The global microcontroller (MCU) market size is expected to surpass around US$ 48.11 billion by 2027 with a CAGR of 10.6% during the forecast period 2020 to 2027.
OTTAWA, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The global microcontroller (MCU) market was valued at US$ 21.49 billion in 2019, according to new study by Precedence Research. Read more information@ https://www.precedenceresearch.com/microcontroller-mcu-market
Microcontroller is a type of processor on a single Integrated Circuit (IC) that contains processor, memory, and input/output peripheral. They are installed in automatically controlled electronic devices and products that include office machinery, remote controls, toys, power tools, home appliances, and other embedded systems. Technology used in the microcontroller ensures smooth management of electronic devices as well as prevents error occurrence activities. As a result of above mentioned benefits, microcontrollers expected to gain significant popularity among automotive, retail, communication, and other industries.
Factors such as rapid innovations and developments in the automotive sector due to increasing adoption of internet of things (IoT) are responsible for the recent developments in the industry. In addition, rise in trend of automation in equipment and machinery parts spur the scope of electronic products along with technology upgradation that prominently propels the demand for the development of new solutions and products.
Various industry verticals such as smartphones, automobiles, and healthcare encourage the market growth for microcontroller by incorporating touch-sensing capabilities in the design. Several microcontroller manufacturers invest significant amount of share in the product enhancement and development.
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On the contrary, major factors hampering the market growth are operational failure of MCUs in extreme climatic conditions such as extreme cold and extreme heat. In such conditions, the consumer requires a shift to mechanical devices. Nonetheless, rising demand for hybrid and electric vehicles expected to spur the future along with the untapped geographical regions that offers numerous opportunities for microcontroller market to excel worldwide.
In 2019, North America encountered the largest market share, accounting to more than 35% of the overall market value due to rising penetration of IoT ecosystems in corporate places and homes
Europe is the other most prominent revenue contributor to the global microcontroller market because of significant presence of automotive and its parts manufacturers
The Asia Pacific exhibits the fastest growth over the analysis period owing to presence of significant consumer base for consumer electronic devices and automotive applications
Based on product, the 16-bit MCU segment led the overall market in terms of value in the year 2019
The 32-bit MCU segment anticipated to register the highest growth rate during the forecast period owing to their higher processing power compared to their counterparts as well as it consumes less amount of power
The automotive application emerged as a global leader owing to the introduction of Advanced Driver Assistance System (ADAS) and Adaptive Cruise Control (ACC)
Consumer electronics application segment projected to exhibit the fastest growth over the forecast period attributed to the miniaturization of consumer electronic devices
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North America is the front-runner in the global microcontroller market with more than 35% market value in the year 2019. Advent of Internet of Things (IoT) in the region along with its rising implementation in the smart wearables, smart electricity gadgets, medical devices, and sensors expected to be the major contributor towards the significant growth of the region. Furthermore, increasing popularity of electric & hybrid vehicles coupled with government support for adoption of these vehicles anticipated to propel the market growth of MCUs in the region.
On the other hand, the Asia Pacific region projected to gain significant revenue during the forecast period. This is majorly attributed to the proliferation of start-up business ventures that provide essential microcontroller services, in the emerging countries such as India and China along with innovative add-on products and services such as GPS navigation, insurance, and entertainment systems. Furthermore, shifting consumer preference towards smart and innovative electronic products predicted to further drive the market growth.
Key Players & Strategies
The global microcontroller (MCU) market is nearly consolidated, as the major five players in the market captured half of the total revenue in the year 2019. Brand recognition, customer loyalty and pricing strategy plays an important role in driving the market share of these leading players in the global market.
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Furthermore, the industry participants are aggressively engaged in the collaboration and partnership activities for the development of advanced and innovative products. For instance, in December 2018, Silicon Storage Technology (SST), a wholly owned subsidiary of Microchip Corp., signed a partnership agreement with SK hynix system ic. With this partnership, the companies aimed for the development of cost-effective and low-power embedded flash memory solution for the customers.
Some of the key players operating in the market are Fujitsu Semiconductor Limited, Cypress Semiconductor Corporation, Infineon Technologies AG, NXP Semiconductors, Microchip Technology Inc., Renesas Electronics Corporation, TE Connectivity Ltd., STMicroelectronics, Texas Instruments Incorporated, Yamaichi Electronics Co., Ltd., Toshiba Electronic Devices & Storage Corporation, and Zilog, Inc. among others.
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