Microcontroller Market Predicted to Grow Prominently by 2031 Owing to the Increasing Demand for Automotive and Consumer Electronics Worldwide

The global microcontroller market is expected to observe significant growth by 2031, due to the rising demand for automotive and consumer electronics. The Asia-Pacific region held the maximum market share in 2021.

As per the report published by Research Dive, the global microcontroller market is anticipated to generate a revenue of $56.3 billion and rise at a Stunning CGAR of 11.7% over the estimated period from 2022 to 2031.

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Dynamics of the Market

The increasing use of microcontrollers across automotive and consumer electronics to provide better functionality and user interactions is expected to bolster the growth of the microcontroller market during the analysis timeframe. Besides, the growing demand for energy-efficient microcontrollers due to the growing concerns about energy use and environmental sustainability is expected to augment the growth of the market over the forecast period. However, the limited processing power and memory of microcontrollers than other computing devices may hinder the growth of the market throughout the estimated period.

The rising utilization of microcontrollers in the medical sector for producing a wide range of medical devices and equipment such as blood glucose monitors, pacemakers, and ventilators is expected to create immense growth opportunities for the market over the analysis period.

COVID-19 Impact on the Global Microcontroller Market

The rise of the novel coronavirus has devastated several industries, including the microcontroller market. Initially, the market experienced a dip due to the closure of manufacturing units and shipment delays because of the stringent government regulations during the pandemic. However, the increasing advancement in digital and remote technologies such as IoT and smart home appliances has increased the need for microcontrollers in various gadgets such as laptops, smartphones, tablets, and many more. In addition, the growing demand for microcontrollers for the operation of several medical devices such as ventilators and infusion pumps has increased the growth of the market over the crisis.

Segments of the Microcontroller Market

The report has divided the microcontroller market into bit class, application, and region.

Based on bit class, the 32-bit sub-segment is expected to grow at the highest CAGR by 2031. The increasing usage of 32-bit microcontrollers across businesses because of their numerous benefits such as higher processing capability, lower power consumption, and greater levels of integration, is expected to foster the growth of the market sub-segment over the analysis period.

Based on application, the automotive sub-segment held the largest market share in 2021. The rising use of microcontrollers in the automotive industry to improve vehicle performance, provide advanced features, and enhance safety features is expected to propel the growth of the market sub-segment during the forecast period.

Based on region, the Asia-Pacific microcontroller market held the dominant market share in 2021. The strong existence of the largest producers of consumer electronics, well-established manufacturing infrastructure, and supply chain enabling the mass production of microcontrollers at cost-effective levels is expected to drive the regional growth of the market over the estimated period.

Key Players of the Global Microcontroller Market

The major players of the market include Microchip Technology Inc., Microchip Technology Inc., Infineon Technologies AG, Texas Instruments, STMicroelectronics, GigaDevice, Renesas Electronics Corporation, SAMSUNG, NXP Semiconductors, Silicon Laboratories, and many more. These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to gain a leading position in the global industry.

For instance, in July 2022, NXP Semiconductors, a Dutch-based leading semiconductor designing, and manufacturing company announced its collaboration with Hon Hai Technology Group, the largest electronics manufacturer and technology solution provider. With this collaboration, NXP aimed to leverage its system expertise and comprehensive electrification portfolio with its S32 microcontrollers.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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This release was published on openPR.