January 10, 2022
According to the research report titled ‘Global Microcontroller Market (Value, Volume) : Analysis By Product Type (8-Bit, 16-Bit, 32-Bit) , Application, By Region, By Country (2020 Edition) : Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global microcontroller market was worth USD 17.9 billion in the year 2019 and is projected to grow substantially during the forecast period 2020-2025.
Rising demand for consumer electronics, increasing penetration of electronics in the automotive industry, and increasing automation in manufacturing are primary factors propelling the global microcontroller market growth.
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Notably, smartphones, televisions, tablets, home appliances, gaming consoles, smart meters, and security systems are all part a growing web of linked gadgets. With the demand for these electronics witnessing an upward trend, the manufacturing of IoT microcontroller units is increasing at a rapid pace.
Talking about COVID-19 impact, the industry witnessed a major setback as majority of projects in China, the United States, Germany, and South Korea was delayed. Moreover, enterprises have been experiencing operational challenges due to supply chain constraints and site access restrictions.
Based on product type, worldwide microcontroller market is split into 8-Bit, 16-Bit, and 32-Bit. Moving on to application, the market is segmented into industrial, automotive, consumer electronics, and others. From a regional perspective, the industry size spans across Americas (U.S., Brazil), Europe (Germany, UK, France), and Asia Pacific (Japan, India, South Korea, China).
Experts cite that higher concentration of OEMs and ODMs across industries such as consumer electronics, automotive, healthcare, industrial, and others in the APAC are enabling the region to emerge as major growth avenue.
With respect to competitive aspect, STMicroelectronics, Maxim Integrated, Infineon Technologies AG, Texas Instruments Inc., Silicon Laboratories Inc., Rohm Co. Ltd., ON Semiconductor Corp., Microchip Technology Inc., Renesas Electronics Corp., NXP Semiconductors N.V. are among the major competitors influencing the market trends.