Microcontroller Market Size Worth $36.16 Billion By 2028 | CAGR 10.1%: Grand View Research, Inc.
SAN FRANCISCO, April 15, 2021 /PRNewswire/ -- The global microcontroller market size is predicted to attain USD 36.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.1% from 2021 to 2028. Globally, more than 28 billion units of microcontrollers were shipped in 2020. The market growth is attributable to the increasing focus on automation and artificial intelligence across various verticals such as automotive and industrial. Increasing demand for embedded control systems in multifunctional devices such as vehicles, robots, medical devices, mobile radio, residential appliances, among others, is also playing a principal role in the growth of the market.
Key suggestions from the report:
- The 32-bit microcontroller is anticipated to emerge as the fastest-growing product segment over the forecast period, owing to its ability to offer high computational power. Technological developments in the production of semi-autonomous and fully autonomous driving systems also require 32-bit microcontrollers, thus driving the growth of the product segment
- The automotive application segment dominated the global market in 2020 and is estimated to witness a CAGR exceeding 11% from 2021 to 2028. Increasing consumer demand for enhanced safety features, convenience functions, and entertainment systems, along with government regulations on emission control are driving the segment growth
- North America is expected to maintain its dominance over the forecast period. The use of microcontrollers for smart energy management and photovoltaic systems is expected to be the significant factor contributing to the regional growth
- Asia Pacific is anticipated to witness substantial growth over the forecast period, owing to the rapidly growing consumer electronics sectors, as well as the presence of major market players in the region such as Yamaichi Electronics Co., Ltd and Fujitsu Semiconductor Limited
- Factors such as the Brexit and U.S.-China trade war have led to declining market conditions. New American tariffs on Chinese goods and a slowdown in the Chinese economy are the major factors affecting the steady growth of the market
- Key market players include Infineon Technologies AG; Microchip Technology Inc.; NXP Semiconductor; Renesas Electronics Corporation; STMicroelectronics; and Texas Instruments Incorporated
Read 120 page research report with ToC on "Microcontroller Market Size, Share & Trends Analysis Report By Product (8-bit, 16-bit, 32-bit), By Application (Automotive, Consumer Electronics & Telecommunication, Medical Devices), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/microcontroller-market