According to the recent study the microcontroller market is projected to reach an estimated $40.6 billion by 2028 from $25.7 billion in 2023, at a CAGR of 9.6% from 2023 to 2028. Growth in this market is primarily driven by growing adoption of smart meters in smart grid systems and ongoing technological advancements in the automotive sectors, along with increasing demand for electronic in medical devices to measure blood pressure and sugar levels.
A more than 150 – page report is developed to understand trends, opportunities and forecast in microcontroller market by product (8-Bit, 16-Bit, and 32-Bit), application (automotive, consumer electronics, industrial, medical devices, network & communications, aerospace & defense, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
“32-Bit market is expected to remain the largest segment during the forecast period.”
Based on product, the microcontroller market is segmented into 8-Bit, 16-Bit, and 32-Bit. Lucintel forecasts that the 32-Bit market is expected to remain the largest segment because it is widely used in various applications, such as aerospace, robotics, and automotive industries, which require great dependability, accuracy, and scalability.
“Within the microcontroller market, the automotive segment is expected to remain the largest application”
Based on application the automotive segment is expected to witness the highest growth over the forecast period due to increasing demand for electric vehicles, connected cars, and automated driving technologies across the globe.
“North America will dominate the microcontroller market in near future”
North America will remain the largest region over the forecast period due to increasing demand for smart wearables, smart electricity gadgets, medical devices, sensors, and other IoT enabled devices in the region.
Major players of microcontroller market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Fujitsu Semiconductor, Cypress Semiconductor, Infineon Technologies, NXP Semiconductors, Microchip Technology, Renesas Electronics, TE Connectivity, Texas Instruments, and STMicroelectronics are among the major microcontroller providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]