Press release
Automotive Microcontrollers Market Growth & Analysis 2024 Global Key Players are Texas Instruments, STMicroelectronics, Infineon Technologies AG, ON Semiconductor, Maxim Integrated Products, Renesas Electronics, NXP Semiconductors, and Toshiba.
Automotive Microcontrollers Market
Wide range of applications are served by the advanced semiconductors thereby boosting the automotive microcontrollers industry size. The major applications include collision warning, telematics, navigation, engine control, tire pressure warning, ADAS, and many others. Growth of autonomous vehicles will support the growth of automotive microcontrollers market.
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Online navigation and hands free mobile services are becoming standardized in new generation vehicles. The auto makers are moving ahead with developments in connected cars to increase the safety of drivers. New offerings in the vehicle include telematics, voice assistance, and automatic calls for emergency services that will be supported by 4G and 5G networks. For instance, BMW automobiles connect to smart home app thereby enabling drivers to manipulate their home’s lighting and heating systems, while they are on the streets. Increased connectivity will boost the automotive microcontrollers industry size by 2024.
Technological advancements will enhance the automotive microcontroller market in the forecast time line. For instance, in August 2017, LG Innotek developed V2X full module that can be used in autonomous vehicles and connected cars. Due to its minimum size and excellent durability the device can be equipped in any part of the vehicle. With this technology auto makers now, need not separately install different parts and undergo multiple tests which results in improved communication ability of the connected cars as well as product reliability.
Vehicle manufacturers will purchase the electronic components frequently in the near future to install in the connected cars, electric vehicles, and autonomous cars and will gain momentum with additional features. Integrated units like multiple MCUs along with sensors and MEMS will ensure redundancy and increase reliability. The industry has growth opportunities in the forecast time frame.
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New generation vehicles are equipped with number of electronic components for serving safety and security features such as airbags, anti-lock braking systems, and advanced driver assistance system. Safety and security application is expected to exhibit highest CAGR over the next ten years owing to increasing legal mandates.
Asia Pacific dominated the overall industry share in 2016 and is expected to continue with the same trend. This growth is attributed to rapid vehicle electrification in the Chinese market in two-wheeler as well as four-wheeler segments. Upcoming new and stringent regulations will support the automotive microcontroller market growth in the region.
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Automotive microcontrollers market players include Texas Instruments, STMicroelectronics, Infineon Technologies AG, ON Semiconductor Corp., Maxim Integrated Products, Renesas Electronics Corp., NXP Semiconductors N.V., and Toshiba Corp. Manufacturers are involved in developing long term relationship with the auto makers to increase its sales and sustain in the competition.
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