PORTLAND, Ore., July 28, 2020
- 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
PORTLAND, Ore., July 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Microcontroller Market by Product Type (8-Bit Microcontroller, 16-Bit Microcontroller, and 32-Bit Microcontroller) and Application (Automotive, Consumer Electronics, Industrial, Medical Devices, Military & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."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.
Drivers, restraints, and opportunities-
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.
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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.
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Frontrunners in the industry-
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