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Microcontroller Market Size Growing at 8.4% CAGR: Making Revenue of $15.67 billion - Industry Forecast by 2026
Microcontrollers
The increase in demand of multifunctional devices, growth in number of luxury cars with advanced electronic systems, and advancement in technological devices with touch screens and virtual reality have propelled the growth of the microcontroller market.
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In 2015, 8-bit microcontroller held over 35% market share the largest in terms of revenue. It is frequently used in electronic devices such as remote controls, switches, toys, and in sensors for data such as temperature. However, 32-bit microcontroller is anticipated to grow at a faster CAGR of 8.6% during the forecast period.
By application, the automotive segment held over 31% revenue share and dominated the microcontroller market in 2015. This was attributed to the surge in demand for automotive devices and the rise in the living standards and disposable income of individuals.
By geography, Asia-Pacific dominated the global microcontroller market with over 39% share in overall revenue; followed by Europe, North America, and LAMEA. Furthermore, it is anticipated to grow at the highest CAGR of 8.6% during the forecast period.
The increase in number of applications that incorporate microcontrollers. Moreover, rise of artificial intelligence, increase in automation, and other technological developments indicate that this market awaits immense growth opportunities.
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The major players profiled in the report include Renesas Electronic Corporation, Microchip Technology Inc., NXP Semiconductor N.V., Texas Instrument Incorporated, STMicroelectronics, Infineon Technologies AG, Fujitsu Semiconductor Limited, Cypress Semiconductor Corporation, ARM Ltd., and Panasonic Corporation.
Article Source: https://www.alliedmarketresearch.com/microcontrollers-market
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