The global microcontroller market is witnessing growth and is projected to reach USD 43.61 billion by 2030, advancing at a CAGR of 9.8% during the projection period. This development of the market can be credited to the increasing need for microcontrollers in the automotive sector, the rising acceptance of medical devices & healthcare, and the rising usage of IoT devices.
This development can be credited to the rising utilization of 32-bit microcontrollers in the automotive market and the constant reduction in prices of these items. Further, severe government guidelines and excellence standards for releases are estimated to fuel the acceptance of such microcontrollers throughout the globe.
The industry is segmented into aerospace & defense, automotive, medical device, consumer electronics & telecom, and industrial and others, on the basis of application. Between these, the consumer electronics & telecom category is leading the industry, with over 40.0% share in recent years, and it is estimated to advance at a significant CAGR more than the projection period.
In recent years, the APAC microcontroller market generated the largest revenue share, of approximately 40.0%, and it will advance at a CAGR of over 10.2% during the projection period. This is credited to the fast development in vehicle sales and the increasing demand for high-end customer electronics, in the region.
Furthermore, the explosion of startups in emerging nations, such as India and China, which provide vital microcontroller solutions, coupled with pioneering add-on items and services, like entertainment and GPS navigation systems, is paying to the industry development in APAC.
Additionally, the increasing elderly populace and growing cases of chronic illnesses, like high blood pressure and diabetes, along with increasing coronavirus contagion, are some other reasons that raise the need for electronic medical devices throughout the globe, which, ultimately, propel the development of the industry.
