ROCKVILLE, Md., March 07, 2022 (GLOBE NEWSWIRE) -- A recently published report by Fact.MR expects the global market for microcontrollers to reach US$ 20 Bn by 2021-end. In the long-run, from 2021 to 2031, sales are expected to take a turn for the better, reaching US$ 74.14 Bn, clocking a CAGR worth 14%. Vehicle networking, interactive safety systems, self-driving cars, and digitalization of automobile has resulted in significant demand for microcontrollers.
From 2016 to 2020, the market experienced a robust CAGR worth 11.1%. As the COVID-19 pandemic unfurled, prospects contracted significantly in the automotive industry, given the fall in global output in the first half. However, uptake remained high across the medical industry, with healthcare providers leveraging advanced technological solutions to streamline workflows.
Future growth prospects are majorly reliant on extensive uptake in the automotive industry. With global automobile ownership expected to surge, consumers are focusing on purchasing luxury conventional and hybrid-electric vehicles with enhanced powertrains. Furthermore, automotive systems aimed at reducing carbon emissions are also gaining prominence, thus widening deployment of appropriate microcontrollers.
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Key Takeaways from the Market Study
- North America to be the fastest growing market, registering a CAGR of 9.5%
- Over the forecast period, the European market is expected to grow at a CAGR of 5%.
- Asia to be a promising market, clocking a CAGR worth 6% through 2031
- 16-bit microcontrollers to possess the largest market share, capturing 49% revenue
- Automotive sector to remain primary application area, yielding over 30% revenue
“Microcontroller industries are reinforcing their commitment towards sustainability, prompting them to undertake internal renovation activities, impelling deployment of insulating and energy saving microcontrollers,” says a Fact.MR analyst.
Key Segments Covered
Product Type
- 8-bit Microcontroller
- 16-bit Microcontroller
- 32-bit Microcontroller
Application
- Automotive Microcontroller
- Consumer Electronics Microcontroller
- Industrial Microcontroller
- Medical Devices Microcontroller
- Military & Defense Microcontroller
How are Increasing Hybrid Electric Vehicle Sales Encouraging Demand for Microcontrollers in North America?
According to Fact.MR, the market for microcontrollers is anticipated to surge at a robust 9.5% CAGR until 2031. Growing popularity of electric, hybrid, and self-driving vehicles is the primary reasons for enhanced market growth across the continent.
The U.S Department of Energy estimates that the fleet of hybrid electric vehicles in the U.S, is the 2nd largest, with 5.8 million units sold as of December 2020. As of Q1 2021, sales of electrified vehicles surged 81%, with combined sales of EVs, hybrid and plug-in hybrids surpassing 300,000.
With this ever-increasing scope, manufacturers are introducing the most advanced and well-equipped microcontroller units. For instance, Cypress Semiconductors offers the TraveoTM 32-bit Arm Automotive Microcontrollers for ensuring cutting-edge performance, safety and security features.
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Competitive Landscape
Prominent manufacturers are focused on introducing new product lines, with added new and diverse features. Furthermore, strategies such as collaborations and acquisitions are also sought after. Notable developments in the industry are as follows:
- In October 2020, Infineon Technologies launched the TraveoTM II Body microcontroller family for next-generation vehicle electronic systems. The product line aims to address a broad variety of automotive applications, including body control modules, door, window, sunroof and seat control units
- In January of 2021, Microchip Technology introduced AVR® microcontrollers (MCUs). They are a good choice for a range of embedded system designs because they provide unrivaled performance, power efficiency, and adaptability. Because of their highly adjustable peripherals and the industry's most code-efficient architecture, they can bring numerous functions to a single chip with minimal programming.
Key Companies Profiled:
- Texas Instruments Incorporated
- Fujitsu Semiconductor Limited
- Cypress Semiconductor Corporation
- Infineon Technologies AG
- Microchip Technology Inc.
- NXP Semiconductors
- Renesas Electronics Corporation
- STMicroelectronics
- TE Connectivity Ltd.
- Yamaichi Electronics Co. Ltd.
- Zilog Inc.
Key Points Covered in Microcontroller Industry Analysis
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Conditions
- COVID-19 Impact on Microcontroller Market and How to Navigate
- Recommendation on Key Winning Strategies
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Category-wise Insights
In terms of sales, the automotive segment is projected to dominate the market, accounting for 30.5% revenue until 2031. This high share is due to increased demand for MCUs for greater automotive safety features, convenience functions and entertainment systems. Because of the Advanced Driver Assistance System (ADAS), this application sector is also predicted to increase significantly.
Image sensors are used in ADAS technology to increase driver safety by providing features like lane departure warnings, parking assistance, and collision avoidance systems. Stringent regulatory standards aimed at increasing road safety for drivers and pedestrians are projected to fuel growth even further.
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