The global automotive microcontrollers market is expected to post a CAGR close to 1% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global automotive microcontrollers market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in electronic content in vehicles owing to stringent regulations targeted at controlling emissions. The emission of harmful greenhouse gases has been increasing at an alarming rate in most countries. Therefore, regulatory standards pertaining to fuel efficiency have led to a surge in electronic content in modern vehicles. The basic objective of regulators is to reduce fuel consumption by increasing the efficiency of modern vehicles and through the adoption of an alternative medium, such as electricity. Hence, the focus on electrification will be more beneficial for automotive OEMs compared with spending considerably on compliance with stringent fuel economy standards, thereby driving market growth. Many governments worldwide have shifted their focus toward the adoption of cleaner technology. Battery- powered electric vehicles are more efficient and do not emit harmful gases as is the case with internal combustion engine powered vehicles. All these factors are expected to boost market growth over the forecast period.
As per Technavio, the development of new flash technology in automotive microcontrollers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive microcontrollers market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Microcontrollers Market: Development of New Flash Technology in Automotive Microcontrollers
The automotive industry is witnessing growing adoption of advanced electronic systems that require automotive microcontrollers with higher capacities and performance. Hence, vendors operating in the market are developing automotive microcontrollers adhering to the growing requirements. Also, the developments in autonomous vehicles and electric vehicles are expected to boost the adoption of microcontrollers with large embedded flash memory capacities. In addition, OTA technology is gaining significant popularity in the automotive industry, as the demand for keeping the entire vehicle updated is increasing. OTA plays a crucial role in maintaining the safety and security of the vehicle. The growing adoption of OTA technology is crucial for the adoption of microcontrollers with larger flash memory capacities. Therefore, the demand for high-performance microcontrollers is expected to increase in tandem with the automotive industry.
“Apart from the development of new flash technology, the development of safer and real-time micro-controllers for next-generation automotive vehicle architecture and the incorporation of hardware security into automotive microcontrollers are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Automotive Microcontrollers Market: Segmentation Analysis
This market research report segments the global automotive microcontrollers market by capacity (32-bit microcontroller, 16-bit microcontroller, 8-bit microcontroller) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. However, during the forecast period, the South American region is expected to register the highest incremental growth due to the economic recovery in the region.
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