Microcontroller Market is Projected to reach from USD 17.8 billion to USD 35.2 billion in 2029 and will grow at a CAGR of 8.9% | Size, Share & Industry Analysis

Microcontroller Market

Microcontroller Market Was Projected USD 17.8 billion in 2021 and registering a CAGR of 8.9% during the forecast period and anticipated to reach USD 35.2 billion in 2029.

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The factors driving the growth of Microcontroller Market includes increasing demand for Advanced Driving Assistance Systems (ADAS), rising awareness about smart energy management, expansion of smart grid networks around the world and growing popularity of Electric Vehicles (EV). According to the report published by Bloomberg, the Global Advanced Driver Assistance System (ADAS) Market was estimated around USD 27.2 billion in 2021 and is expected to reach USD 74.9 billion by 2030, growing at a CAGR of 11.9% over the forecast period, which will accelerate the Microcontroller Market size in coming years. Moreover, commercialization of 5G technology, technological advancements in microcontrollers, increasing application of microcontrollers in smart wearables, sensors, medical devices and rise in the number of smart cities across the globe, are some of the additional factors supplementing the Microcontroller Market share. In addition, the increasing investments by major companies on research and development, strategic partnerships between key players, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

However, growth of the Microcontroller Market is hindered because microcontrollers can't access multi-tasking devices.

The leading players operating in the market are Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors, Cypress Semiconductor Corporation, FUJITSU SEMICONDUCTOR LIMITED, Texas Instruments Incorporated, Toshiba Electronics Devices & Storage Corporation,Renesas Electronics Corporation, STMicroelectronics and TE Connectivity Ltd., among others.

Based on Type, the 16-bit microcontroller segment is predicted to grow at a robust CAGR during the forecast period

16-bit microcontroller manage big quantity of data and calculations at once, consumes less and power and possess faster clock speed as compared to 8-bit microcontroller, are some of the features responsible for the segment's growth.

Based on Application, the Automotive segment is projected to expand at a faster CAGR over the forecast period

As per the Microcontroller Market Industry Analysis, increasing application of microcontrollers in convenience features and entertainment systems, in the automobile, is propelling growth of the segment.

Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period

Rising penetration of consumer electronic devices, growing demand for premium automobiles, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the Microcontroller Market share in the North American region.

Key Development

In 2020, Renesas Electronics Corporation partnered with ALTRAN, an engineering and R&D service provider to develop a social distancing-based wristwatch on Ultra-Wideband technology.

Market Segmentation

Segmentation by Type

8-bit microcontroller
16-bit microcontroller
32-bit microcontroller

. Segmentation by Application

Automotive
Consumer Electronics & Telecommunication
Industrial
Medical Devices
Military & Defence

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.