The microcontroller market size is expected to reach $26.4 billion by 2022, growing at a CAGR of 6.9% between 2018-2022. Rapidly growing automotive industry, smartphone proliferation coupled with technological advancements, rising disposable incomes and greater exposure towards digital world are key driving factors fueling the demand for microcontrollers over the forecast period.
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In terms of type, the microcontroller market is segmented into 4/8-bit microcontroller, 16-bit microcontroller and 32-bit microcontroller. The 32-bit microcontroller segment accounted for the largest share, and is expected to witness the highest CAGR during the forecast period. 16-bit microcontrollers are expected to gain market share in the due course of time, while 4/8-bit microcontroller is expected to lose its market share by the end of 2022. The ongoing technological advancements including vehicle connectivity, interactive safety systems and finally self-driving cars will change the global scenario in the near future. The automobiles though mechanical to its soul, will go digital world over the forecast period, thus leveraging the characteristics of microcontroller. This will drive the demand for microcontrollers during the forecast period.
The growing awareness among tech savy consumers is leading to smartphone proliferation across the globe. The sales of smartphone are driven by the demand for low cost smartphones in the developing economies and inexpensive 4G smartphones in emerging markets worldwide. The global smartphone market is increasing at a significant rate, with numbers varying from market-to-market basis. This will propel the demand for microcontrollers in the coming years.
The Asia-Pacific microcontroller market is expected to reach $7.3 billion by 2022. This market is expected to register the highest growth during 2016-2022, in this region, attributed to rapidly growing automotive sales, increasing need for renewable energy and booming demand for high-end consumer electronic products. Rising adoption of microcontrollers across range of applications such as energy, consumer electronics and automotive is anticipated to propel the regional demand. Rising disposable income, launch of technologically advanced devices and slashing prices of consumer electronics devices are expected to further augment the market growth over the forecast period.
Some of the key companies operating in the global microcontroller market include Texas Instruments Incorporated, Microchip Technology Inc., Silicon Laboratories, Intel Corporation, Renesas Electronics Corporation, Maxim Integrated, Fairchild Semiconductor, STMicroelectronics, Analog Devices Inc. and Samsung Semiconductor.