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Microcontroller Market to be dominated by Automotive Segment at a CAGR of 7.7%- Says Maximize Market Research
The 16-bit segment is expected to dominate the global microcontroller market during the forecast period due to the combination of its cost-effectiveness and balanced performance. For effective engine management and pollution control, the automotive industry incorporates 16-bit microcontrollers in Electronic Control Units (ECUs). 16-bit microcontrollers improve the accuracy and effectiveness of control systems in manufacturing processes, which also aids industrial automation. Leading companies like Texas Instruments and Microchip Technology are working in innovation to fulfill the increasing need for these components. For instance, Microchip's PIC24 series and Texas Instruments' MSP430 family are two well-known 16-bit microcontroller families that provide strong performance and low power consumption. The 16-bit segment is expected to grow further with the number of IoT connections to reach 25.4 billion by 2030, highlighting the growing importance of IoT and connectivity.
Microcontrollers are a vital component in many consumer electronics, including wearables, game consoles, tablets, smartphones, and smart home appliances. For instance, the demand for microcontrollers is increasing due to the growing popularity of smart home devices like security cameras, voice-activated assistants, and thermostats. In 2023, more than 105 million smart speakers were shipped globally, reflecting the rising demand. Fitness trackers and smartwatches dominated the wearables market, which is another important industry sector with shipments exceeding 490 million units in 2022 where microcontrollers are extensively used. With more than 2 billion global subscribers estimated for 5G by 2024, the technological adoption is driving up demand for increasingly complex microcontrollers that can manage greater speeds and connection needs. The usage of efficient microcontrollers is required by the trend toward miniaturization and energy efficiency in consumer electronics, which promotes innovation and widens the market.
China manufactures more than 60% of the world's microcontrollers benefiting from a firmly established semiconductor sector and a vast supply chain infrastructure. The substantial expenditure on R&D accounting for approximately USD 458 billion in 2023 and about 2.62% of GDP demonstrates its commitment to innovation. Electric vehicles (EVs) accounted for 37% of China's new car market in 2023, highlighting the necessity for advanced microcontrollers to operate complex automotive systems. Additionally, India's microcontroller market is witnessing a significant growth trajectory with the successful development and production of India's first indigenously designed microprocessor chip by Mindgrove Technologies. The chip, targeting the IoT market, demonstrates India's capability to compete globally in chip design and manufacturing.
The Microcontroller Market companies include significant key players like Microchip Technology Inc. ( USA ), Texas Instruments ( USA ), Silicon Labs ( USA ), Samsung Semiconductor ( South Korea ), Toshiba Electronic Devices & Storage Corporation ( Japan ), ROHM Semiconductor ( Japan ), MediaTek Inc. ( Taiwan ), and Infineon Technologies ( Germany ) among others.
The market is expected to grow at a CAGR of 7.28% during the forecast period and is expected to reach US$ 9.36 Bn . by 2030.
The market size was valued at USD 3.23 Bn . in 2023 and the total Secure Microcontroller revenue is expected to grow by 7.93% from 2024 to 2030, reaching nearly USD 5.52 Bn .
The market size was valued at USD 5.37 Billion in 2023 and the total Internet of Things Microcontroller revenue is expected to grow at a CAGR of 12.05 % from 2024 to 2030, reaching nearly USD 13.36 Billion by 2030.
The market size was valued at US$ 5.59 Bn .in 2023 and the total revenue is expected to grow at 9.00% from 2024 to 2030, reaching nearly US$ 10.22 Bn .
The market is expected to reach US$ 22.93 Bn . by 2030, at a CAGR of 8.2% during the forecast period.
The market size was valued at USD 115 Billion in 2023 and the total PC Processor revenue is expected to grow at a CAGR of 4.5% from 2024 to 2030, reaching nearly USD 120.18 Billion by 2030.
The market was valued at USD 29.63 Bn in 2023 and is expected to reach USD 48.65 Bn by 2030, at a CAGR of 7.34 % during a forecast period.
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
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