January 07, 2021
According to the research report titled ‘Global Automotive Microcontrollers Market Size study with COVID-19 impact, by Application (Advanced Driver Assistance System, Parking Assist System, Brake control system, Airbags, Functional Safety Technology, Transmission control and Others), by Materials (Tinned steel, Nickel-Cobalt Ferrous Alloy and Copper Alloy) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global automotive microcontrollers market accounted for USD 808 billion in 2019 and is likely to experience a CAGR of 6.9% during 2020-2027.
Rising installation of various small electronic components like remote-control systems and operating system in vehicles is fueling the growth of global automotive microcontrollers market.
According to the International Energy Agency (IEA) 2019, the global electric car deployment is witnessing rapid growth for past 10 years, with worldwide stock of electric passenger cars surpassing 5 million units in 2018, which was a rise of 63% from 2017. Soaring production and sales volume of electric vehicles, alongside improved environmental cognizance of the consumers are providing impetus to global automotive microcontrollers industry expansion.
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In addition, emphasis on reducing fuel consumption and lower emission levels are contributing to the industry growth. However, issues like operational failure in extreme weathers conditions is majorly hampering the market growth. Further, increasing prevalence of COVID-19 has plummeted the supply and demand of automotive parts in various regions such as China, Europe, and the United States, hence negatively impacting the global automotive microcontrollers market remuneration.
From a regional frame of reference, worldwide automotive microcontrollers market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to rise in vehicle modernization. Whereas, Asia-Pacific industry is anticipated to witness the highest CAGR over 2020-2027, owing to flourishing electric vehicle and automotive sector in the region.
Major players operating in global automotive microcontrollers market sphere include Texas Instruments Inc., Silicon Labs (acquired by Maxim Integrated Product), Intel Corporation, Dallas Semiconductor (acquired by Maxim Integrated Products), Microchip Technology Inc., STMicroelectronics N.V., Fujitsu Semiconductor Europe GmbH, Renesas Technology Corp., Zilog Inc., and Freescale Semiconductor Inc.