Microcontroller Market Is Projected to Gain $42.19 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.50%: Allied Market Research
The global microcontroller market is experiencing rapid growth due to various factors, including, the rapid growth and development of the automotive industry, the rise in the use of automated machines and equipment, and the broadening of the use of electronics products and technologies.
Wilmington, Delaware , Nov. 12, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Microcontroller Market by Product Type (32-Bit Microcontroller, 16-Bit Microcontroller, and 8-Bit Microcontroller) and by Application (Consumer Electronics, Automotive, Industrial, Military & Defense, Medical Devices, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global microcontroller industry is expected to achieve $42.19 billion by 2027, having witnessed a value of $16.49 billion in 2019, exhibiting a notable CAGR of 11.50% from 2020 to 2027.
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Prime Factors Influencing Market Growth:
The global microcontroller market is experiencing rapid growth due to various factors, including, the rapid growth and development of the automotive industry, the rise in the use of automated machines and equipment, and the broadening of the use of electronics products and technologies. However, the risk of operational failure under extreme weather conditions limits the market growth. On the other hand, a significant increase in the demand for electric and hybrid vehicles offers lucrative opportunities for the major players in the sector.
Report Coverage & Details:
|Market Size in 2019||$16.49 billion|
|Market Size in 2027||$42.19 billion|
|No. of Pages in Report||226|
|Segments covered||Product Type, Application, and Region.|
|Drivers||Rapid developments and innovations in automotive sector. Increasing trend of working through automated machines and equipment.|
|Opportunities||High demand for electric and hybrid vehicles.|
|Restraints||Operational failure in extreme climatic conditions.|
The 32-bit microcontroller segment to lead the trail by 2027
On the basis of product type, the 32-bit microcontroller segment held the major market share in 2019, contributing to more than two-fifths of the global microcontroller market revenue, and is expected to lead the trail by 2027. The same segment would also showcase the fastest CAGR of 12.5% from 2020 to 2027. The segment is experiencing a surge in growth due to the increasing prevalence of automated machinery and equipment, as well as the increasing demand for automobiles and smartphones.
The automotive segment to maintain its lead position during the forecast timeframe
By application, the automotive segment dominated the highest market share in 2019, holding one-fourth of the global microcontroller industry revenue, and is expected to maintain its lead position during the forecast timeframe. The same segment is anticipated to register the fastest CAGR of 14.2% from 2020 to 2027. The growth is attributed to the increasing number of microcontrollers used in the automotive electronics system and the electronic control units.
Asia-Pacific garnered the highest market share in 2027
By region, Asia-Pacific garnered the major market share in 2019, acquiring more than two-fifths of the global microcontroller market revenue, and is likely to dominate the market during the forecast period. The same region would also portray the fastest CAGR of 13.4% from 2020 to 2027. This is due to the high penetration of the Internet of Things (IoT) in several smart cities across the province.
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Industry Leading Players:
- NXP Semiconductor
- STMicroelectronics N.V.
- Renesas Electronics Corporation
- Infineon Technologies AG
- Analog Devices, Inc.
- Texas Instruments Incorporated
- Panasonic Corporation
- Zilog, Inc.
- Microchip Technology Inc.
The report provides an overview of the leading players in the global microcontroller market. They have adopted a variety of tactics to expand their presence in the market, such as product launches, mergers & acquisitions, novel technological advancements, and agreements. The report offers an explicit analysis of the business performance of each market player, the operating segments they are active in, the product portfolio they have developed, and the trends they confront.
Key Benefits for Stakeholders:
- This study comprises analytical depiction of the global microcontroller market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall microcontroller market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and microcontroller market opportunities with a detailed impact analysis.
- The current microcontroller market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the microcontroller market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Microcontroller Market Key Segments:
- Consumer Electronics
- Medical Devices
- Military & Defense
By Product Type
- 8-Bit Microcontroller
- 16-Bit Microcontroller
- 32-Bit Microcontroller
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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