Global Microcontroller Market is valued at approximately USD 16.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 11.5% over the forecast period 2020-2027.
A microcontroller is a compact integrated circuit intended to manage a certain operation in an embedded system. Microprocessors consist of memory, processor, and input/output peripheral. They are usually fitted in mechanically controlled products and several electronic devices, such as home appliances, office machinery, remote controls, toys, power tools, and other embedded systems. The technology used in the microcontroller certifies an efficient management of electronic devices and precludes error incident activities. As a result, a microcontroller is likely to gain immense popularity among several industry verticals, including communication, automotive, retail, and many more. Moreover, the increasing adoption of IoT devices in developed & developing countries, along with the rise in usage of microcontrollers in the automotive and retail industry are few other factors responsible for the market growth over the forecast period. For instance, as per the Safe At Last Inc., a non-profit organization, it is estimated that the total installed base of Internet of Things (IoT) connected devices is projected to grow to around 75 billion worldwide by 2025, a fivefold increase since 2015 (15.41 billion). This, in turn, is expected to accelerate the demand for Microcontroller around the world. Moreover, the recent outbreak of COVID-19 around the world has adversely affected the electronics industry as the manufacturing operations are temporarily suspended due to the lockdown imposed by the government to prevent novel coronavirus, which has led to the unavailability of adequate raw material and causes a slowdown in the production. This is likely to lead to a shortage in demand for microcontrollers, and thus, inhibiting the market growth at least in the recent year. However, the high manufacturing cost and unfavorable macroeconomic conditions are the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Microcontroller market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing penetration of smartphones, tablets, and other consumer electronics, along with the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rapidly growing demand for medical devices, along with the rise in penetration of IoT devices in automotive would create lucrative growth prospects for the Microcontroller market across the Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
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