Increasing trend of
working with automated machines & equipment and growing demand for
automobiles & smart phones drive the segment growth.
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The automotive segment to lead the trail-
Based
on application, the automotive segment contributed to nearly one-fourth of the
global microcontroller market share in 2019, and is projected to retain its top
status by the end of 2027. The same segment would also manifest the fastest
CAGR of 14.2% from 2020 to 2027. Surge in use of numerous microcontrollers in
automobile's electronics system and electronic control units propels the growth
of the segment.
Asia-Pacific,
followed by North
America, garnered the highest share in 2019-
Based
on geography, Asia-Pacific,
followed by North
America, hold the major share in 2019,
generating more than two-fifths of the global microcontroller market. The
region would also grow at the fastest CAGR of 13.4% during the study period.
This is due to high adoption of IoT across several smart cities in the
province.
Frontrunners in the industry-
- Panasonic
Corporation
- Microchip
Technology Inc.
- Renesas
Electronics Corporation
- NXP Semiconductor
- Zilog, Inc.
- Texas Instruments
Incorporated
- STMicroelectronics
N.V.
- Analog Devices, Inc
- Infineon Technologies AG
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