Microcontroller (MCU) Market Size to Hit USD 58.20 Bn by 2030

The global microcontroller (MCU) market was accounted at USD 25.76 billion in 2021 and it is predicted to hit around USD 58.20 Billion by 2030 with a registered CAGR of 9.48% over the forecast period 2022 to 2030.

Growth Factors

The major growth in automotive, healthcare, consumer electronics industries is attributed to the upsurge in demand for Microcontrollers Units (MCUs). MCU are majorly utilized in devices which require high degree of control which is utilized by the users. The automotive market seeks an escalating demand of luxury vehicles that uses advanced microcontrollers in order to regulate numerous advanced features incorporated within the car, thereby boosting the microcontroller (MCU) market growth of automotive sector within the market.

Furthermore, a spike within the sales of electrical vehicles (EVs) especially within the developed regions expected to spice up the expansion of microcontrollers within the coming years. The expansion of EV is additionally supported by the governments of varied regions, because it remarkably helps in reducing the carbon footprint.

Future of Microcontroller Market

Factors like rapid developments and innovations within the automotive sector, due to high adoption of internet of things (IoT) are liable for recent developments within the automotive industry. Additionally increase in trend of working through automated machinery and equipment, technology upgradation and surge in scope of electronic products propels the market owing to the development of latest solutions and products. Various industry verticals like smartphones, automobiles, and healthcare helps the microcontroller market growth by including touch-sensing capabilities in their designs. Various microcontroller manufacturers are investing in setting and developments of applications to reinforce product accessibility. The demand for electric vehicle and hybrid vehicles is predicted to extend within the forthcoming time period and untapped countries are likely to supply several market opportunities for microcontroller market to grow globally.

Scope of The Report

Report Highlights:

• Based on application, the automotive segment has dominated the market in the year 2020. Furthermore, introduction to Adaptive control (ACC) and Advanced Driver Assistance System (ADAS) is likely to drive the automotive segment prominently over the forecast period. ADAS technology smears image sensors in order to enhance the driving force safety by providing features which comprise of collision avoidance systems lane departure warning, and parking assistance.
• Based on product, the 8-bit microcontroller technology is the dominating segment as it lowers the fabric costs and simplifies the merchandise design. In addition, the developers choose the controllers on the idea of their processing capability, degree of interfacing required and power consumption. However, the MCU of 8-bit was foretold in order to witness lower growth owing to its speed of processing which generally runs at MHz of 8and does not have substantial internal Random-Access Memory.
• North America dominated the market and has accounted to have more than one third of the general market share in the year 2020. Surge in penetration of Internet of Things (IoT) ecologies in corporate houses and places within the region that has led to significant rise in demand for smart gadgets of electricity, smart sensors, smart wearables, smart medical devices, and other smart devices enabled with IoT is projected to propel the market growth within the region during the forecast period.
• Europe is another prominent revenue contributor in the worldwide microcontroller market due to the substantial presence of automotive and the manufacturers of its parts. Moreover, substantial demand regarding luxury cars alongside the availability of producing plants of leading automobile players within the region propels the demand for MCUs within the region.

COVID-19 Impact Analysis:

• The COVID-19 has disrupted the supply chain of components and raw materials around the world. The pandemic has further resulted in declining sales in the semiconductor industry, which is majorly impacting the microcontroller market.
• The fall in the production of microcontroller and exports in countries like Germany, China, U.S., South Korea and Japan along with shortage of labor, has considerably diminished global market revenues in 2020.
• In the view of the Semiconductor Industry Association, the global sales of semiconductor dropped by 3.6% in the primary quarter of 2020 due to disturbance in international activities of trade owing to the COVID-19 pandemic.

Key Developments in the Marketplace:

• In the year 2018, a key player named Microchip’s subsidiary Silicon Storage Technology (SST) came in collaboration with SK Hynix system. Furthermore, the partnership has the motive of developing low-power and cost-effective flash memory solutions.

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