Microcontrollers will garner multiplying demand on the back of versatile applications in various end-use industries. The global microcontroller market is set to grow at a double digit growth rate of 10% over the forecast period (2019-2029).
Growth can be attributed to increasing applications of automation in consumer electronics, automotive, military & defense, and industrial processes. Organizations and consumers alike are experiencing a shift of technology from handheld devices to smart devices that solve problems without human interaction. On the back of these factors market players will witness an exponential increase in demand between 2019 and 2029.
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Key Takeaways of Microcontroller Market Study
- 16-bit microcontroller is projected to exhibit market dominance with more than half of the total market share. The product type segment is set to grow more than 2x by the end of the assessment period.
- 32-bit microcontroller will record the highest growth with over 15% CAGR during the forecast period.
- Automotive applications are set to garner maximum microcontroller demand with over 1/3rd of total market share. The automotive segment will grow 2.5X by the end of forecast period.
- Medical devices offer remunerative opportunities with the highest double digit CAGR of more than 12% through the forecast period.
- North America is set to lead global sales with over 1/3rd market share and a robust CAGR of 9.5% through 2029.
- Middle East & Africa will present lucrative revenue prospects with the highest double digit regional growth rate of over 13% from 2019 to 2029.
- Southeast Asia & Oceania will grow more than 3X by the end of the forecast period
“Microcontroller applications are key growth factors for market players. Hence, manufactures stand to gain sustainable growth opportunities by investing in research and development of innovative applications for various end-use industries such as infrastructure management, and consumer electronics. “-Says the Fact.MR Analyst
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Consumer Electronics Present Future Growth Opportunities
Consumer electronics are expected to present lucrative growth opportunities on the back of growing consumer traction for smart devices. The increasing number of millennial consumers and their disposable income will propel sales of smart devices, homes, and machines.
This will positively impact the demand for microcontrollers during the forecast period. Manufacturers can hence leverage these consumer trends and ensure future growth during the forecast period. In a largely consolidated market, innovation in end-use applications will help differentiate product offerings and ensure continued success.
Find More Valuable Insights on Microcontroller Market
Fact.MR, in its new offering, provides an in-depth analysis of the global microcontroller market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the microcontroller market on the basis of product type (8-bit, 16-bit, and 32-bit), application (automotive, consumer electronics, industrial, medical devices, and military & defense), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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