PORTLAND, Oregon, June 10, 2020
Advancements in the automotive industry and high demand for security elements in automobiles fuel the growth of the global automotive microcontroller market
PORTLAND, Oregon, June 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Microcontroller Market by Application (Powertrain & Chassis, Safety & Security, Body Electronics and Telematics & Infotainment), Technology (Park Assist System, Blind Spot Detection System, Adaptive Cruise Control, and Tire Pressure Monitoring System), and Vehicle Type (Passenger ICE Vehicle, Commercial ICE Vehicle, and Electric Vehicle): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global automotive microcontroller industry was pegged at $9.06 billion in 2018, and is expected to hit $15.77 billion by 2026, registering a CAGR of 7.3% from 2019 to 2026.
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Drivers, restraints, and opportunities-
Rapid developments in the automotive industry and high demand for safety features in automobiles drive the growth of the global automotive microcontroller market. On the other hand, its high initial costs & complex structure curtail down the growth to some extent. However, increase in demand for electric and hybrid vehicles is expected to create multiple opportunities in the industry.
With the outbreak of the pandemic, the global automotive microcontroller market has confronted a huge impact.
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The adaptive cruise control segment to retain its dominance by 2026-
Based on technology, the adaptive cruise control segment contributed to more than two-fifths of the global automotive microcontroller market revenue in 2018, and is expected to lead the trail by the end of 2026. Rise in adoption of adaptive cruise control system in automobiles that guarantees safe driving fuels the growth of the segment. The tire pressure monitoring system, on the other hand, would register the fastest CAGR of 10.6% throughout the forecast period. This is attributed to increased application of microcontrollers in tire pressure monitoring system to keep a track of the pressure in the tires of the vehicle, thus ensuring safety and providing security to the passengers on board.
The passenger ICE vehicle segment to rule the roost-
Based on vehicle type, the passenger ICE vehicle accounted for nearly two-thirds of the global automotive microcontroller market share in 2018, and is anticipated to lead the trail till 2026. Introduction of various advanced features in ICE based passenger vehicles boosts the segment growth. At the same time, the electric vehicle segment would manifest the fastest CAGR of 16.0% during the study period. Electric vehicles are installed with advanced components that require microcontrollers for efficient operation. This factor has driven the growth of the segment.
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Asia-Pacific, followed by Europe and North America, to dominate in terms of revenue-
Based on geography, Asia-Pacific, followed by Europe and North America, held the lion's share, generating more than two-fifths of the global automotive microcontroller market. The same region is also projected to portray the fastest CAGR of 8.6% during the estimated period. This is due to huge adoption of autonomous and semi-autonomous vehicles across the region.
Frontrunners in the industry-
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