The new Microcontroller Market Research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Microcontroller Market 2020-2024 (Graphic: Business Wire)
“One of the primary growth drivers for this market is the increasing use of microcontrollers in automobiles,” says a senior analyst for Information Technology industry at Technavio. “Microcontrollers are highly used in automobiles as they reduce fuel consumption and enable efficient functioning by managing ECU diagnostics and powertrain functions. Microcontrollers and MPUs enhance the customer experience in automobiles by efficiently controlling the function of advanced features of cars such as heads-up display, studio-quality sound systems, movie systems, seamless connectivity solutions, and advanced driver assistance systems (ADAS). Moreover, microcontrollers are increasingly used for controlling various ECU functions in automobiles such as controlling power windows, safety systems, seats, taillights, headlights, steering, and braking systems. As a result, the increasing use of microcontrollers in automobiles will drive the market. As the markets recover Technavio expects the microcontroller market size to grow by USD 5.95 billion during the period 2020-2024.
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Microcontroller Segment Highlights for 2020
- The microcontroller market is expected to post a year-over-year growth rate of 2.39%.
- 32-bit microcontrollers dominated the market in 2019.
- 32-bit microcontrollers provide additional functions at low costs. Hence, they are being increasingly adopted in applications requiring wireless system monitoring, controlling, and sensor capabilities.
- Vendors are increasingly launching new microcontroller products to cater to the demand. As a result, the microcontroller market share growth by the 32-bit microcontrollers segment will be significant during the forecast period.
- 63% of the growth will originate from the APAC region.
- Factors such as the higher concentration of OEMs and ODMs across industries, including consumer electronics, automotive, healthcare, industrial, and others in APAC will significantly drive microcontroller market growth in this region over the forecast period.
- China, South Korea (Republic of Korea), and Japan are the key markets for microcontrollers in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The microcontroller market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The microcontroller market is segmented by product (32-bit microcontrollers, 8-bit microcontrollers, and 16-bit microcontrollers), application (automotive, consumer devices, industrial, and other applications), and geography (APAC, Europe, North America, South America, and MEA).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Analog Devices Inc., Cypress Semiconductor Corp., Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors NV, Panasonic Corp., Renesas Electronics Corp., Samsung Electronics Co. Ltd., STMicroelectronics NV, and Texas Instruments Inc.
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