Global Microcontroller Market, By Product (8-bit, 16-bit, 32-bit), By Application (Consumer Electronics, Automotive, Aerospace & Defense, Industrial, Healthcare, and Others) opportunities and forecast 2020-2027
Microcontroller Market Overview
The global Microcontroller market is expected to grow at a moderate rate during the forecast period. Factors such as increasing awareness of smart energy management and growing demand from the healthcare sector across the globe are contributing to the growth of this market across the globe. Moreover, the vast application of microcontrollers in various industries such as automotive, telecommunication, healthcare, and consumer electronics are also contributing to the growth of this market across the globe. However, declining prices of microcontrollers in recent years are likely to restrain the market growth.
Covid-19 Impact on Microcontroller Market:
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industry. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the growth of the overall sector. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Microcontroller Market Segment Overview
Based on Product, the market is segmented into 8-bit, 16-bit, 32-bit. The 32-bit segment dominated the global market in 2020 however and is also expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed due to its portability and low power consumption features.
Based on Application, the global microcontroller market is segmented into consumer electronics, automotive, aerospace & defense, industrial, healthcare, and others. The automotive segment dominated the global market in 2020 and segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing trend toward the adoption of electric vehicles across the globe.
Market Analysis, Insights, and Forecast – By Product
· 8-bit · 16-bit · 32-bit
Market Analysis, Insights and Forecast – By Application
By region, the global microcontroller market trends are analyzed across North America (US & Canada), Europe (UK, Germany, France, Italy, Spain, & Rest of Europe), Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA). Region-wise, North America dominated the global Microcontroller market due to the presence of a large consumer base for tablets, smartphones, and other consumer electronics in the region. Moreover, Huge investment is anticipated in the region. On the other hand, however, the European market is anticipated to foresee significant growth in the deployment of advanced products and the presence of major automotive and equipment manufacturers across the country.
Microcontroller Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)